Question
6. What's the interest rate of a 5-year, annual $5,100 annuity with present value of $20,500? ( Round your answer to 2 decimal places.) Annuity
6.What's the interest rate of a 5-year, annual $5,100 annuity with present value of $20,500?( Round your answer to 2 decimal places.)
Annuity interest rate=
8.Assume that you contribute $290 per month to a retirement plan for 20 years. Then you are able to increase the contribution to $580 per month for another 30 years. Given a 7.2 percent interest rate, what is the value of your retirement plan after the 50 years?(Do not round intermediate calculations and round your finalanswer to 2 decimal places.)
Future Value of Multiple Annuities=
9a. If you start making $250 monthly contributions today and continue them for five years, what's their future value if the compounding rate is 8.75 percent APR?(Do not round intermediate calculations and round your final answer to 2 decimal places.)
Future Value Annuity =
9b. What is the present value of this annuity?(Do not round intermediate calculations and round your final answer to 2 decimal places.)
Present Value Annuity=
10.You are looking to buy a car. You can afford $740 in monthly payments for five years. In addition to the loan, you can make a $840 down payment. If interest rates are 10.25 percent APR, what price of car can you afford (loan plus down payment)?(Do not round intermediate calculations and round your final answer to 2 decimal places.)
Present Value=
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