On the next 10 questions, express monetary answers to thenearest whole dollar and percentages to the
nearest hundredth. Round months to the nearest tenth on Question20.
For example, $1,234,567 (don’t include the cents) is appropriatefor a monetary answer. For percentages, an
appropriate example is 12.34%. Do not round 12.34% to 12.3% or12%

11. How much would be in your savings account in 10 years afterdepositing $4,375 today if the bank compounds
interest daily and pays 3.64 percent interest per year?

12. Suppose that you deposit $4,750.00 in an account at thebeginning of the year and the account compounds
on an annual basis. If the balance of the account is $4,968.98 atthe end of the year, what is the interest rate
on the account?

13. A $24,500 deposit earns 4.65 percent (compounded annually) forten years. The account loses 1.75 percent
per year after that for three years, but then the account earns2.95 percent for the last two years. What is the
value of the account at the end of that last year (fifteenth yearafter the initial deposit)?

14. Anne deposited $2,500 into an account that pays 4.85 percentannually. How much more interest would
Anne earn in 20 years if she did not withdraw the interest earnedat the end of the year compared to the case
where Anne withdraws the interest at the end of each year?