Twenty years ago, you deposited $5,000 into an account. You earned 12 percent, compounded annually. How...
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Twenty years ago, you deposited $5,000 into an account. You earned 12 percent, compounded annually. How much money do you have in your account today?
$25,167.14
$34,826.82
$48,231.47
$16,471.46
10 points
QUESTION 4
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Jesus deposits $3,000 into an account paying 4 percent interest, compounded annually. At the same time, Jorge deposits $3,000 into an account paying 2 percent interest, compounded annually. At the end of five years:
Both Jesus and Jorge will have earned the same amount of interest.
Jesus will have earned somewhere between 1 and 2 times the amount of interest that Jorge earned.
Jesus will have earned more than twice the amount of interest that Jorge earned.
Jesus will have earned exactly twice the amount of interest as Jorge earned.
Homework Answers
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Twenty years ago, you deposited $5,000 into an account. You
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