Rodney has $1000 in cash received as a graduation gift. He wants to invest these funds in a GIC that will pay him 4% per year compounded annually. He wants to use the money in 5 years as a down-payment on a new car. How much will Rodney have in 5 years for his down-payment?
prof financial planning

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Education
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University
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Medium

kasey brown
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25 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Michelle is attending college and has a part time job. Once she finishes college, she would like to relocate to Toronto. She wants to build her savings so she has a "nest egg" to start her off. She can set aside $50/ month for savings in an account that will pay her 3% interest compounded annually. How much will Michelle's nest egg be in 5 years?
$3229.05
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Stacey would like to have $1,000,000 available to her when she retires. If she contributes $300 per month in an account that pays 4% interest compounded quarterly, how much will Stacey have when she retires in 30 years?
207723.41
$157456.51
$1,212,000
69,000
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
An emergency fund is required in financial planning to
maintain adequate liquidity
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
true or false
The value of what you own minus the value of what you owe is called your "net assets."
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
true or false
Money management decisions include deciding how much money to contribute to long term retirement savings.
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following financial planning steps should occur during the "prime earning" life stage?
Paying off all debts
Creating a will and power of attorney
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