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Can someone help me figure out how my professor got these answers? Thank you 1. Example 1: Your grandparents just gave you a gift of
Can someone help me figure out how my professor got these answers? Thank you
1. Example 1: Your grandparents just gave you a gift of $100,000. You invest this money for 10 years at 6% simple interest. How much money will you receive at the end of next year? How much money will you receive at the end of the 10 years? $6,000, $106,000 Example 2: One year ago, you took out a 10-year, $15,000, interest-only loan. The APR on the loan is 7% and payments are to be made annually, what is the mount of the loan payment that is due today? s1050 Example 3: A local charity receives annual income of $30,000 from a trust fund established by a generous donor several years ago. The trust fund earns a fixed annual return of 6%. How much did the donor contribute to establish this fund? $500,000 2. 3Step by Step Solution
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