QUESTION 6

You are 59 years old and have a portfolio worth $900,000 in stocks and bonds. If the portfolio is projected to earn 4 percent a year. How much can you withdrew each year until your 95th birthday.

QUESTION 7

How many years does it take for your money to grow to ten times its original value if the interest rate of 5% per year?

QUESTION 8

You have researched your dream boat and determined that the total cost of the boat will be $80,000. You feel you can earn an APR of 5 percent compounded monthly and plan to save $400 per month until you reach your goal. How many years will it be until you reach your goal of buying the boat? (round to two decimal points)

QUESTION 9

Let say Im looking at new car and the amount Im going to finance is $12,000 for 5 years and the interest rate is 3%. What is the amount of your monthly payment?

QUESTION 10

You have researched your dream around-the-world vacation and determined that the total cost of the vacation will be $44,000. You feel you can earn an APR of 10.3 percent compounded monthly and plan to save $560 per month until you reach your goal. How many years will it be until you reach your goal and enjoy your well-deserved vacation?

QUESTION 11

If you invested $50,000 at one point in time and received back $80,000 ten years later, what annual interest (or growth) rate (compounded annually) would you have obtained?

QUESTION 12

If you want to have $20,000 for a down payment on a house in four year how much would you have to put into savings every month to achieve your goal? Assume you will receive a 3% annual interest rate on your investment.