Question
8-You make $6,000 annual deposits into a retirement account that pays an APR of 10.9 percent compounded monthly. How large will your account balance be
8-You make $6,000 annual deposits into a retirement account that pays an APR of 10.9 percent compounded monthly. How large will your account balance be in 34 years? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) Account balance in 34 years $
9-Beginning three months from now, you want to be able to withdraw $2,900 each quarter from your bank account to cover college expenses over the next four years. If the account pays .69 percent interest per quarter, how much do you need to have in your bank account today to meet your expense needs over the next four years? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) Amount needed $
10-Youre trying to choose between two different investments, both of which have up-front costs of $86,000. Investment G returns $151,000 in 7 years. Investment H returns $271,000 in 14 years. Calculate the rate of return for each of these investments. (Do not round intermediate calculations and enter your answers as a percent rounded to 2 decimal places, e.g., 32.16.)
| Rate of Return | |
Investment G | % | |
Investment H | % | |
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