Saving Account Interest Rate Case Study Analysis With Answer

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1. Maria just put $500 into a bank account that has a stated interest rate of 6.6%. If the account pays simple interest and she makes no additional contribution or withdrawals, how much money will she have in her bank account after five years?
$620
$635
$625
$665
$645
 
2. If Mari’s bank account earns compound interest instead, how much money will be in her account after five years?
$650.39
$656.58
$662.82
$688.27
$638.14
 
3. Now assume the bank account earns compound interest, but the interest is compounded quarterly. That means interest is compounded four times a year. Assuming 6.6% nominal interest, compounded quarterly, how much money will be in Maria’s account after five years?
$693.61
$666.82
$633.83
$646.31
$671.96
 

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4. In 1626, Peter purchased an Island from a local native america tribe. Historias estimate the proce he paid for the island as about $24 worth of goods, including beads, trinkets, cloth, kettles, and axe heads. Many people find it laughable that the Island would only sold for $24, but you need to consider the future value of that price in more current times. If the $24 purchase price cound have been invested at a 4.7% interest rate, what is its value as of 2006 (380 years later)?
$911,906,434
$5,574,326,112
$3,883,679,051
$440,962,453
$306,479,009
 
5. You have the opportunity to invest in several annuties. Which of the following 10-year annities has the greatest present value?A ssume all the annuties have the same interest rate.
An annuity that pays $1000 at the beginning of each year
An annuity that pays $500 at the beginning of every six months
An annuity that pays $500 at the end of every six months
An annunity that pays $1000 at the end of each year
 

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