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Recently, Sally Estes was interested in purchasing a Honda Acura. The salesperson indicated that the price of the car was either $27,500 cash or $6,888
Recently, Sally Estes was interested in purchasing a Honda Acura. The salesperson indicated that the price of the car was either $27,500 cash or $6,888 at the end of each of 5 years. Compute the effective-interest rate to the nearest percent that Sally would pay if she chooses to make the five annual payments. (Round answer to 0 decimal places, eg. 7\%.) Click here to view factor tables. Interest rate % The Pharoahs are planning for a retirement home. They estimate they will need $164,0004 years from now to purchase this home. Assuming an interest rate of 11%, what amount must be deposited at the end of each of the 4 years to fund the home price? (Round factor values to 5 decimal places, eg. 1.25124. Round answer to 2 decimal places, e.g. 5,275.24.) Click here to view factor tables. Amount deposited each year Maria Henry deposited $19,300 in a money market certificate that provides interest of 10% compounded quarterly if the amount is maintained for 5 years. How much will Maria have at the end of 5 years? (Round factor values to 5 decimal places, e.g. 1.25124. Round answer to the nearest whole dollar, eg. 5,250.) Click here to view factor tables
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