CYAF 222 Exam Review Questions with Verified
Correct Answers
Emma, 23, just graduated from college in Child, Youth, and Family Studies and has been
working in outreach for the past 12 months. She doesn't make a lot of money at her job,
but she learned in her financial management class that she should do what she can to save
and invest her money for her future financial management class that she should do what
she can to save and invest her money for her future financial goals.
Currently, in her budget, she has been able to save $50.00 each month and at the end of her
first year of working, she has accumulated $600.00.
She has decided to invest her $600.00 in a Certificate of Deposit that will pay an annual
interest rate of 3% if she leaves the money on deposit (in the account) for 4 years.
Now calculate the Future Value (FV) using the FORMULA:
FV=PV*(i+1.0)^n
$675.30
Emma, 23, just graduated from college in Child, Youth, and Family Studies and has been
working in outreach for the past 12 months. She doesn't make a lot of money at her job,
but she learned in her financial management class that she should do what she can to save
and invest her money for her future financial management class that she should do what
she can to save and invest her money for her future financial goals.
Currently, in her budget, she has been able to save $50.00 each month and at the end of her
first year of working, she has accumulated $600.00.
She has decided to invest her $600.00 in a Certificate of Deposit that will pay an annual
, interest rate of 3% if she leaves the money on deposit (in the account) for 4 years.
The 'Factor' (the number from the table in the Appendix) to calculate the Future Value of
Emma's savings is:
1.1255
Emma, 23, just graduated from college in Child, Youth, and Family Studies and has been
working in outreach for the past 12 months. She doesn't make a lot of money at her job,
but she learned in her financial management class that she should do what she can to save
and invest her money for her future financial management class that she should do what
she can to save and invest her money for her future financial goals.
Currently, in her budget, she has been able to save $50.00 each month and at the end of her
first year of working, she has accumulated $600.00.
She has decided to invest her $600.00 in a Certificate of Deposit that will pay an annual
interest rate of 3% if she leaves the money on deposit (in the account) for 4 years.
She has decided to invest her $600.00 in a Certificate of Deposit that will pay annual
interest rate of 3% if she leaves the money on deposit (in the account) for 4 years.
The Future Value (using the table in the Appendix) of Emma's savings will be:
FV=PV* 'Factor' from the Appendix
The 'Factor' from the Appendix is used in lieu of (i+1.0)^n
$675.30
Rule of 72
Assume you make a single deposit of $500 to an account and wish for it to grow to a future
Correct Answers
Emma, 23, just graduated from college in Child, Youth, and Family Studies and has been
working in outreach for the past 12 months. She doesn't make a lot of money at her job,
but she learned in her financial management class that she should do what she can to save
and invest her money for her future financial management class that she should do what
she can to save and invest her money for her future financial goals.
Currently, in her budget, she has been able to save $50.00 each month and at the end of her
first year of working, she has accumulated $600.00.
She has decided to invest her $600.00 in a Certificate of Deposit that will pay an annual
interest rate of 3% if she leaves the money on deposit (in the account) for 4 years.
Now calculate the Future Value (FV) using the FORMULA:
FV=PV*(i+1.0)^n
$675.30
Emma, 23, just graduated from college in Child, Youth, and Family Studies and has been
working in outreach for the past 12 months. She doesn't make a lot of money at her job,
but she learned in her financial management class that she should do what she can to save
and invest her money for her future financial management class that she should do what
she can to save and invest her money for her future financial goals.
Currently, in her budget, she has been able to save $50.00 each month and at the end of her
first year of working, she has accumulated $600.00.
She has decided to invest her $600.00 in a Certificate of Deposit that will pay an annual
, interest rate of 3% if she leaves the money on deposit (in the account) for 4 years.
The 'Factor' (the number from the table in the Appendix) to calculate the Future Value of
Emma's savings is:
1.1255
Emma, 23, just graduated from college in Child, Youth, and Family Studies and has been
working in outreach for the past 12 months. She doesn't make a lot of money at her job,
but she learned in her financial management class that she should do what she can to save
and invest her money for her future financial management class that she should do what
she can to save and invest her money for her future financial goals.
Currently, in her budget, she has been able to save $50.00 each month and at the end of her
first year of working, she has accumulated $600.00.
She has decided to invest her $600.00 in a Certificate of Deposit that will pay an annual
interest rate of 3% if she leaves the money on deposit (in the account) for 4 years.
She has decided to invest her $600.00 in a Certificate of Deposit that will pay annual
interest rate of 3% if she leaves the money on deposit (in the account) for 4 years.
The Future Value (using the table in the Appendix) of Emma's savings will be:
FV=PV* 'Factor' from the Appendix
The 'Factor' from the Appendix is used in lieu of (i+1.0)^n
$675.30
Rule of 72
Assume you make a single deposit of $500 to an account and wish for it to grow to a future
