Present and future value tables of $1 at 3% are presented below: N...
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Accounting
Present and future value tables of $1 at 3% are presented below:
N
FV $1
PV $1
FVA $1
PVA $1
FVAD $1
PVAD $1
1
1.03000
0.97087
1.0000
0.97087
1.0300
1.00000
2
1.06090
0.94260
2.0300
1.91347
2.0909
1.97087
3
1.09273
0.91514
3.0909
2.82861
3.1836
2.91347
4
1.12551
0.88849
4.1836
3.71710
4.3091
3.82861
5
1.15927
0.86261
5.3091
4.57971
5.4684
4.71710
6
1.19405
0.83748
6.4684
5.41719
6.6625
5.57971
7
1.22987
0.81309
7.6625
6.23028
7.8923
6.41719
8
1.26677
0.78941
8.8923
7.01969
9.1591
7.23028
9
1.30477
0.76642
10.1591
7.78611
10.4639
8.01969
10
1.34392
0.74409
11.4639
8.53020
11.8078
8.78611
11
1.38423
0.72242
12.8078
9.25262
13.1920
9.53020
12
1.42576
0.70138
14.1920
9.95400
14.6178
10.25262
13
1.46853
0.68095
15.6178
10.63496
16.0863
10.95400
14
1.51259
0.66112
17.0863
11.29607
17.5989
11.63496
15
1.55797
0.64186
18.5989
11.93794
19.1569
12.29607
16
1.60471
0.62317
20.1569
12.56110
20.7616
12.93794
You want to invest $39,000 today to accumulate $45,210 to buy a car. If you can invest at an interest rate of 3% compounded annually, how many years will it take to accumulate the required amount?
Multiple Choice
4 years.
7 years.
6 years.
5 years.
Present and future value tables of $1 at 9% are presented below.
N
FV $1
PV $1
FVA $1
FVAD $1
PVA $1
PVAD $1
1
1.09000
0.91743
1.0000
1.0900
0.91743
1.00000
2
1.18810
0.84168
2.0900
2.2781
1.75911
1.91743
3
1.29503
0.77218
3.2781
3.5731
2.53129
2.75911
4
1.41158
0.70843
4.5731
4.9847
3.23972
3.53129
5
1.53862
0.64993
5.9847
6.5233
3.88965
4.23972
6
1.67710
0.59627
7.5233
8.2004
4.48592
4.88965
You want to invest $7,200 annually beginning now in order to accumulate $35,210 for a down payment on a house. If you can invest at an interest rate of 9% compounded annually, about how many years will it take to accumulate the required amount?
Multiple Choice
3 years.
6 years.
4 years.
5 years.
Present and future value tables of $1 at 3% are presented below:
N
FV $1
PV $1
FVA $1
PVA $1
FVAD $1
PVAD $1
1
1.03000
0.97087
1.0000
0.97087
1.0300
1.00000
2
1.06090
0.94260
2.0300
1.91347
2.0909
1.97087
3
1.09273
0.91514
3.0909
2.82861
3.1836
2.91347
4
1.12551
0.88849
4.1836
3.71710
4.3091
3.82861
5
1.15927
0.86261
5.3091
4.57971
5.4684
4.71710
6
1.19405
0.83748
6.4684
5.41719
6.6625
5.57971
7
1.22987
0.81309
7.6625
6.23028
7.8923
6.41719
8
1.26677
0.78941
8.8923
7.01969
9.1591
7.23028
9
1.30477
0.76642
10.1591
7.78611
10.4639
8.01969
10
1.34392
0.74409
11.4639
8.53020
11.8078
8.78611
11
1.38423
0.72242
12.8078
9.25262
13.1920
9.53020
12
1.42576
0.70138
14.1920
9.95400
14.6178
10.25262
13
1.46853
0.68095
15.6178
10.63496
16.0863
10.95400
14
1.51259
0.66112
17.0863
11.29607
17.5989
11.63496
15
1.55797
0.64186
18.5989
11.93794
19.1569
12.29607
16
1.60471
0.62317
20.1569
12.56110
20.7616
12.93794
Today, Thomas deposited $160,000 in a 2-year, 12% CD that compounds quarterly. What is the maturity value of the CD?
Multiple Choice
$202,683.
$291,357.
$272,699.
$169,600.
Answer & Explanation
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