Question
Please Help me with these questions asap! Thank You and I will rate it well! 6. Calculate the present value of the compound interest loan.
Please Help me with these questions asap! Thank You and I will rate it well!
6. Calculate the present value of the compound interest loan. (Round your answers to the nearest cent.) $22,000 after 7 years at 4% if the interest is compounded in the following ways. (a) annually $ (b) quarterly $
10. Since 2007, a particular fund returned 13.4% compounded monthly. How much would a $4000 investment in this fund have been worth after 4 years? (Round your answer to the nearest cent.)
14. In the following ordinary annuity, the interest is compounded with each payment, and the payment is made at the end of the compounding period. An individual retirement account, or IRA, earns tax-deferred interest and allows the owner to invest up to $5000 each year. Joe and Jill both will make IRA deposits for 30 years (from age 35 to 65) into stock mutual funds yielding 9.5%. Joe deposits $5000 once each year, while Jill has $96.15 (which is 5000/52) withheld from her weekly paycheck and deposited automatically. How much will each have at age 65? (Round your answer to the nearest cent.)
Joe | $ | |
Jill |
16. Calculate the present value of the annuity. (Round your answer to the nearest cent.)
$15,000 annually at 6% for 10 years.
18. Determine the payment to amortize the debt. (Round your answer to the nearest cent.)
Quarterly payments on $12,500 at 3.4% for 6 years.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started