If a savings account awards interest of 6 percent per year compounded

| August 31, 2017

Question
1.If a savings account awards interest of 6 percent per year compounded quarterly, what amount must be deposited today in order to accumulate $20,000 after 5 years? How much interest will be earned during these 5 years?

2.What sum must be deposited today at 10 percent per year compounded quarterly if the goal is to have a compound amount of $50,000 6 years from today? How much interest will be earned during this period?

3.What sum must be deposited today at 8 percent per year compounded annually if the goal is to have a compound amount of $200,000 12 years from today? How much interest will be earned during this period?

4.What sum must be deposited today at 18 percent per year compounded monthly if the goal 5 years from today is to have a compound amount of $200,000? How much interest will be earned during this period?

5.What sum must be deposited today at 9 percent per year compounded semiannually if the goal 8 years from today is to have a compound amount of $100,000? How much interest will be earned during this period?

6.If a credit union awards interest of 7 percent per year compounded semiannually, what amount must be deposited today in order to accumulate $40,000 after 10 years? How much interest will be earned during these 10 years?

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