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Hello! I have attempted to solve the following problems but my classmate received a different solution from mine. May someone please assist us in solving
Hello! I have attempted to solve the following problems but my classmate received a different solution from mine. May someone please assist us in solving the following word problems? Thank you so much!! I appreciate you!!! 37. MUNICIPAL BONDs Maya paid $10,000 for a 7-year bond issued by a city. She received interest amounting to $3500 over the life of the bonds. What rate of (simple) interest did the bond pay?47. HOUSING APPRECIATION The Kwans are pianning to buy a house 4 years from now. Housing experts in their area have estimated that the cost of a home will increase at a rate of 5%/year during that period. If this economic prediction holds true, how much can the Kwans expect to pay for a house that currently costs $260,000?51. MUTUAL FUNDS Jodie invested $15,000 in a mutual fund 4 years ago. If the fund grew at the rate of 7.8%/year compounded monthly, what would Jodie's account be worth today?61. LOAN CONSOLIDATION The proprietors of The Coachmen Inn secured two loans from Union Bank: one for $8000 due in 3 years and one for $15,000 due in 6 years, both at an interest rate of 8%/year compounded semiannually. The bank has agreed to allow the two loans to be consolidated into one loan payable in 5 years at the same interest rate.What amount will the proprietors of the inn be required to pay the bank at the end of 5 years?Hint: Find the present value of the first two loans.
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