Future value
If you deposit $9,000 in a bank account that pays 11% interest annually, how much would be in your account after 5 years? Round your answer to the nearest cent.
Present value
What is the present value of a security that will pay $47,000 in 20 years if securities of equal risk pay 12% annually? Round your answer to the nearest cent.
Finding the required interest rate
Your parents will retire in 22 years. They currently have $220,000, and they think they will need $850,000 at retirement. What annual interest rate must they earn to reach their goal, assuming they don't save any additional funds? Round your answer to two decimal places.