You do not have an emergency fund but you need some extra cash today. You decide to go to a Pay Advance company that charges 5% for a 2-week period. What annual interest rate would you be charged from that company?

2. You have a certificate of deposit at your bank earning 5%/year in the amount of $30,000. You decide you have to make an early withdrawal today. If your bank charges a penalty of 3 months interest, what is the dollar amount of the penalty?

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3. You set up an investment account that automatically takes $5000 out of your checking account on the last day of the year every year for 6 years. You will earn an average of 3%/year on this account and plan to not touch it till the end of the 6th year. SHOW all work for full credit. What will you have at the end of the 6th year?


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