Basic Personal Finance Questions

Question 1(1 point)What would be the yearly earnings for a person with $6200 in savings at an annual interest rate of 24.0% percent?(Round your answer to the nearest whole number.Do not includethe comma, period, and “$” sign in your response.)Question 2(1 point)What is the future value of $3130 10 years from now at 2 percent?Use the appropriate Time Value of Money table [Exhibit 1-A,Exhibit 1-B,Exhibit 1-C, ORExhibit 1-D](Round your answer to the nearest whole number. Do not include the comma, period, and “$” sign in your response.)Question 3(1 point)What is the future value of $1950 saved each year for 7 years at 10 percent?Use the appropriate Time Value of Money table [Exhibit 1-A,Exhibit 1-B,Exhibit 1-C, ORExhibit 1-D](Round your answer to the nearest whole number. Do not include the comma, period, and “$” sign in your response.)Question 4(1 point)What is the amount a person would have to deposit today (present value) at 5 percent interest rate to have $10650 saved 16 years from now.Use the appropriate Time Value of Money table [Exhibit 1-A,Exhibit 1-B,Exhibit 1-C, ORExhibit 1-D](Round your answer to the nearest whole number. Do not include the comma, period, and “$” sign in your response.)Question 5(1 point)What is the amount you would have to deposit today to be able to take out $4500 a year for 16 years from an account earning 3 percent.Use the appropriate Time Value of Money table [Exhibit 1-A,Exhibit 1-B,Exhibit 1-C, ORExhibit 1-D](Round your answer to the nearest whole number. Do not include the comma, period, and “$” sign in your response.)Question 6(1 point)If you desire to have$40900 for a down payment for a house in 10 years, what amount would you need to deposit today? Assume that your money will earn 6 percent.Use the appropriate Time Value of Money table [Exhibit 1-A,Exhibit 1-B,Exhibit 1-C, ORExhibit 1-D](Round your answer to the nearest whole number. Do not include the comma, period, and “$” sign in your response.)Question 7(1 point)Pete Morton is planning to go to graduate school in a program of study that will take2years. Pete wants to have $21900available each year for various school and living expenses. If he earns5percent on his money, how much must be deposit at the start of his studies to be able to withdraw$21900a year for2years?Use the appropriate Time Value of Money table [Exhibit 1-A,Exhibit 1-B,Exhibit 1-C, ORExhibit 1-D](Round your answer to the nearest whole number. Do not include the comma, period, and “$” sign in your response.)Question 8(1 point)Carla Lopez deposits $6980 a year into her retirement account. If these funds have an average earning of3 percent over the15 years until her retirement, what will be the value of her retirement account?Use the appropriate Time Value of Money table [Exhibit 1-A,Exhibit 1-B,Exhibit 1-C, ORExhibit 1-D](Round your answer to the nearest whole number. Do not include the comma, period, and “$” sign in your response.)Question 9(1 point)If a person spends $22a week on coffee (52 weeks in a year), what would be the future value of that amount over15years if the funds were deposited in an account earning6percent?Use the appropriate Time Value of Money table [Exhibit 1-A,Exhibit 1-B,Exhibit 1-C, ORExhibit 1-D](Round your answer to the nearest whole number. Do not include the comma, period, and “$” sign in your response.)Chapter 1 LO 1.3Question 10(1 point)SaveSaveSaveSaveSaveSaveSaveSaveSaveA financial company that advertises on television will pay you $61,000 now for annual payments of $9,400 that you are expected to receive for a legal settlement over the next 11 years. Assume you estimate the time value of money at 12 percent.Use the appropriate time value of money table [Exhibit 1-A,Exhibit 1-B,Exhibit 1-C, ORExhibit 1-D].(a)What is the present value?(Round your answer to the nearest whole number. Omit the comma, period, and “$” sign in your response.)

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