Quality Rug Emporium plans to expand showroom in 5 years at an estimated cost of $600,000. Quality will set up a sinking fund with quarterly payments earning interest at an 11% annual rate, compounded quarterly. How much must Quality pay into the sinking fund each quarter to have $600,000 in 5 years? In 4 years time United Transport company win need to replace number of its and expects to require $150,000 for this purpose. How much money should the company invent an annual interest rate of 8.5% compounded quarterly, to have $ 150,000 available in 4 years? A house loan of $130,000 is made for 30 years at 8% interest compounded monthly. Find the monthly payment required to repay the debt in 25 years. You purchased 400 shares of stock for $23.00 per share. After holding the stock for 9 months you sold the stock for $24.50 per share. What was the annual simple interest rate earned on the investment? In the last 5 years, Bendix Fund grew at the rate of 10.4% per year compounded quarterly. Over the same period, Acme Fund grew at the rate 10.6% compounded semiannually. Which mutual fund has a better rate of return? What is the present value of an annuity that pays $200 per month for 5 years if money is worth 6% compounded monthly? The firm deposits $6000 at the end of each semiannual period for 8 years at 9.6% compounded semiannually. Find the amount in the account after 8 years of saving. Find the amount of interest earned. How many days will it take for a sum of $1500 to earn $25 interest if deposited in a bank paying 5% per year? If a $9000 deposit in a saving account earns 5% compounded monthly, what will be the balance in the account in 2 years? Alice lent her brother $1500 for 8 months at simple interest 10% per year. How much interest did she earn? If you paid $30 to a loan company for the use of $1000 for 60 days, what annual rate of interest did they charge