Question
1. Use the future value formula to find the indicated value. n=31;i=0.03; PMT=$109;FV=? 2. Use the future value formula to find the indicated value. FV=$4998;
1. Use the future value formula to find the indicated value. n=31;i=0.03; PMT=$109;FV=?
2. Use the future value formula to find the indicated value. FV=$4998; n=9; i=0.06; PMT=?
3. Use the future value formula to find the indicated value. FV=$10,000; i=0.04;PMT=$800; n=?
4. Recently, More Money 4U offered an annuity that pays 5.1% compounded monthly. If $1,764 is deposited into this annuity every month, how much is in the account after 6 years? How much of this is interest?
5. A company estimates that it will need $134,000 in 17 years to replace a computer. If it establishes a sinking fund by making fixed monthly payments into an account paying 6.3% compounded monthly, how much should each payment be?
6. You can afford monthly deposits of $140 into an account that pays 2.7% compounded monthly. How long will it be until you have $11,900 to buy a boat?
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
