Timothy Chau needs to compute the rate of interest compounded monthly at which $620 paid at the end of every three months f nine years accumulates to $30,800. Provide an answer correct to 3 decimal places. Do not include the percent sign, %, in your answer. Interest rate- Do not include the dollar sign, $, in your answers. Contribution = Amount of interest=
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- 1. Future and present values Suppose a relative has promised to give you $1,000 as a wedding gift the day you get engaged. Assuming a constant interest rate of 5%, consider the present and future values of this gift, depending on when you become engaged. Complete the first row of the following table by determining the value of the gift in one and two years with interest if you become engaged today and save the money. Date Received Today In 1 year In 2 years Present Value (Dollars) 1,000.00 Value in One Year (Dollars) 1,000.00 Value in Two Years (Dollars) 1,000.00 Now complete the first column of the previous table by computing the present value of the gift if you get engaged in one year or two years. The present value of the gift is if you get engaged in one year than it is if you get engaged in two years.Calculate the present value of an annuity with monthly deposits of $2,000 at 5% for 20 years. Discuss how the present value of an annuity will change if the deposit is doubled?1. What is the exact simple interest on $2,800 for the period from February 12 to july 6 of 1996, if the rate of interest is 4%? 2. You owe $120,000 from your ex-girlfriend and promise to pay 6% simple interest. How much will you pay at the end of 1 year and 6 months? 3.You owe $120,000 from your ex-girlfriend and promise to pay 6% simple interest. How much will you pay at the end of 9 months?
- 4. A person want to have 500,000 dollars at the end of 12 years. To obtain that aim, this person deposit P at the end of each month during 12 years, with a constant interest rate 0.06 per annum compounded monthly. What is P?Discuss the difference between ordinary annuity and annuity due and how it affects the value of an investmentof the present value of The present value of a fixed-payment loan is calculated as the all cash flow payments. Select one: a. log b. sum c. multiple d. difference
- The present value of a perpetuity paying $20 at the end of every four years is $43. Find i.6. Alex invested a certain amount to a business and promised to pay him back with 1.8 times his original investment. They agreed to have it compounded monthly within 9 years. What is the nominal rate of interest r in percent?Eileen buys a perpetuity-immediate with annual payments for a purchase price of X. The first payment is 1.02, the 2nd payment is 3% greater than the first, the third payment is 2% greater than the second, and so on, with the increase in future payments alternating between 3% and 2%. At the purchase price of X, Eileen's effective annual interest yield rate is 3%. Determine X. Hint: I thought of the even-year payments and odd-year payments separately. (a) 102 (b) 103 (c) 204 (d) 205 Answer: (e) 206
- You are thinking of investing $3600 this year. You have received advice from family members. • Aunt Anne recommends investing in the stock market with a 9.45% average rate of return. • Uncle Rick recommends investing in a 5.60% certificate of deposit (CD). • Grandpa recommends investing in a 0.53% savings account. How much money will you have at the end of 10 years if you pick Aunt Anne's advice? money after 10 years: S How much money will you have at the end of 20 years if you pick Uncle Rick's advice? money after 20 years: $ How much money will you have at the end of 40 years if you pick Grandpa's advice? money after 40 years: $A rich relative has bequeathed you a growing perpetuity. The first payment will occur in a year and will be $3,000. Each year after that, you will receive a payment on the anniversary of the last payment that is 4% larger than the last payment. This pattern of payments will go on forever. Assume that the interest rate is 15% per year. a. What is today's value of the bequest? b. What is the value of the bequest immediately after the first payment is made? ARCKICHI a. What is today's value of the bequest? Today's value of the bequest is $(Round to the nearest dollar. b. What is the value of the bequest immediately after the first payment is made? The value of the bequest immediately after the first payment is made is $ (Round to the nearest dollar.)Please help me solve this. Please show every step or excel formula so I can understand Question: A worker saves $100 from each monthly paycheck in an account that pays a nominal interest rate of 9 percent, compounded monthly. For how many years must the worker make these monthly deposits in order to accumulate $500,000? Round your answer to the nearest whole number. Do not use currency signs such as "$."