Question: 1 ) You deposit $ 5 0 0 into a savings account that pays 2 . 4 % compounded annually. How much will you have

1) You deposit $500 into a savings account that pays 2.4% compounded annually. How
much will you have in the account if you leave the money there for 5 years?
2) You would like to have $5,000 in an account 5 years from now. You find an investment
that would pay a 6.5% annual rate of return. How much would you have to invest to
meet your goal?
3) An investment would cost $4000 upfront, and pay you $5000 six years from now. If you
could earn 3% in a savings account, is this a good investment?
4) You deposit $200 in a savings account that pays 6% interest annually. How long will
you have to leave the money in the account for it to triple?
5) You have $5000 in savings, and would like to buy a used car that would cost $6000 in
three years. What is the minimum interest rate you would need to earn on your $5000 to
succeed in your goal?

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