Overview
Finish the following 9 mutiple choice with correct answers.
Question 1
Linda deposited $12,500 in a 10-year CD at Good Weather Credit Union. If the interest rate is 6.25% compounded annually, how much total interest will she earn?
Group of answer choices$13,281.25$10,419.20
$7,812.50
$78,125.20
Flag question: Question 2Question 2
Consider the geometric sequence: 2, 6, 18, ... Find the 12th term a11.
Group of answer choices1,062,882354,294
362,797
118,098
Flag question: Question 3Question 3
Suppose a business earned a profit of $10,000 in its first month of operation. Unfortunately, its profit decreased by 3% each month for the next year. Find the total profit for the first year.
Group of answer choices$102,052.55$141,920.030
$94,899.53
$7,153.01
Flag question: Question 4Question 4
Sue deposited $7,500 in a 3-year CD at Good Weather Credit Union. If the interest rate is 3.75% compounded quarterly, how much will the CD be worth maturity?
Group of answer choices$15,070.31$8,388.64
$8,343.75
$14,531.25
Flag question: Question 5Question 5
How much should be deposited today in a CD paying 6.75% compounded quarterly in order to have $21,000 in the account in 8 years?
Group of answer choices$12,237.71$12,259.94
$12,292.98
$12,453.06
Flag question: Question 6Question 6
Find the future value of $10,900 at 6.75% compounded continuously for 5 years.
Group of answer choices$14,578.75$15,110.05
$7,777.72
$15,275.69
Flag question: Question 7Question 7
Janet currently has $53,995.82 in her investment account. If her account earns 9.7% compounded annually, how many years will it take for her account to reach $450,000? Round your answer to the nearest year.
Group of answer choices2318
28
22
Flag question: Question 8Question 8
Susan has $1,500 in an investment account. Approximately what annually compounded interest rate would she need to earn in order for the account to grow to $6,000 in 10 years?
Group of answer choices14.4%More information is required
9.7%
15.4%
Flag question: Question 9Question 9
(Section 3.4) Find the best bank to open a savings account if Bank A is offering 5.5% compounded annually, Bank B is offering 5.4% compounded monthly, and Bank C is offering 5.1% compounded daily.
Group of answer choicesNot enough information is given.Bank A
Bank C
Bank B