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Derek decides to buy a new car. The dealership offers him a choice of paying $535.00 per month for 5 years (with the first
Derek decides to buy a new car. The dealership offers him a choice of paying $535.00 per month for 5 years (with the first payment due next month) or paying some $28,982.00 today. He can borrow money from his bank to buy the car What interest rate makes him indifferent between the two options? Submit Answer format: Percentage Round to: 3 decimal places (Example: 9.243 %, % sign required. Will accept decimal format rounded to 5 decimal places (ex: 0.09243)) 4 Derek wants to withdraw $12,833.00 from his account 3.00 years from today and $12,732.00 from his account 15.00 years from today. He currently has $3,407.00 in the account. How much must he deposit each year for the next 15.0 years? Assume a 6.85% interest rate. His account must equal zero by year 15.0 but may be negative prior to that Submit Answer format: Currency Round to: 2 decimal places Derek currently has $10,555.00 in an account that pays 6.00% He will withdraw $5,891.00 every other year beginning next year until he has taken 7.00 withdrawals. He will deposit $10555 0 every other year beginning two years from today until he has made 7.0 deposits. How much will be in the account 30.00 years from today? Submit Answer format: Currency. Round to 2 decimal places
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