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1.      You invested $500 and received $650 after three years. What had been the interest rate?

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2. To fund Jamie’s lottery winnings of $15,000 per month for the next 20 years, the lottery commission needs to make a single deposit now. Assuming 9.2% compounded monthly, what should the deposit be?

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3. How much should I deposit now so that I will have $1,000 in five years, if interest is compounded monthly at 5%?

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4.   What will the price of a 3000 IQD taxi ride be in 10 years assuming an annual inflation rate of 4%?

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5. Chris and Katie are buying a house and have taken out a 30 year, $200,000 mortgage at 6.8% interest, compounded monthly. What will their monthly payments be?

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6. Buying office machines A company’s new corporate headquarters will be completed in 5 years. At that time, $750,000 will be needed for office equipment. How much should be invested monthly to fund that expense? Assume 9.75% interest, compounded monthly.

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7. A mother has been saving regularly for her daughter’s college—$25 each month for 11 years. The money has been earning 5% annual interest, compounded monthly. How much is now in the account?

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8. Suppose you deposit $900 per month into an account that pays 4.8% interest, compounded monthly. How much money will you have after 9 months?

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9. Mary has $200/month available for a house payment.  If she takes out a loan for 15 years at 5%, what is the most expensive house she can buy?

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10. Samuel needs 5,000,000,000 IQD in order to retire comfortably.  If he is 22 years old now and want to retire when he is 60, how much should he invest semiannually into an account that pays 4% compounded every six months?

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11. Shvan will need $6000 in four years to pay for his final year at AUIS.  How much should he put into an account that pays 7% compounded monthly so that he can finish his education?

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12. The managers of a company’s pension fund invest the monthly employee contributions of $135,000 into a government fund paying 8.7%, compounded monthly. To what value will the fund grow in 20 years?

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13. Hank’s regular $1,300 quarterly contributions to his retirement account have earned 6.5% annual interest, compounded quarterly, since he started 21 years ago. How much is in his account now?

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14. For next year’s vacation, the Phelps family is saving $200 each month in an account paying 6% annual interest, compounded monthly. How much will be available a year from now?

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15. You want to set up an education account for your child and would like to have $75,000 after 15 years. You find an account that pays 5.6% interest, compounded semiannually, and you would like to deposit money in the account every six months. How large must each deposit be in order to reach your goal?

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16. A woman would like to receive a $500,000 lump-sum distribution from her retirement account when she retires in 25 years. She begins making monthly contributions now to an annuity paying 8.5%, compounded monthly. Find the amount of that monthly contribution.

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17. If I invest $10,000 into an account that is compounded annually at 8% for 10 years, how much will I end up with?

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18. Jane owes $1000 on her credit card then sent in $200 on the 15th of the month. How much interest does owe if the APR is 12% using the adjusted balance method?

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19. Jim will retire in 30 years. He will invest $100 each month for 15 years and then let the accumulated value continue to grow for the next 15 years. How much will be available at retirement? Assume 8%, compounded monthly.

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20. Instead of receiving an annuity of $12,000 each year for the next 15 years, a young woman would like a one-time payment, now. Assuming she could invest the proceeds at 8%, what would be a fair amount?