Solve Q7 only P/YP/YC/YC/Y7. Joe wants to have $7000 to buy a car. How much does he need to invest into a savings accountthat earns 4.15% annual interest compounded daily if he can invest the money for 5 years?(Standard 2)NIPVPMTFVP/YC/Y8. Susie is going to invest $3000 in an account earning 6%annual interest compounded quarterly.How long will it take for her investment to reach $20,000? (round to the nearest year)(Standard 2)PVPMTFVP/YC/Y9. Luke is investing in an annuity for his retirement. He plans on making $300 payments monthly in an accountthat earns 7.15% annual interest compounded monthly. Determine the value after 35 years.(Standard 2)NIPVPMTFVP/YC/Y

Given Amount(A) = $7,000Time(t) = 5Years (5 x 365)Interest Rate = 4.15% 0r 0.0415

7. Joe wants to have $7000 to buy a car. How much does he need to invest into a savings account that earns 4.15% annual interest compounded daily if he can invest the money for 5 years? (Standard 2) N PV PMT FV P/Y C/Y

7. Joe wants to have $7000 to buy a car. How much does he need to invest into a savings account that earns 4.15% annual interest compounded daily if he can invest the money for 5 years? (Standard 2) N PV PMT FV P/Y C/Y

Economics Today and Tomorrow, Student Edition

1st Edition

ISBN:9780078747663

Author:McGraw-Hill

Publisher:McGraw-Hill

Chapter6: Saving And Investing

Section6.1: Why Save?

Problem 6R

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Question

Solve Q7 only

P/Y
P/Y
C/Y
C/Y
7. Joe wants to have $7000 to buy a car. How much does he need to invest into a savings account
that earns 4.15% annual interest compounded daily if he can invest the money for 5 years?
(Standard 2)
N
I
PV
PMT
FV
P/Y
C/Y
8. Susie is going to invest $3000 in an account earning 6%annual interest compounded quarterly.
How long will it take for her investment to reach $20,000? (round to the nearest year)
(Standard 2)
PV
PMT
FV
P/Y
C/Y
9. Luke is investing in an annuity for his retirement. He plans on making $300 payments monthly in an account
that earns 7.15% annual interest compounded monthly. Determine the value after 35 years.
(Standard 2)
N
I
PV
PMT
FV
P/Y
C/Y

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