Question
I need help Present Value (PV) & Future Value (FV) of annuities 1)What is the accumulated sum of $500 a year for the next 10
I need help
Present Value (PV) & Future Value (FV) of annuities
1)What is the accumulated sum of $500 a year for the next 10 years compounded annually at 5%?
2)What is the accumulated sum of $35 a year for the next 7 years compounded annually at 7%?
3)What is the present value of $70 a year for 3 years discounted back to the present at 3%?
4)You need to have $15,000 to pay for your wedding in 5 years.How much do you need to deposit today in a bank that pays 4% interest, compounded annually, in order to achieve your goal?
5)You invested $100,000 5 years ago at 7.5% annual interest rate. If you invest an additional $1,500 a year, at the beginning of each year for 20 years at the same 7.5% annual rate, how much will you have 20 years from now?
6)Janet purchased a new house for $80,000, obviously not in New York. She paid $20,000 down and agreed to pay the rest over the next 25 years in 25 equal end-of-year payments, plus 9% compound interest on the unpaid balance.What will these equal payments be?
7)If you invest $900 in a bank in which you will earn 8% compounded annually, how much will your investment be worth at the end of 7 years?
8)Shannon purchased a boat for $50,000, putting down 20%.She has agreed to pay the remaining balance over the next 10 years in 10 equal end-of-year payments, plus 10% compound interest on the unpaid balance. What will the equal payments be?
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