9. Travis invested $8,250 in an account that pays 4 percent simple interest. How much more could
he have earned over a 7-year period if the interest had compounded annually?
A. $341.41
B. $296.44
C. $302.16
D. $266.67
E. $258.09
10. What is the future value of $11,600 invested for 17 years at 7.25 percent compounded annually?
A. $32,483.60
B. $27,890.87
C. $38,991.07
D. $41,009.13
E. $38,125.20
11. You hope to buy your dream car four years from now. Today, that car costs $54,500. You
expect the price to increase by an average of 3.1 percent per year over the next four years. How
much will your dream car cost by the time you are ready to buy it?
A. $58,340.00
B. $58,666.67
C. $61,578.79
D. $61,818.02
E. $61,023.16