Answer the question.You intend to create a college fund for your baby. If you can get an APR of 5.0% with monthly compounding and want the fund to have a value of $173,282 after 18 years, how much should you deposit monthly?
A. $421.79
B. $9290.32
C. $545.84
D. $496.22
Answer: D
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Interest compounded quarterly on a $100,000 principal amount at 12% for one year is
A. $11,151. B. $12,000. C. $12,551. D. $12,683.
Provide an appropriate response.________ is interest paid only on the original principal, and not on any interest added at later dates.
A. Basic interest B. Compound Interest C. Simple interest D. None of the above
Solve the problem.To train for a race, Will begins by jogging 11 minutes one day per week. He increases his jogging time by 6 minutes each week. Write the general term of this arithmetic sequence, and find how many whole weeks it takes for him to reach a jogging time of one hour.
A. ak = 6k + 5; 10 weeks B. ak = 6k + 11; 10 weeks C. ak = 6k + 11; 9 weeks D. ak = 6k + 5; 9 weeks
Write the first five terms of the geometric sequence with the given first term a and common ratio r.a = 4; r = 5
A. 4, 9, 14, 19, 24 B. 20, 100, 500, 2500, 12,500 C. 5, 20, 80, 320, 1280 D. 4, 20, 100, 500, 2500