Question
29) You want to retire exactly 40 years from today with $2,090,000 in your retirement account. If you think you can earn an interest rate
29) You want to retire exactly 40 years from today with $2,090,000 in your retirement account. If you think you can earn an interest rate of 10.63 percent compounded monthly, how much must you deposit each month to fund your retirement?
Multiple Choice
$4,354.17
$270.10
$272.49
$331.35
30) You have a credit card with a balance of $12,100 and an APR of 17.5 percent compounded monthly. You have been making payments of $235 per month, but you have received a substantial raise and will increase your monthly payments to $285 per month. How many months quicker will you be able to pay off the account?
Multiple Choice
9.03 months
27.37 months
25.13 months
29.32 months
26.39 months
31) Fancy Cat Products has a project that will cost $254,000 today and will generate monthly cash flows of $5,460 for the next 65 months. What is the rate of return of this project when expressed as an APR?
Multiple Choice
14.82%
11.47%
11.97%
13.28%
12.97%
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