Posted: March 22nd, 2023
Suppose you want to have $700,000 for retirement in 30 years. Your account earns 8% interest. How much would you need to deposit in the account each month? ————– You have $3,000 on a credit card that charges a 13% interest rate. If you want to pay off the credit card in 5 years, how much will you need to pay each month (assuming you don’t charge anything new to the card)? $ each month ————– How much should you invest at 4.2% simple interest in order to earn $50 interest in 12 months? $ ————— What is the simple interest rate on a $1150 investment paying $349.60 interest in 8 years? % (round to the nearest tenth of a percent) —————- You deposit $660 in a savings account paying 1.5% simple interest. How much interest will you earn in 6 years? How much is in the account at the end of 6 years? —————– You deposit $5000 each year into an account earning 2% interest compounded annually. How much will you have in the account in 35 years? $ —————— In 2014, the median salary nationwide for a high school teacher was $56,310 per year. The median annual wage for all workers was $35,540. SOURCE: United States. Department of Labor. “High School Teachers.” Occupational Outlook Handbook. 17 Dec. 2015. Web. 7 March 2016. Suppose a worker makes $25,000 in wages per year. Find the percent increase in salary the worker can expect if he/she trains to be a teacher and
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