Question
Solve the quantitative task below using Python please use python code separately for each task in order 10. You just graduated from a university and
Solve the quantitative task below using Python
please use python code separately for each task in order
10. You just graduated from a university and have some student loan debt. The interest rate on your loan is 4%. If you make monthly payments of $504.54 for 10 years at the beginning of each month (starting today), your debt will be completely repaid. The amount you owe today is closest to which of the following? (Round to the nearest $1.)
a.$49,834 b.$49,107 c.$60,545 d. $50,000 |
11. You are planning for retirement and need $4,000,000 when you retire in exactly 40 years. Your employer will match all contributions to your retirement account on a one-for-one basis, and you can earn 8% on all invested funds. Currently, you have $10,000 in your retirement account. To reach your goal, you plan to make monthly contributions starting today. How much do you have to contribute to your retirement account each month? (Use at least four decimal places of accuracy for the interest rate and round to the nearest $1.)
a.$1,069.14 b.$534.57 c.$538.13 d.$1,076.27 |
12.Suppose you turned 25 today and got married to your dream spouse (what a day!). You receive a wedding gift of $5,000. In consultation with your new spouse, you decide to put the money in an account that is earning 8% so that you can travel around the world when you retire at the age of 65. How much will you have in your account in 40 years? (Allow $1 rounding.)
a.$21,000 b.$108,623 c.$100,576 d.$117,312 |
13.You have a son who just turned eight years old. You want him to go to a university and would like to provide financial support. Your goal is to give him a gift of $15,000 when he enters college in exactly 10 years. Assuming you can earn 5%, how much do you have to set aside today? (Round to the nearest $1.)
a.$9,209 b.$15,000 c.$7,500 d.$24,433 |
14.Which of the following gives the largest effective rate?
a.18.6% APR compounded daily b.19.0% APR compounded quarterly c.18.7% APR compounded monthly d.20.4% APR compounded annually |
15.Your grandparents set up a family education fund that pays $5,000 every quarter in perpetuity to fund family educational pursuits. The fund earns 12%. How much did your grandparents set aside to establish the fund? Assume that the fund started making distributions three months after establishment.
a.$41,667 b.$166,667 c.$125,000 d.$46,667 |
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