1. Your grandmother just gave you $22,000 as a gift for your stellar academic performance. You immediately invested the amount in an account that pays an interest rate of 6.2 percent per year. How much will you have in your account 7 years from today?
A. $27,587.01
B. $33,519.25
C. $37,018.43‘
D. $23,411.88
2. You are going to receive $23,700 per year for five years. The payments will be received at the beginning of each year, with the first year's payment coming in today. If you plan to invest these amounts, immediately you receive them, in an account that pays interest rate of 7.9 percent, how much will be in your account five years from today?
A. $149,723.62
B. $138,761.47
C. $127,943.81
D. $118,500.00