Survey
* Your assessment is very important for improving the workof artificial intelligence, which forms the content of this project
* Your assessment is very important for improving the workof artificial intelligence, which forms the content of this project
Math 116 In-Class Worksheet #7 Spring 2015 Name: 1. Suppose you want to setup a college fund for your 2 year old son. How much would you need to put into a bank account now so that your son will have $20,000 for college when he turns 18? Assume an interest rate of 4.89% compounded continuously. 2. Find the present value of $2000 due in 3 years. Assume an investment rate with an APR of 2.21% compounded monthly. Math 116 In-Class Worksheet #7 Spring 2015 3. Suppose you borrow $5000 under the condition of paying the lender a total of $6000 at the end of eight years. If you deposit $2000 at the end of the second year and the fourth year into an account that pays 6.01% compounded quarterly, how much should you add to the account if you want to make a final deposit at the end of the sixth year to pay off the debt? 4. A population of bacteria doubles every 15 minutes. If you start with 500 bacteria. How many bacteria will there be in 5 hours? What is the hourly growth rate of the bacteria? What is the daily growth rate of the bacteria?