Question
I submitted these math questions earlier today. And the answers the tutor provided to these math questions are incorrect. Please rework these math problems. NO
I submitted these math questions earlier today. And the answers the tutor provided to these math questions are incorrect. Please rework these math problems.
NO INFORMATION IS MISSING. ALL THE QUESTIONS ARE IN ORDER WITH LETTERS: EXAMPLE: A, B, C, D E etc. etc.
BELOW ARE INSTRUCTION FOR THE MATH QUESTIONS:
Store intermediate answers in your calculator or computer memory, without rounding off.
Unless otherwise specified, round off your final answers to two digits after the decimal place. Unless the units are given in the answer field, you need to type them in. (For example, if an answer is 25 dollars, you need to type $25).
Question 1 1 / 1 pts 11. Suppose you were hired on January 1, 2010 and started depositing $300 at the end of each month, with the first deposit on January 31, 2010, in a pension fund that pays interest of 6% per year compounded monthly on the minimum monthly balance and credited at the end of each month. (a) How much money was in the pension fund on February 1, 2010? $300 Incorrect Question 2 0 / 1 pts 1 (b) How much money was in the pension fund on March 1, 2010? $610.5mstate.edu/courses/1411675/quizzes/2450734 Incorrect Question 3 0 / 1 pts 1 (c) How much money was in the pension fund on April 1, 2010? $910,5075 4 Incorrect Question 4 0 / 2 pts mpus 1 (d) How much money will be in the pension fund on January 1, 2040? $360 Incorrect Question 5 0 / 1 pts 1 (e) What is the total amount of interest earned in this pension fund during these 30 years? 193,354.51Incorrect Question 6 0 / 1 pts 2 (a) Suppose you borrowed $400,000 for a home mortgage on January 1, 2010 with an annual interest rate of 3.5% per year compounded monthly. If you didn't make any payments and were only charged the interest (and no late fees), how much would you owe on the mortgage on January 1, 2030? 804680.81 IS Incorrect Question 7 0 / 2 pts 2 (b) Suppose you borrowed $400,000 for a home mortgage on January 1, 2010 with an annual interest rate of 3.5% per year compounded monthly. Also, suppose the balance on the mortgage is amortized over 20 years with equal monthly payments at the end of each month. (This means the unpaid balance on January 1, 2030 should be $0). (b) What are the monthly payments? 2319.83Incorrect 0 / 1 pts Question 8 2 (c) How much interest was paid during the 20 years of the mortgage? 156761.33 Incorrect Question 9 0 / 2 pts 2 (d) What is the unpaid balance on the mortgage on January 1, 2015? 127521.51Question 10 1 / 1 pts 3. Suppose that on January 1, 2020, you buy a bond for $3,000 that will pay interest of 2.6% per year compounded continuously for 20 years. You never withdraw any of the interest earned on the bond. (a) What will the bond be worth on January 1, 2040? $5046.08 Incorrect Question 11 0 / 2 pts 3 (b) Suppose that on January 1, 2023, the prevailing rate of interest on bonds maturing on January 1, 2040 becomes 5% per year compounded continuously. Assume that the market value of your bond (as described in 3 (a)) becomes the present value that would yield the same amount on January 1, 2040 as your bond will give you. What will be the market value of your bond on January 1, 2023? $2156.7Step by Step Solution
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