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Answer each of the following independent questions. Ignore personal income taxes. I NEED THE ANSWERS TO QUESTIONS 3 & 4, AS THE PREVIOUS ANSWERS I

Answer each of the following independent questions. Ignore personal income taxes.

I NEED THE ANSWERS TO QUESTIONS 3 & 4, AS THE PREVIOUS ANSWERS I WAS PROVIDED WERE WRONG!

The incorrect answer for 3 was 13906.86

The incorrect answer for 4 was 53832.20

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image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribed Use Appendix A for your reference. (Use appropriate factor(s) from the tables provided.) Required: 1. Suppose you invest \\( \\$ 3,700 \\) in an account bearing interest at the rate of 20 percent per year. What will be the future value of your investment in five years? 2. Your best friend won the state lottery and has offered to give you \\( \\$ 11,200 \\) in five years, after he has made his first million dollars. You figure that if you had the money today, you could invest it at 14 percent annual interest. What is the present value of your friend's future gift? 3. In four years, you would like to buy a small cabin in the mountains. You estimate that the property will cost you \\( \\$ 64,500 \\) when you are ready to buy. How much money would you need to invest each year in an account bearing interest at the rate of 6 percent per year in order to accumulate the \\( \\$ 64,500 \\) purchase price? 4. You have estimated that your educational expenses over the next four years will be \\( \\$ 14,200 \\) per year. How much money do you need in your account now in order to withdraw the required amount each year? Your account bears interest at 10 percent per year. Complete this question by entering your answers in the tabs below. Suppose you invest \\( \\$ 3,700 \\) in an account bearing interest at the rate of 20 percent per year. What will be the future value of your investment in five years? (Round your answer to 2 decimal places.) Complete this question by entering your answers in the tabs below. Your best friend won the state lottery and has offered to give you \\( \\$ 11,200 \\) in five years, after he has made his first million dollars. You figure that if you had the money today, you could invest it at 14 percent annual interest. What is the present value of your friend's future gift? (Round your answer to 2 decimal places.) Complete this question by entering your answers in the tabs below. In four years, you would like to buy a small cabin in the mountains. You estimate that the property will cost you \\( \\$ 64,500 \\) when you are ready to buy. How much money would you need to invest each year in an account bearing interest at the rate of 6 percent per year in order to accumulate the \\( \\$ 64,500 \\) purchase price? (Round your answer to 2 decimal places.) Complete this question by entering your answers in the tabs below. You have estimated that your educational expenses over the next four years will be \\( \\$ 14,200 \\) per year. How much money do you need in your account now in order to withdraw the required amount each year? Your account bears interest at 10 percent per year. (Round your answer to 2 decimal places.) Future Value of \\( \\$ 1.00(1+r)^{n} \\) \\begin{tabular}{rrrrrrrr} Period & \mathbf4 & \mathbf6 & \mathbf8 & \mathbf10 & \mathbf12 & \mathbf14 & \\( \\mathbf{2 0 \\%} \\) \\\\ 1 & 1.040 & 1.060 & 1.080 & 1.100 & 1.120 & 1.140 & 1.200 \\\\ 2 & 1.082 & 1.124 & 1.166 & 1.210 & 1.254 & 1.300 & 1.440 \\\\ 3 & 1.125 & 1.191 & 1.260 & 1.331 & 1.405 & 1.482 & 1.728 \\\\ 4 & 1.170 & 1.263 & 1.361 & 1.464 & 1.574 & 1.689 & 2.074 \\\\ 5 & 1.217 & 1.338 & 1.469 & 1.611 & 1.762 & 1.925 & 2.488 \\\\ \\hline 6 & 1.265 & 1.419 & 1.587 & 1.772 & 1.974 & 2.195 & 2.986 \\\\ \\hline 7 & 1.316 & 1.504 & 1.714 & 1.949 & 2.211 & 2.502 & 3.583 \\\\ \\hline 8 & 1.369 & 1.594 & 1.851 & 2.144 & 2.476 & 2.853 & 4.300 \\\\ \\hline 9 & 1.423 & 1.690 & 1.999 & 2.359 & 2.773 & 3.252 & 5.160 \\\\ \\hline 10 & 1.480 & 1.791 & 2.159 & 2.594 & 3.106 & 3.707 & 6.192 \\\\ \\hline 11 & 1.540 & 1.898 & 2.332 & 2.853 & 3.479 & 4.226 & 7.430 \\\\ \\hline 12 & 1.601 & 2.012 & 2.518 & 3.139 & 3.896 & 4.818 & 8.916 \\\\ \\hline 13 & 1.665 & 2.133 & 2.720 & 3.452 & 4.364 & 5.492 & 10.699 \\\\ \\hline 14 & 1.732 & 2.261 & 2.937 & 3.798 & 4.887 & 6.261 & 12.839 \\\\ \\hline 15 & 1.801 & 2.397 & 3.172 & 4.177 & 5.474 & 7.138 & 15.407 \\\\ \\hline 20 & 2.191 & 3.207 & 4.661 & 6.728 & 9.646 & 13.743 & 38.338 \\\\ \\hline 30 & 3.243 & 5.744 & 10.063 & 17.450 & 29.960 & 50.950 & 237.380 \\\\ \\hline 40 & 4.801 & 10.286 & 21.725 & 45.260 & 93.051 & 188.880 & 1.469 .800 \\end{tabular} Future Value of a Series of \\( \\$ 1.00 \\) Cash Flows (Ordinary Annuity) \\( \\underline{(1+r)^{n}-1} \\) Drncont V/al\u0131n of \\( \\$ 1 \\cap n \\ldots \\) \\( \\frac{1}{r}\\left(1-\\frac{1}{\\left(1, m_{n}\ ight)}\ ight) \\)

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