1. Your grandmother just gave you $32,000 as a gift for your stellar academic performance. You immediately invested the amount in an account that pays an interest rate of 7.2 percent per year. How much will you have in your account 11 years from today?
A. $68,753.15
B. $73,411.88
C. $57,344.01
D. $47,018.43
2. You plan on taking an Asian vacation 8 years from today. The vacation is estimated to cost $17,800 at the time of traveling, and you have decided to invest in an investment instrument that pays 6.8 percent per year, to fund it. How much should you invest today to achieve your objective?
A. $10,515.99
B. $8,995.28
C. $11,721.09
D. $9,182.10
3. Phil can afford to pay $200 a month for four years on a car loan. If the interest rate is 4.8 percent, how much can he afford to borrow to purchase a car?
A. $12,298.73
B. $9,600.00
C. $8,718.85
D. $7,472
