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Solve the following equations of value. a) Jill owes Bill $3000 at 5% interest. She plans to pay Bill $1000 today, $1000 in 1 year
Solve the following equations of value. a) Jill owes Bill $3000 at 5% interest. She plans to pay Bill $1000 today, $1000 in 1 year and X in two years. Find X so the loan is fully paid off in two years. b) Sharon invests $5000 to an account earning interest at i on July 1, 2013. Find i if her accumulated value on December 31, 2016 is $5800. c) Greg borrows $2000 at 5% interest. He plans to repay the loan with two payments of $1100. The first payment will be in one year and the second at some point in the futures. When should Greg make the second payment
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