Question
(A). At what per annum rate must $274 be compounded daily for it to grow to $713 in 9 years? (Round to 100th of a
(A). At what per annum rate must $274 be compounded daily for it to grow to $713 in 9 years? (Round to 100th of a percent and enter your answer as a percentage, e.g., 12.34 for 12.34%) (Assume 365 days in the year)
(B). What is the present value of $302,000 to be received in 11 years from today. Assume a per annum discount rate of 9%, compounded annually. (Round to nearest penny, e.g. 1234.56)
(C). You discover that you need a new laptop that costs $4,000. You charge the laptop to your credit card which charges a 19% annual interest rate. If you make no payments on the credit card for 8 years, how much will you owe on the card? Assume annual compounding. (Round to nearest penny, e.g. 1234.56)
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