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A B C (Solving for r in compound interest) You lend a friend $20,000, for which your friend will repay you $40.000 at the end
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(Solving for r in compound interest) You lend a friend $20,000, for which your friend will repay you $40.000 at the end of 5 years. What interest rate are you charging your friend? The interest rate you are charging your friend is %. (Round to two decimal places.) (Solving for n) Jack asked Jill to marry him, and she has accepted under one condition: Jack must buy her a new $310,000 Rolls-Royce Phantom. Jack currently has $46.000 that he may invest. He has found a mutual fund with an expected annual return of 4.7% in which he will place the money. How long will it take Jack to win Jill's hand in marriage? Ignore taxes. ACKER years. (Round to one decimal The number of years it will take for Jack to win Jill's hand in marriage is place.) (Compounding using a calculator and annuities due) Springfield mogul Montgomery Burns, age 85, wants to retire at age 100 in order to steal candy from babies full time. Once Mr. Burns retires, he wants to withdraw $1 billion at the beginning of each year for 9 years from a special offshore account that will pay 27 percent annually. In order to fund his retirement, Mr. Burns will make 15 equal end-of-the-year deposits in this same special account that will pay 27 percent annually. How much money will Mr. Burns need at age 100, and how large of an annual deposit must he make to fund this retirement account? KELDI a. How much money will Mr. Burns need when he retires? billion (Round to three decimal places.) B
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