Question

1.The future value of 3500 dollars invested at 4.5% per year compounded quarterly for six years is         ?          dollars.

Answer is whole number of dollars, no $ sign.

2.

The future value of 810 dollars invested at 5.2% per year compounded monthly for twenty years is     ?         dollars.

Answer is whole number of dollars, no $ sign.

3.

How much do you need to invest at 3.1% per year compounded continuously for nine years to have 5000 dollars at the end?

Answer is whole number of dollars, no $ sign.

4.

The sequence   2     10     50     250     ...

is used in questions 4, 5, and 6.

What is the next term in the geometric sequence?

Answer is a whole number.

5.

For that sequence, what is the 10th term?

Answer is a whole seven digit number!

6.

For that sequence, what is the sum of the first ten terms?

Use the formula!

Answer is a whole seven digit number.

7.

If a house sold for 20,000 dollars 50 years ago and house prices rose 6% per year, the yearly values of the house form a geometric sequence with common ratio equal to         ?           .

Answer is a number with 2 decimals

8.

What does the value of the 20,000 dollar house become after 50 years, that is, 49 increases?

Round answer to the nearest 1000. The answer will look like

777000 or 123000, no $ sign.

HOW TO DO 1-8

Answer 1