Suppose you earned a $435,000 bonus this year and invested it at 8.25% per year. How much could you withdraw at the end of each of the next 20 years?
Select the correct answer.
a. $45,114.15 |
b. $45,123.65 |
c. $45,133.15 |
d. $45,152.15 |
e. $45,142.6 |
Suppose you just won the state lottery, and you have a choice between receiving $3,550,000 today or a 20-year annuity of $250,000, with the first payment coming one year from today. What rate of return is built into the annuity? Disregard taxes.
Select the correct answer.
a. 4.11% |
b. 3.51% |
c. 4.71% |
d. 2.91% |
e. 2.31 |
What's the present value of $4,000 discounted back 5 years if the appropriate interest rate is 4.5%, compounded semiannually?
Select the correct answer.
a. $2,556.31 |
b. $2,566.01 |
c. $2,575.71 |
d. $2,546.61 |
e. $2,536.91 |
American Express and other credit card issuers must by law print the Annual Percentage Rate (APR) on their monthly statements. If the APR is stated to be 15.75%, with interest paid monthly, what is the card's EFF%?
Select the correct answer.
a. 13.54% |
b. 15.24% |
c. 18.64% |
d. 16.94% |
e. 20.34 |
Billy Thornton borrowed $165,000 at a rate of 7.25%, simple interest, with interest paid at the end of each month. The bank uses a 360-day year. How much interest would Billy have to pay in a 30-day month?
Select the correct answer.
a. $1,001.68 |
b. $999.28 |
c. $992.08 |
d. $994.48 |
e. $996.88 |
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