Question
Require answers with work shown step by step please: 1. What is the principal from which $175 can be withdrawn at the end of each
Require answers with work shown step by step please:
1.What is the principal from which $175 can be withdrawn at the end of each month for 20 years if interest is 5% compounded quarterly?
2.What payment made at the end of each year for 18 years will amount to $16 000 at 4.2% compounded monthly?
3.How long will it take to save $15 000 by making deposits of $90 at the end of every month into an account earning interest at 4% compounded quarterly?
4.Mr. Deneau accumulated $100 000 in an RRSP. He converted the RRSP into a RRIF and started to withdraw $4500 at the end of every three months from the fund. If inter- est is 6.75% compounded monthly, for how long can Mr. Deneau make withdrawals?
5.What is the nominal annual rate of interest compounded quarterly if a loan of $21 500 is repaid in seven years by payments of $2000 made at the end of every six months?
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