Instructions

Question $1$ A has $1$ and $2$

Question $1$ B has $1$ and $2.$

Question $2$ A has one question

Question $2$ B has $1,2,3$

Question $1$

Compound Interest and Savings Annuities

Use the information in the chart below on the line that corresponds to your assigned number, to answer the following questions. Be sure to show all the steps you took to reach your answers.

You open a savings account that pays compound interest.

Find the total amount $($a$/$k$/$a future value$)$ in the compound interest account after five years, assuming no withdrawals are made.

How much of this total amount is interest?

Instead of a compound interest savings account, you set up a savings annuity at the same rate as the compound saving account.

How much will be in the account after five years.

How much of this total in the account is interest? Assigned: # $33$

Total Amount Invested in compound interest account: $3600$

Annual Interest Rate: $3\mathrm{.}2$

# times interest is compounded: Monthly

Amount paid into savings annuity account every month for five years: $60$