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The correct answers to the problems are provided and circled, I need the work that shows how we got these answers. Financial calculators and excel
The correct answers to the problems are provided and circled, I need the work that shows how we got these answers. Financial calculators and excel are not allowed. I need step by step workouts of each problem. Thank you!
1. Payments of $175 will be deposited every six months, beginning now. If money can car 4.2% compounded semiannually, determine the balance at the end of seven years. ($2873.31) 2. A loan with an interest rate of 6% compounded monthly will be settled with 48 monthly payments of $225 beginning now. Determine the size of the loan 19,68.47 3. Quarterly deposits of $500 made into an account which earned 11% compounded quarterly began on February 1, 2016 and ended on August 1, 2019. Determine the amount of a single deposit on February 1, 2016 that would be equivalent to the value of the quarterly deposits. ($6245.50 ) 4. Monthly deposits of S100 were made beginning on May 1, 2013 and ending on December 1, 2018. Determine the balance on January 1, 2019 if money earned 9% compounded monthly. 5. An individual wants to accumulate $750,000 for retirement in 30 years. She wants to make yearly deposits into an account which earns 8% annually. Determine the size of the payments needed if the payments are made at: a) the end of each year. ($6620.58 ) b) the beginning of each year. ($6130.16)Step by Step Solution
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