# Quiz - 1 - Quiz I COMM 308 This quiz is due on Tuesday...

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Quiz I COMM 308 This quiz is due on Tuesday, 29/10. Please bring it to the class. Each question carries one mark. 1. If the interest rate is 10% per year, how long would it take to double your money? A. 6.14% B. 6.93% C. 7.27% D. 8.34% 2. Your aunty has offered to gift you \$5,000 after two years? How much is this worth today if the interest rate is 6% per year? A. \$4,449.98 B. \$4,531.36 C. \$4,580.75 D. \$4,608.62 3. If you make a deposit of \$1,500 today in your bank and the bank offers you an interest rate of 5% per year, how much money would you have after 4 years? A. \$1,800.73 B. \$1,810.11 C. \$1,823.26

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D. \$1,898.88 4. You made a deposit of \$2,500 five years ago and it now worth \$3,500. What interest rate have you received over the past five years? A. 6.96% B. 6.28% C. 7.13% D. 7.66% 5. You are going to make 10 yearly deposits of \$10,000 starting today . If the interest rate is 6.5%, how much do you expect to have in your account after 10 years? A. \$135,881 B. \$143,715 C. \$154,618 D. \$162,349 6. You have taken a \$300,000 housing loan and the bank charges you an interest rate of 0.75% per month. The loan is to be repaid by making equal monthly payments for the
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Quiz - 1 - Quiz I COMM 308 This quiz is due on Tuesday...

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