Youaredepositing$1,500inaretirementaccounttodayandexpecttoearnanaveragereturnof7percentonthismoney.Howmuchadditionalincomewillyouearnifyouleavethemoneyinvestedfor50yearsinsteadofjust40years?
A. $10,723.08
B. $11,790.90
C. $12,908.19
D. $21,724.5
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Whatisthefuturevalueof$6,200investedfor23yearsat9%compoundedannually?
A. 2,483.60
B. 7,890.87
C. $44,998.98
D. $47,433.47
Youareinvesting$100todayinasavingsaccountatyourlocalbank.Whichoneofthefollowingtermsreferstothevalueofthisinvestmentoneyearfromnow?
A. Presentvalue
B. Futurevalue
C. discountedvalue
D. investedprincipal
Travis invested $9,250 in an account that pays 6 percent simple interest. How much more could he have earned over a 7-year period if the interest had compounded annually?
A. $741.41
B. $773.58
C. $802.16
D. $833.33
Youareinvesting$100todayinasavingsaccountatyourlocalbank.Whichoneofthefollowingtermsreferstothevalueofthisinvestmentoneyearfromnow?
A. Presentvalue
B. Discountedvalue
C. Futurevalue
D. Principalamounts