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Question 10

Your parents will retire in 21 years. They currently have $220,000, and they think they will need $1,400,000 at retirement. What annual interest rate must they earn to reach their goal, assuming they don't save any additional funds? Round your answer to two decimal places.

_____________%

Question 11

a)Loan amortization and EAR

You want to buy a car, and a local bank will lend you $15,000. The loan will be fully amortized over 5 years (60 months), and the nominal interest rate will be 9% with interest paid monthly.

What will be the monthly loan payment? Round your answer to the nearest cent.

$_____________

b) What will be the loan's EAR? Round your answer to two decimal places.

_______________%

Question 12

Future value

If you deposit $6,000 in a bank account that pays 10% interest annually, how much would be in your account after 5 years? Round your answer to the nearest cent.

$___________

Question 13

Future value: annuity versus annuity due

a) What's the future value of a 6%, 5-year ordinary annuity that pays $800 each year? Round your answer to the nearest cent.

$_________

b) If this was an annuity due, what would its future value be? Round your answer to the nearest cent.

$ _________