Question
1.You have just deposited X dollars in your bank account that pays interest of 9 percent p.a. You discover that at the end of one
1.You have just deposited X dollars in your bank account that pays interest of 9 percent p.a. You discover that at the end of one year you have $ 24,938 in the account . What was X, that is, the amount of money that you deposited today ? ( Record your answer without a dollar sign, without commas and round your answer to 2 decimal places ; that is , record $ 3,245.847 as 3245.85 ) .
2.You want to withdraw $ 22,520 from your account at the end of one year and $ 41,277 at the end of the second year. How much should you deposit in your account today so that you can make these withdrawals? Your account pays 9 percent p.a. (Record your answer without a dollar sign, without commas and round your answer to 2 decimal places; that is, record $3,245.847 as 3245.85).
3.You deposit $9,456 in your account today. You make another deposit at t = 1 of $ 8,308. How much will there be in your account at the end of year 1 if the interest rate is 7.0 percent p.a.? (Record your answer without a dollar sign, without commas and round your answer to 2 decimal places: that isrecord $3.245.847 as 3245.85)
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