Question 46 (6 points) What is the future value, rounded to the nearest dollar, of $5,900 invested for 8 years at 7 percent compounded annually? 1) Less than $2,000 2) Between $2,000 and $9,000 3) Between $9,001 and $15,000 4) Greater than $15,000 Which of the following rates is the lowest effective annual rate? 1) 6.10 percent interest, compounded annually 2) 5.95 percent interest, compounded quarterly 3) 5.89 percent interest, compounded quarterly 4) 5.88 percent interest, compounded monthly You have $8,000 you want to invest for the next 45 years. You are offered an investment plan that will pay you 6 percent per year for the next 15 years and 10 percent per year for the last 30 years. Interest is compounded on an annual basis. How much money will you have at the end of the 45 years rounded to the nearest dollar? 1) Less than $100,000 2) Between $100,000 and $200,000 3) Between $200,001 and $300,000 4) Greater than $300,000 Question 47 (6 points) Which of the following rates will provide the largest future value? 1) 6.10 percent interest, compounded annually 2) 5.97 percent interest, compounded monthly 3) 5.95 percent interest, compounded quarterly 4) 5.89 percent interest, compounded daily You want to purchase a piece of property for $175,000 on a 20-year mortgage with payments made at the beginning of each month. You make a $109,000 down payment on the property and Ihe quoted interest rate is 4% per year compounded monthly. What monthly payment, rounded to the nearest dollar, must be made at the beginning of each month in order to completely pay off the mortgage? 1) Between $0 and $200 2) Between $201 and $400 3) Between $401 and $600 4) Greater than $600