Annuity Suppose that you are thinking of buying a car that yields a rental of $5,000 each year for 3 years and then can be sold for scrap value of $8,000. With an interest rate of 10 percent, how much would we be willing to pay?
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- How much money will you have in seven yearsif you deposit $7,000 in the bank at 8.5% interestcompounded daily?Suppose you deposited $200 at the end of every year for seven years in an account that earned 6% annual effevtive interest. At the end of seven years, how much would the account be worth?Greg wants to have $50 000 in five years. He has $20 000 today to invest. The bank is o ffering five- year investment certificates that pay interest compounded quarterly. What is the minimum nominal interest rate he would have to receive to reach his go al? |
- Bill wants to buy a new car in three years from now. He expects that the price of a car will be $15,000 in three years. How much money should Bill put in hos savings accounts now tat pays 5% interest rate on this account?A grandfather gave his grandchild $100 for his 10th birthday. The child’s parents talked him into putting this gift into a bank account so that when he had grandchildren of his own he could give them similar gifts. The child lets this account grow for 50 years, and it has $100,000. What wasthe interest rate of the account?6. Morris paid £500 amonth for 20 years to pay off themortgage on his Glasgowhouse. Ifhis down payment was £5000 and the interest rate was 6 percent compounded monthly, what was the purchase price of the house?
- June has a small house, on a small street, in a small town. If she sells the house now, she will likely get $110, 000 for it. If she waits one year, she will probably receive more- say, $120,000. If she sells the house now, she can invest the money in a 1-year guaranteed growth bond that pays 8% annual interest, compounded monthly. What are the 2 options worth, and which should she choose?It is likely that airplane tickets will increase 8% in each of the next 5 years. The cost of a plane ticket at the end of the first year will be 10622. How much money would need to be placed in a savings account now to have money to pay for a trip at the end of each year for the next 5 years? Assume the savings account pays 2% annual interest. Round your answer to 2 decimal places.A car dealership offers you no money down on a new car. You may pay for the car for 3 years by equal monthly end-of-the-month payments of $735 each, with the first payment to be made one month from today, If the discount annual rate is 17.45 percent compounded monthly, what is the present value of the car payments? Round the answer to two decimal places.
- It is likely that airplane tickets will increase 5% in each of the next 4 years. The cost of a plane ticket at the end of the first year will be $10571. How much money would need to be placed in a savings account now to have money to pay for a trip at the end of each year for the next 4 years? Assume the savings account pays 2% annual interest. Round your answer to 2 decimal places. Add your answerA 6 Okay 2048 tv 8 Hello ... E88 STUDY NOTES FOR SELF THO What is the value of the IRA when you turn 65? (Round to the nearest dollar as needed.) How much of the future value is interest? 9 Starting at age 25, you deposit $2000 a year into an IRA account for retirement. Treat the yearly deposits into the account as a continuous income stream. If money in the account eams 6%, compounded continuously, how much will be in the account 40 years later, when you retire at age 65? How much of the final amount is interest? U ( I December 5, 2022 at 8:28 AM (Round to the nearest dollar as needed.) A l Aa 8= 5 A E » Q 38 reviou --K--Your grandparents decide they would like to put aside money to help support each of their grandchildren's educations. Assume that they would like to give each of their grandchildren $18000; that the money will be given when each grandchild turns 18; and that the money is in an account that earns 4.9%. They would like to know how much money they would need to set aside each time one of their grandchildren is born to be able to make this possible. How would your grandparents solve for P? $18000(F|P, 4.9%,18) O $18000(P|F, 4.9%,18) Neither
