Question: 3 . Determine the future value of $ 8 , 0 0 0 compounded annually for 1 5 years at 1 4 percent. 4 .

3.Determine the future value of $8,000 compounded annually for 15 years at 14 percent.
4. Joe deposits $50 in a savings account at 5% interest for 4 months. At the end of the 4 months how much will be in the account if no withdrawals are made?
5. John and Mary can save a total of $7000 each year until they retire and can earn 10% interest on their savings. If they are 35 years old now, how much will they have when they reach age 65?
6. Allan is 30 years old and wants to have $2 million at age 60. If he can earn 10% interest on all the money he saves for retirement, how much must he save each year to reach his $2 million goal?
7.Suppose you deposit your money in a bank that pays interest at a nominal rate of 9% per year. How long will it take for your money to double if the interest is compounded continuously?
3 . Determine the future value of $ 8 , 0 0 0

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