Question: I = Prt FV = PV ( 1 + rt ) PV = FV ( 1 + rt ) FV = PV ( 1 +

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1.

You want to save up for a new car that costs $35,990. You only have $32,367.78, but you are

confident that you can invest that and earn 5.8% compounded monthly. How many years will it take

you to save up for the car?

ANSWER [3 decimal places]: __________________________

2.

You invest $10,000 in a rate-riser GIC that earns 3% compounded monthly in the first year, 4%

compounded monthly in the 2

nd

year and 5% compounded monthly in the 3

rd

year. You then bought

bitcoin and lost 35% in the 4

th

year. What was the

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