2. The Curmudgeons would like to have $38,000 as a down payment for a new house in 11 years. a. How much do they need to invest weekly into an account earning 6.5% interest in the coming 11 years to achieve their $38,000 goal? Express your answer to the nearest Sl. If necessary, round any intermediate decimal values in your calculations to at least 4-decimal places (5-decimal places is preferred) Write the finance formula you will use for this problem. Write it in generic form as you see it on the formula sheet, without any numbers. (I point) Use the formula to find the weekly deposit. (9 points) b. What will their total deposits be over the 11-years? (2 points) c. What is the total interest they will earn over the 9-years? (2 points) 2 Day of Year 007 068 225 106 136 Day JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC 1 001 032 060 091 121 152 182 213 244 274 305 335 2 002 033 061 092 122 153 183 214 245 275 306 336 003 034 062 093 123 154 184 215 246 276 307 337 4 004 035 063 094 124 155 185 216 247 277 308 338 5 005 036 064 095 125 156 186 217 248 278 309 339 6 006 037 063 096 126 157 187 218 249 279 310 340 7 038 066 097 127 158 188 219 250 280 311 341 8 008 039 067 098 128 159 189 220 251 281 312 342 9 009 040 099 129 160 190 221 252 282 313 343 10 010 041 069 100 130 161 191 222 253 283 314 344 011 042 070 101 131 162 192 223 254 284 315 345 12 012 043 071 102 132 163 193 224 255 285 316 346 13 013 044 072 103 133 164 194 256 286 317 347 14 014 045 073 104 134 165 195 226 257 287 318 348 15 015 046 074 105 135 166 196 227 258 288 319 349 16 016 047 075 167 197 228 259 289 320 350 17 017 048 076 107 168 198 229 260 290 321 351 18 018 049 077 108 138 169 199 230 261 291 322 352 19 019 050 078 109 139 170 200 231 262 292 323 353 20 020 051 079 110 140 171 201 232 263 293 324 354 21 021 080 141 172 202 233 264 294 325 355 22 022 053 081 112 142 173 203 234 265 295 326 356 23 023 054 082 143 174 204 235 266 296 327 357 24 024 055 083 175 205 236 267 297 328 358 25 025 056 084 115 145 176 206 237 268 298 329 359 26 026 057 085 116 146 177 207 238 269 299 330 360 27 027 058 086 117 147 178 208 239 270 300 331 361 28 028 059 087 118 148 179 209 240 271 301 332 362 29 029 060 088 119 149 180 210 241 272 302 333 363 30 030 089 120 150 181 211 242 273 303 334 364 31 031 090 151 212 243 304 365 **For leap years include the boxed day and increase all days past it by one. **For non-leap year, do not include the boxed day and read all days past it as given. 137 052 113 14 Finance Formulas 1 Prt FV = P(1 + rt) A=P(1+r) SP(1 + r) A P (1+) FV FV = P(1 + 5 P nt d A = d = + - 1 d + -1 FV d FV w 1- 11 (1+2) W = Po = 1-(1+7) 1- + P PE M - 1-1+ 13
