The following situations should be considered independently 1. You want to accumulate $63,968 for a down payment on a small business. You will invest $32,000 today in a bank account paying 8% interest compounded annually. Approximately how long will it take you to reach this goal? 2. The Jasmine Tea Company purchased merchandise from a supplier for $32,802. Payment was a noninterest-bearing note requiring Jasmine to make five annual payments of $8,000 beginning one year from the date of purchase. What is the interest rate implicit in this agreement? 3. You borrowed $14.000 from a friend and promised to pay the loan in 12 equal annual installments beginning one year from the date of the loan. Your firend would like to be reimbursed for the time value of money at a 9% annual rate. What is the annual payment you must make to pay back your friend? Note: For all requirements, Use tables, Excel, or o financial calculator. (FV of S1. PV of \$1. EVA of S1, PVA of \$1. EVAD of S1 and PVAD 2151) Complete this question by entering your answers in the tabs below. You want to accumulate $63,968 for a down payment on a small business. You will invest $32,000 today in a bank account, paying 8% interest compounded annually. Approximately how long will it take you to reach this goal? Note: Do not round intermediate calculations. Round the value of " n " to the nearest whole number. Note: For all requirements, Use tables, Excel, or a financial calculator. (FV of \$1. PV of \$1. FVA of \$1. PVA of \$1. EVAD of \$1 and of 51) Comptete this question by entering your answers in the tabs below. You Want to accumulate $63,968 for a down payment on a small business. You will invest $32,000 today in a bank account paying b\% interest compounded annually. Approximately how long will it take you to reach this goalz Wote Do not round intermediate calculations. Round the value of " n " to the nearest whole number. Complete this question by entering your answers in the tabs below. The Jasmine Tea Company purchased merchandise from a supplier for 532,802 . Payment was a noninterest-bearing note requiring Jasmine to make five annual payments of $8,000 beginning one year from the date of purchase. What is the interest mte implicit in this agreement? Notes Do not round intermediate calculations. Round the interest rate to 1 decimal place. Complete this question by entering your answers in the tabs below. You borrowed $14,000 from a friend and promised to pay the loan in 12 equal annual installments beginning one year from the date of the loan. Your friend would like to be reimbursed for the time value of money at a 9% annual rate. What is the annual payment you must make to pay back your friend? Note: Do not round intermediate calculations. Round your final answers to nearest whole dollar amount
