Interactive practice questions
To start saving money for retirement, Christa invests $\$375$$375 each quarter at an interest rate of $9%$9%p.a., compounded quarterly. Determine the future value in this annuity after $25$25 years. Round your answer to the nearest cent.
Judy wants to go on a long overseas trip in $7$7 years time and calculates that she will need at least $\$17300.42$$17300.42 to pay for it.
The bank Judy intends to use offers her an account which earns $12%$12% p.a. where interest is compounded monthly.
Roald invests $\$1700$$1700 each year for $25$25 years into an account with an interest rate of $4.5%$4.5%p.a., compounded annually. Determine the future value $A$A of this annuity at the end of the investment period, rounding your answer to the nearest cent.
Fred invests $\$300$$300 each quarter for $30$30 years into an account with an interest rate of $4%$4%p.a., compounded quarterly. Determine the future value $A$A of this annuity at the end of the investment period, rounding your answer to the nearest cent.