Question
25. Assume that I will deposit $750 into an account exactly 10 years from today. How much will be in my account at the end
25. Assume that I will deposit $750 into an account exactly 10 years from today. How much will be in my account at the end of year 50 (i.e., 50 years from today), assuming that my account pays interest of 6.25% p.a., but with daily compounding?
26. Assume that when you graduate from college you decide to buy a new car. The GSU credit union offers to provide financing for 60 months at a 6.35 percent annual rate, compounded monthly. You must make a down payment of 15 percent of the $28,200 purchase price in cash to the dealer. The credit union will be used to finance the remaining 85 percent of the purchase price with the first payment due exactly one month from today. What will be your monthly payment?
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