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Home Question Bank Economics Archive 2024 December 02

Economics Questions from Dec 02,2024

Browse the Economics Q&A Archive for Dec 02,2024, featuring a collection of homework questions and answers from this day. Find detailed solutions to enhance your understanding.

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Sam wants to save \( \$ 60,000 \) for a remodel project at his home and he plans to start the project in 5 years. He decides to save for the remodel by opening an ordinary annuity that pays \( 2.75 \% \) compounded monthly. What should his monthly payments be in order to achieve his goal? Sam's monthly payments would be \( \$ 2,497.58 \). Sam's monthly payments would be \( \$ 42.38 \). Sam's monthly payments would be \( \$ 1,514.27 \). Mark opens a savings account that pays \( 2.75 \% \) simple interest. He deposits \( \$ 1,500 \) into the account and plans to leave it there for 5 years. What is the future value of his account after 5 years? Mark opens a savings account that pays \( 2.75 \% \) simple interest. He deposits \( \$ 1,500 \) into the account and plans to leave it there for 5 years. What is the future value of his account after 5 years? Mark will have \( \$ 3,562.50 \) in the account after 5 years. Mark will have \( \$ 206.25 \) in the account after 5 years. Mark will have \( \$ 1,706.25 \) in the account after 5 years. Mark will have \( \$ 2,062.50 \) in the account after 5 years. Devin wants to save \( \$ 25,000 \). To do so, he opens a savings account that pays \( 2.96 \% \) annual interest compounded daily. If he initially deposits \( \$ 10,000 \), how long will it take him to achieve his goal? It will take Devin approximately 34.58 years to achieve his goal. It will take Devin approximately 3.84 years to achieve his goal. It will take Devin approximately 30.96 years to achieve his goal. It will take Devin approximately 25.72 years to achieve his goal. Devin wants to save \( \$ 25,000 \). To do so, he opens a savings account that pays \( 2.96 \% \) annual interest compounded daily. If he initially deposits \( \$ 10,000 \), how long will it take him to achieve his goal? Devin wants to save \( \$ 25,000 \). To do so, he opens a savings account that pays \( 2.96 \% \) annual interest compounded daily, If he initially deposits \( \$ 10,000 \), how long will it take him to achieve his goal? It will take Devin approximately 34.58 years to achieve his goal. It will take Devin approximately 3.84 years to achieve his goal. It will take Devin approximately 30.96 years to achieve his goal. It will take Devin approximately 25.72 years to achieve his goal. Margo has decided to deposit \( \$ 2,000 \) into a savings account that pays \( 2.15 \% \) annual interest compounded quarterly. How nuch will she have earned in interest after 4 years? Margo will have earned \( \$ 172 \) in interest after 4 years. Margo will have earned \( \$ 179.11 \) in interest after 4 years. Margo will have earned \( \$ 178.94 \) in interest after 4 years. Margo will have earned \( \$ 2,179.11 \) in interest after 4 years. Question 2 (2 points) Margo has decided to deposit \( \$ 2,000 \) into a savings account that pays \( 2.15 \% \) annual interest compounded quarterly. How much will she have earned in interest after 4 years? Question 1 (2 points) \( \quad \checkmark \) Saved Sally has a balance of \( \$ 425.87 \) on her credit card. At the beginning of the month, she makes a \( \$ 200 \) payment. Throughout the month, she makes purchases totaling \( \$ 378.94 \) and returns totaling \( \$ 53.47 \). What is the finance charge that will appear on next month's bill if her card charges \( 26 \% \) annual interest and charges interest using the unpaid balance method? Sally has a balance of \( \$ 425.87 \) on her credit card. At the beginning of the month, she makes a \( \$ 200 \) payment. Throughout the month, she makes purchases totaling \( \$ 378.94 \) and returns totaling \( \$ 53.47 \). What is the finance charge that will appear on next month's bill if her card charges \( 26 \% \) annual interest and charges interest using the unpaid balance method? A finance charge of \( \$ 12.15 \) will appear on next month's bill. A finance charge of \( \$ 11.95 \) will appear on next month's bill. A finance charge of \( \$ 23.43 \) will appear on next month's bill.
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