FHCE 3200 questions , Exam Review/ Rated A+ "I want to retire with $1,000,000 in the bank" represents what element(s) of a SMART goal? a) specific b) attainable c) realistic d) all of the above - ✅✅ -d assume you can earn 1% interest monthly on your savings. what is your APR and APY? - ✅✅ -APR: 12% APY: 12.68% How many years it will take to grow $3,000 to $6,000 earning 3% interest? - ✅✅ -72/3 = 23.45 (~24 years) What interest rate will turn $3,000 into $6,000 over 6 years? - ✅✅ -72/6 = 12% Let's say that you receive $1,000 at your college graduation. If you invest the gift and earn 8% annually, how much will you have in 20 years? - ✅✅ -$4,660.96 You are offered the choice of taking $1,000 today or $1,200 in 5 years. Let's say you can earn 5%. - ✅✅ -
PV = $940.23 How much will you accumulate in 20 years if you start saving $1,000 every year and earn 9% on your savings? - ✅✅ -FVA = $51,160.11 Imagine that you have just received a large inheritance with the f ollowing choice: (1) take a lump sum of $1,000,000 today or (2) receive $75,000 per year for the next 20 years. The interest rate is 5%. - ✅✅ -
PVA = $934,665 Amy has $3,000 saved to buy a new car. If she can earn a 7% rate of return for 3 years, how much w ill she have (approximately) at the end of the 3 years? a. $3,210 b. $3,630 c. $3,675 d. $3,884 - ✅✅ -c
PV = $940.23 How much will you accumulate in 20 years if you start saving $1,000 every year and earn 9% on your savings? - ✅✅ -FVA = $51,160.11 Imagine that you have just received a large inheritance with the f ollowing choice: (1) take a lump sum of $1,000,000 today or (2) receive $75,000 per year for the next 20 years. The interest rate is 5%. - ✅✅ -
PVA = $934,665 Amy has $3,000 saved to buy a new car. If she can earn a 7% rate of return for 3 years, how much w ill she have (approximately) at the end of the 3 years? a. $3,210 b. $3,630 c. $3,675 d. $3,884 - ✅✅ -c
