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Problem 1: On the day you were born, your parents took $8952 to the bank and purchased a 25 year CD that will earn 3.4%
| Problem 1: On the day you were born, your parents took $8952 to the bank and purchased a 25 year CD that will earn 3.4% interest. How much money will you have on your 25th birthday? | Problem 2: Congratulations! You just won the lottery. Beginning today, you will receive $5000 per week for the next 30 years. Assuming an interest rate of 2.75%, what is the Present Value of this prize? | ||||||
| NPER | 25 | NPER | 30 | ||||
| I/Y (Rate) | 3.40% | I/Y (Rate) | 2.75% | ||||
| PV | 8952 | PV | ? | ||||
| PMT | 0 | PMT | 5000 | ||||
| FV | ? | FV | 0 | ||||
| Compounding Periods | Compounding Periods | 52 | |||||
| CPT (Compute) ? | $20,650.64 | CPT (Compute) ? | $5,310,329.16 | ||||
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Focus On Personal Finance
Authors: Jack Kapoor, Les Dlabay, Robert J. Hughes, Melissa Hart
7th Edition
1265521972, 978-1265521974
