1. Ursula makes quarterly (end of period) payments of $600 into a pension fund earning 10 percent per year compounded quarterly for 3 years. How much will she have in 3 years?
$7,944.00
$8,277.33
$8,484.26
$7,200.00
2. The Missouri lotto awarded a prize of $420,000 a year for the next 25 years starting today. If the state sold $18,500,000 in lotto tickets, what proportion of the sales will the state distribute if it earns 8% annually on invested funds?
26.17%
24.23%
56.75%
25.72%