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9. A company plans to replace its computer in 3 vears. To prepare for the expense, the company invests $5000 at the end of each
9. A company plans to replace its computer in 3 vears. To prepare for the expense, the company invests $5000 at the end of each month in an account that pays 4.5% compounded monthly. How much money will the company have available in 3 years? (5) 10. Tom has recently sold his business. He sets up an annuity that will pay him $3000 per month for the next 15 years. The first payment is to be made 1 month from now. Tom can invest his money at 6.5% compounded monthly How much does the annuity cost today? (5) 11. Jack is saving to buy a $20 000 car in 3 years. He deposits $550 every month into an account carning interest at 6%, compounded monthly. Will he have enough money to buy the car? Explain
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