Question
6. How many years will the following take? $980 to grow to $24,368 if invested at 14.92 percent, compounded annually. Round the answer to two
6. How many years will the following take? $980 to grow to $24,368 if invested at 14.92 percent, compounded annually.
Round the answer to two decimal places.
7. You have decided to place $683 in equal deposits every month at the beginning of the month into a savings account earning 6.15 percent per year, compounded monthly for the next 3 years. The first deposit is made today. How much money will be in the account at the end of that time period?
Round the answer to two decimal places.
8. What is the present value of the following annuity? $2,138 every year at the end of the year for the next 7 years, discounted back to the present at 19.06 percent per year, compounded annually?
Round the answer to two decimal places.
9. At what annual rate would the following have to be invested? $3,578, to grow to $28,217, in 23 years.
Round the answer to two decimal places in percentage form
10. What is the accumulated sum of the following stream of payments? $1,708 every year at the end of the year for 13 years at 9.42 percent, compounded annually.
Round the answer to two decimal places.
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