a) You deposit $800 into a savings account that pays 2.5% compounded annually. How much will you have in the account if you leave the money there for 6 years?
b) You would like to have $30,000 in an account 10 years from now. You find an investment that would pay a 9% annual rate of return. How much would you have to invest to meet your goal?
c) An investment would cost $7,000 upfront, and pay you $10,000 five years from now. If you could earn 6% in a savings account, is this a good investment?
d) You deposit $1,000 in a savings account that pays 5% interest annually. How long will you have to leave the money in the account for it to triple?