Some time ago , Julie purchased eleven acres of land costing $ 15,590 . Today , that land is valued at $ 63,123 . How long has she owned this land if the price of the land has been increasing at 6 percent per year ?
11 . First City Bank pays 6 percent simple interest on its savings account balances , whereas Second City Bank pays 6 percent interest compounded annually .
If you made a $ 57,000 deposit in each bank , how much more money would you earn from your Second City Bank account at the end of 10 years ? ( Do not round intermediate calculations and round your answer to 2 decimal places , e . g ., 32.16 .)
11 . ( Set 2 )
First City Bank pays 6 percent simple interest on its savings account balances , whereas Second City Bank pays 6 percent interest compounded annually .
If you made a $ 60,000 deposit in each bank , how much more money would you earn from your Second City Bank account at the end of 10 years ? ( Do not round intermediate calculations and round your answer to 2 decimal places , e . g ., 32.16 .)
11450.86
12 . a . Compute the future value of $ 2,000 compounded annually for 10 years at 7 percent . ( Do not round intermediate calculations and round your answer to 2 decimal places , e . g ., 32.16 .)
b . Compute the future value of $ 2,000 compounded annually for 10 years at 12 percent . ( Do not round intermediate calculations and round your answer to 2 decimal places , e . g ., 32.16 .)
c . Compute the future value of $ 2,000 compounded annually for 15 years at 7 percent . ( Do not round intermediate calculations and round your answer to 2 decimal places , e . g ., 32.16 .)
12 . ( Set 2 )