(NOT) Homework 15 due at the beginning of class on April 2.

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Refers to the material in (6.a.iii) Compound interest

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Remember the formula:

Remember the formula: FV = (PV)(1 + i)^(T)
FV = future value
PV = present value
i = interest rate
T = time, usually the number of years
Note: the " ^ " symbol means "raised to the". For instance, 2^2 = 4.

FOR ALL ANSWERS:
Answer with a precise number using exactly two decimal places. Do not add any commas, letters or symbols like "$". For example, 50.22 and 1000.00 are acceptable answers, but 50, 1,000.00, and 1000 are not acceptable.

Suppose you invest $70,000 for one year at a 3% interest rate. How much will you have after one year?

Suppose you invest $70,000 at a 3% interest rate for 10 years. How much money will you have after ten years?

Suppose you invest $70,000 at a 6% interest rate for 10 years. How much money will you have after ten years?

Suppose you invest $70,000 at a 6% interest rate for 20 years. How much money will you have after twenty years?

Suppose you want to have access to $1,000,000 in 20 years by investing money now, today, at a 7% interest rate. How much money would we need to invest today to reach that $1,000,000 goal?

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