Question
I really need your help this is for a final grade!! Thank you! Using the appropriate interest table, provide the solution to each of the
I really need your help this is for a final grade!! Thank you!
Using the appropriate interest table, provide the solution to each of the following four questions by computing the unknowns. Click here to view factor tables
What is the amount of the payments that Newman Winslow must make at the end of each of 8 years to accumulate a fund of $85,300 by the end of the 8th year, if the fund earns 8% interest, compounded annually? (Round factor values to 5 decimal places, e.g. 1.25124 and final answer to 0 decimal places, e.g. 458,581.)
Payment at the end of each year | $ |
Tony Hitchcock is 43 years old today and he wishes to accumulate $497,000 by his 68 th birthday so he can retire to his summer place on Lake Hopatcong. He wishes to accumulate this amount by making equal deposits on his 43 th through his 67 th birthdays. What annual deposit must Tony make if the fund will earn 8% interest compounded annually? (Round factor values to 5 decimal places, e.g. 1.25124 and final answer to 0 decimal places, e.g. 458,581.)
Annual deposit | $ |
Maria Ross has $21,900 to invest today at 9% to pay a debt of $51,845. How many years will it take her to accumulate enough to liquidate the debt? (Round answer to 0 decimal places, e.g. 45.)
years |
Sally Houston has a $25,700 debt that she wishes to repay 3 years from today; she has $19,845 that she intends to invest for the 3 years. What rate of interest will she need to earn annually in order to accumulate enough to pay the debt? (Round answer to 0 decimal places, e.g. 7%.)
Rate of interest | % |
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