6. [0/1 Points] DETAILS PREVIOUS ANSWERS MY NOTES Math 110 Course Resources - Applications of Definite Integrals Course Packet on income streams and annuities A math tee shirt business is expected to generate $27,000 in revenue per year for the next 10 years. If the income is reinvested in the business at a rate of 3% per year compounded continuously, determine the future value of this income stream at the end of 10 years. Future value (exact value) = X dollars Future value (rounded to the nearest cent) = * dollars Submit Answer 7. [0.5/1 Points] DETAILS PREVIOUS ANSWERS MY NOTES Math 110 Course Resources - Applications of Definite Integrals Course Packet on income streams and annuities A math tee shirt business is expected to generate $22,000 in revenue per year for the next 25 years. If the income is reinvested in the business at a rate of 1% per year compounded continuously, determine the present value of this income stream. Present value (exact value) = X dollars Present value (rounded to the nearest cent) = 486638.28 dollars 8. [0/1 Points] DETAILS PREVIOUS ANSWERS MY NOTES PRACTICE ANOTHER Math 110 Course Resources - Applications of Definite Integrals Course Packet on income streams and annuities Suppose you plan to have $50,000 in 20 years from now and you can invest your savings at 3% compounded continuously. Assuming you can save the same amount of money each year, how much do you need to save on a yearly basis in order to achieve your goal? Hint: Treat your savings as an income stream. Yearly savings (exact value) = X dollars Yearly savings (rounded to the nearest cent) = X dollars 9. [0/1 Points] DETAILS PREVIOUS ANSWERS MY NOTES Math 110 Course Resources - Applications of Definite Integrals Course Packet on income streams and annuities A Math 110 student decides to make annual payments of $2,000 into a retirement account paying 9% interest per year compounded continuously. If the student continues to make these payments for 50 years, compute each of the following values. Account balance after 50 years (exact value) = dollars Account balance after 50 years (rounded to the nearest cent) = X dollars Total of all deposits (exact value) = dollars Total of all interest payments (rounded to the nearest cent) = dollars 10. [-/1 Points] DETAILS MY NOTES Math 110 Course Resources - Applications of Definite Integrals Course Packet on income streams and annuities Your math professor has decided to retire and return to his jetsetting life style. He wishes to establish a fund from which he can withdraw $3,000 per month for the next 20 years. If the fund earns 6% per year compounded continuously, how much money does he need now to establish the fund? Exact value = dollars Rounded to the nearest cent = dollars
