Basic Personal Finance Questions
Question 1 (1 point)
What would be the yearly earnings for a person with $6200 in savings at an annual interest rate of 24.0% percent?
(Round your answer to the nearest whole number. Do not include the comma, period, and “$” sign in your response.)
Your Answer:
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Question 1 options:
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Question 2 (1 point)
What is the future value of $3130 10 years from now at 2 percent?
Use the appropriate Time Value of Money table [Exhibit 1-A, Exhibit 1-B, Exhibit 1-C, OR Exhibit 1-D]
(Round your answer to the nearest whole number. Do not include the comma, period, and “$” sign in your response.)
Your Answer:
Question 2 options:
| Answer |
Question 3 (1 point)
What is the future value of $1950 saved each year for 7 years at 10 percent?
Use the appropriate Time Value of Money table [Exhibit 1-A, Exhibit 1-B, Exhibit 1-C, OR Exhibit 1-D]
(Round your answer to the nearest whole number. Do not include the comma, period, and “$” sign in your response.)
Your Answer:
Question 3 options:
| Answer |
Question 4 (1 point)
What is the amount a person would have to deposit today (present value) at 5 percent interest rate to have $10650 saved 16 years from now.
Use the appropriate Time Value of Money table [Exhibit 1-A, Exhibit 1-B, Exhibit 1-C, OR Exhibit 1-D]
(Round your answer to the nearest whole number. Do not include the comma, period, and “$” sign in your response.)
Your Answer:
Question 4 options:
| Answer |
Question 5 (1 point)
What is the amount you would have to deposit today to be able to take out $4500 a year for 16 years from an account earning 3 percent.
Use the appropriate Time Value of Money table [Exhibit 1-A, Exhibit 1-B, Exhibit 1-C, OR Exhibit 1-D]
(Round your answer to the nearest whole number. Do not include the comma, period, and “$” sign in your response.)
Your Answer:
Question 5 options:
| Answer |
Question 6 (1 point)
If you desire to have $40900 for a down payment for a house in 10 years, what amount would you need to deposit today? Assume that your money will earn 6 percent.
Use the appropriate Time Value of Money table [Exhibit 1-A, Exhibit 1-B, Exhibit 1-C, OR Exhibit 1-D]
(Round your answer to the nearest whole number. Do not include the comma, period, and “$” sign in your response.)
Your Answer:
Question 6 options:
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Question 7 (1 point)
Pete Morton is planning to go to graduate school in a program of study that will take 2 years. Pete wants to have $21900 available each year for various school and living expenses. If he earns 5 percent on his money, how much must be deposit at the start of his studies to be able to withdraw $21900 a year for 2 years?
Use the appropriate Time Value of Money table [Exhibit 1-A, Exhibit 1-B, Exhibit 1-C, OR Exhibit 1-D]
(Round your answer to the nearest whole number. Do not include the comma, period, and “$” sign in your response.)
Your Answer:
Question 7 options:
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Question 8 (1 point)
Carla Lopez deposits $6980 a year into her retirement account. If these funds have an average earning of 3 percent over the 15 years until her retirement, what will be the value of her retirement account?
Use the appropriate Time Value of Money table [Exhibit 1-A, Exhibit 1-B, Exhibit 1-C, OR Exhibit 1-D]
(Round your answer to the nearest whole number. Do not include the comma, period, and “$” sign in your response.)
Your Answer:
Question 8 options:
| Answer |
Question 9 (1 point)
If a person spends $22 a week on coffee (52 weeks in a year), what would be the future value of that amount over 15years if the funds were deposited in an account earning 6 percent?
Use the appropriate Time Value of Money table [Exhibit 1-A, Exhibit 1-B, Exhibit 1-C, OR Exhibit 1-D]
(Round your answer to the nearest whole number. Do not include the comma, period, and “$” sign in your response.)
Your Answer:
Question 9 options:
| Answer |
Chapter 1 LO 1.3
Question 10 (1 point)
SaveSaveSaveSaveSaveSaveSaveSaveSave
A financial company that advertises on television will pay you $61,000 now for annual payments of $9,400 that you are expected to receive for a legal settlement over the next 11 years. Assume you estimate the time value of money at 12 percent.
Use the appropriate time value of money table [Exhibit 1-A, Exhibit 1-B, Exhibit 1-C, OR Exhibit 1-D].
(a) What is the present value?
(Round your answer to the nearest whole number. Omit the comma, period, and “$” sign in your response.)
(b) Would you accept this offer?
[Enter “Yes” or “No”]
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