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Showing posts from January, 2022

FIN5063 Problems

    Question  1 Complete 1.00 points out of 1.00 Flag question Question text You want to retire in 40 years and you have $40,000 saved in your retirement account. You believe you will need $1,500,000 upon retirement. What rate will you need to earn on the account to achieve this goal? Select one: a. 9.48 percent b. 9.13 percent c. 7.48 percent d. 6.75 percent Feedback The correct answer is: 9.48 percent Question  2 Complete 1.00 points out of 1.00 Flag question Question text How many years will it take $1 million to grow to $3 million with an annual interest rate of 7 percent? Select one: a. 14.52 years b. 33.33 years c. 10.29 years d. 16.24 years Feedback The correct answer is: 16.24 years Question  3 Complete 1.00 points out of 1.00 Flag question Question text If you deposit $700 in an account today at 4% annual interest rate, 8 years from today you will have __________ in your account. Select one: a. $728 b. $924 c. $756 d. $958 Feedback The correct answer is: $958 Question  4 Compl