Question
A) . Dr. Strange needs to get some initial finances done, to start a new medical procedure. He needs you to calculate the following annual
A). Dr. Strange needs to get some initial finances done, to start a new medical procedure.
He needs you to calculate the following annual values of compounding and discounting.
(Show your work) (If using the business calculator or excel spreadsheet, show the function buttons and the amounts)
- An initial $850 compounded for 11 years at 6.50%
- An initial $1050 compounded for 12 years at 7.25%
- The present value of $1,300 due in 12 years at 8.75%
The present value of $4,450 due in 15 years at 9.10%
B). Doctor Strange would like to invest in a retirement account. He will contribute $525 per month for 30 years, which will earn him a 11.5 percent interest per year in a Avengers Mutual Fund that is rated at CCC. How much will Dr. Strange have when he retires?
(Show your calculations) (If using the business calculator or an Excel spreadsheet, show the function buttons and the amounts).
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