An investment pays $21,000 every other year forever with the first payment one year from today. a. What is the value today if the discount rate is 15 percent compounded daily? (Use 365 days a year. Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) b. What is the value today if the first payment occurs four years from today? (Use 365 days a year. Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) a. Value today b. Value today You want to buy a new sports coupe for $89,500, and the finance office at the dealership has quoted you an APR of 7.1 percent for a 60 month loan to buy the car. ped a. What will your monthly payments be? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) b. What is the effective annual rate on this loan? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.) Jook a. Monthly payment b. Effective annual rate % Print At 6.4 percent interest, how long does it take to double your money? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) Length of time years At 6.4 percent interest, how long does it take to quadruple it? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) Length of time years Problem 6-37 Growing Annuity (LO1] You have just won the lottery and will receive $1,000,000 in one year. You will receive payments for 25 years and the payments will increase by 3.2 percent per year. If the appropriate discount rate is 7.2 percent, what is the present value of your winnings? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) Present value $ 24,540.95 An investment pays $21,000 every other year forever with the first payment one year from today. a. What is the value today if the discount rate is 15 percent compounded daily? (Use 365 days a year. Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) b. What is the value today if the first payment occurs four years from today? (Use 365 days a year. Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) a. Value today b. Value today You want to buy a new sports coupe for $89,500, and the finance office at the dealership has quoted you an APR of 7.1 percent for a 60 month loan to buy the car. ped a. What will your monthly payments be? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) b. What is the effective annual rate on this loan? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.) Jook a. Monthly payment b. Effective annual rate % Print At 6.4 percent interest, how long does it take to double your money? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) Length of time years At 6.4 percent interest, how long does it take to quadruple it? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) Length of time years Problem 6-37 Growing Annuity (LO1] You have just won the lottery and will receive $1,000,000 in one year. You will receive payments for 25 years and the payments will increase by 3.2 percent per year. If the appropriate discount rate is 7.2 percent, what is the present value of your winnings? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) Present value $ 24,540.95
