Use the compound interest formula for compounding more than once a year to determine the accumulated balance afterthe stated period.

9) $5080 deposit at an APR of 7% with semiannual compounding for 12 years

A) $11,441.13 B). $7676.23 C) $11,599.31 D) $9347.20

Answer the question.

11) You intend to create a college fund for your baby. If you can get an APR of 7.4% and want the fund to have a value of$136,770after17years, how much should you deposit monthly?

A) $370.39 B) $286.21. C) $336.72 D) $7655.71

Solve.

12) Determine the total payment over the term of a student loan of $49,196 at a fixed APR of 8% for 11years.

A) $74,130.45 B) $74,207.18 C) $74,161.15. D) $74,108.52