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help me please 5) How much money must be put into a bank account yielding 6.42% (compounded annually) in order to have $1,691 at the
help me please
5) How much money must be put into a bank account yielding 6.42% (compounded annually) in order to have $1,691 at the end of 11 years (round to nearest $1)? 6) John deposited $9,000 in a bank account, and 11 years later he closes out the account, which is worth $19,000. What annual rate of interest has he earned over the 11 years? 7) You borrow $50,000 and agree to pay it off with one lump sum payment of $60,000 in 6 years. What annual rate of interest will you be charged? 8) John borrowed $60,000 today that he must repay in 16 annual end-of-year installments of $5,000. What annual interest rate is John paying on his loan? 9) Assume you are to receive a 10-year annuity with annual payments of $1000. The first payment will be received at the end of Year 1, and the last payment will be received at the end of Year 10. You will invest each payment in an account that pays 9.5 percent compounded annually. Although the annuity payments stop at the end of year 10, you will not withdraw any money from the account until 25 years from today, and the account will continue to earn 9% for the entire 25-year period. What will be the value in your account at the end of Year 25 (rounded to the nearest dollar) Step by Step Solution
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