Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please check # 30 and explain how to do 31-33 using factor tables if possible. 30. $ 978510. You would like to start saving for

please check # 30
and explain how to do 31-33 using factor tables if possible. image text in transcribed
30. $ 978510. "You would like to start saving for retirement. Assuming you are now 22 years old and you want to retire at age 60, you have 38 years to watch our investment grow. You decide to invest in the stock market, which you expect it to earn about 6% per vear into the future. You decide to invest $600 at the end of each month for the next 38 years (456 months). Calculate your accumulated investment at the end of 38 years. (Round to nearest whole dollar) if you do not have a financial calculator use the dynamic factor tables in Canvas (module 8-Factor Table, type in the interest rate and compounding periods in the blue highlighted portion of the factor table, it'll calculate the factor you need). Use the following to answer questions 31 - 33 You want a new car. At the dealership, you find a car that you like. The dealership gives you two payment options: 1. Pay $23,000 in cash for the car today...OR 2. Pay $370.41 at the end of each month for six years at 5% (0.41667% monthly for 72n). 31. $ for the car? _How much CASH (in total) will you end up paying if you choose to make monthly payments 32. S How much interest (in total) will you pay if you choose to make payments instead of paying cash for the car today? __How much interest has accrued by the time the first car payment is due (round to two decimal 33. $ places)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Investment Grade Energy Audit Making Smart Energy Choices

Authors: Shirley J. Hansen, James W. Brown

1st Edition

0824709284, 978-0824709280

More Books

Students also viewed these Accounting questions