1. You plan to invest $1,170 a year for 5 years at a 7 percent annually? How much will you have in 5 years? Assume the first investment is made in one year.
$9,311.31
$6,728.36
$9,023.31
$6,259.50
$3,440.10
2. Rick, the owner of the local pawn shop, loans money at an annual rate of 15 percent, compounded daily. What is the effective annual interest rate that Rick is charging?
16.24 percent
16.01 percent
16.18 percent
15.80 percent
16.37 percent