Question
I enter into a 20 year annuity contract in which I promise to place $500 each year in to an account that pays 6% interest.
I enter into a 20 year annuity contract in which I promise to place $500 each year in to an account that pays 6% interest. After twenty years I stop contributing to the account but leave the money in the bank for another 10 years at the same rate of interest. How much will I have in the bank at the end of year 30?
Group of answer choices
$23,583.78
$32,938.70
$18,392.8
$37,293.72
_______________________
You want to have $1,000,000 waiting in your retirement account on the day you retire.
You will work for forty years. Your retirement account pays 9%.
How much must you take out of your paycheck at the beginning of each month?
Group of answer choices
$749.45
$212.03
$192.55
$1,256.88
____________________
How much must you have in your retirement account on the day you retire to allow you to receive $70,000 each year for 30 years.
Your retirement account pays 9%.
You wish to receive a check at the end of each month.
Group of answer choices
724,977.55
$689,425.77
$730,4114.88
$624,596.49
______________________
You are thinking about purchasing an investment from Get-Rich-Quick Investmemnt company. If you buy the investment, you will receive $50 every month for five(5)years. Payment will be made at the end of each month. If your required rate of return is 9% how much should you be willing to pay for this investment?
Group of answer choices
$4,632.87
$2,525.10
$2,408.67
$2,735.25
______________________
In 1975 the average tuition for one year at public institution was $1,286. In 2015, 40 years later, the average cost was $29,261 What was the average yearly growth rate in cost over the period?
Group of answer choices
9.24%
128%
5.57%
8.1234%
__________________
pick the right answer please
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