WORKSHEET (3.3&3.4)
1. Suppose that you are an athlete who believes that your playing career will last 7 years. To
prepare for your future, you deposits $22,000 at the end of
each year for 7 years in an
account paying 6% compounded annually. How much will you have on deposit after 7 years?
2. Suppose that you want to save $10,000 over a period of three years to buy a fishing boat. Your
bank will pay 8% compounded semiannually on an account into which you will place your
payments. If the payments are made semiannually, how much should each payment be for you
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 Arabhi,Sundararajan
 6%, $8,000, $78,000, $94,000

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