12.7: Chapter Review - Practice Exercises

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Practice Exercises

10 .

You have been saving $10 every week since you were five years old. Your parents put all of these savings into a mutual fund. Now, you are twenty-two. The mutual fund paid on average 5 percent each year. What function would you use to find out the value of the fund today? What is the value today?

11 .

You start saving for a condo that you plan to pay $80,000 for in four years. You have investments that will produce an estimated 7 percent return during the four years. How much do you need to save a year to reach your goal of $80,000?

12 .

You invested in two pre-owned cars for your business two years ago. You expect the cars to last ten years. The initial investment of both cars was about $45,000. The salvage value for the cars combined is $12,000. What is the annual depreciation for the vehicles? What is the current value to the business now?

13 .

Describe how WorldCorp might compare sales executives using Excel, QuickBooks, or both. What data will you use? How would you compare them (using what methodology, and what software)?

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