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MP 12 Tutorials Seving J wetaign.et Drop Classes 1 One Stop Stu Campanies Who Design Pr 52 b0mes- MI23 Su Undeg e Ge 9. 1.1/1 points. Previous Answers TKIHome Page TanFin115.2.021 G My Nones Luis has $110,000 in his retirement account at his present company. Because he s assuming a pestion with another company, Luis is planning to "al over his assets to a new aOcOunt. Las also pans quarter into the new account until his retirement 30 years from now. If the new account earns interest at the rate of 2.5%/year compounded quarterly, how muth will Lus have in hisa account at the time of is retirement? Hint: Use the compound interest formula and the annuty formula. (Round your answer to the nearest cent.) s 588187 794 10. 1.1/1 points Previous Answers TanFin11 5.2.026. My Notes A state lottery commission pays the winner of the Million Dollar lottery 10 Installments of $100,000/year. The commission makes the frst payment of $100,000 immediately and the other n payments at the end of each of the next 9 years. Determine how much money the commission should have in the bank initially to guarantee the payments, assuming that the balance on depost with the bank earns interest at the rate of 3 % / year compounded yearly. Hint: Find the present value of the annuty. (Round your answer to the nearest cent) $ 678610.89 My Notes 11 0/2 points Previous Answers TanFin11 5.2.027 The Johnsons have accumulated a nest egg of $50,000 that they intend to use as a down payment toward the purchase of a new house. Because their present gross income has placed them in a relatively hik because of other financial obligations, their monthly payments should not exceed $3300. If local mortgage rates are 3.5%/year compounded monthily for a conventional 30-year mortgage, what is thes price range of houses that they should consider? (Round your answers to the nearest cent.) (to take advantage of the tax deduction) toward the purchase of their house. However tax bracket, they have decided to invest a minimum of $2700/month in monthly payments least expensive 1858278 76 most expensive 2239526 41 G My Notes Lauren plans to deposit $5000 into a bank account at the beginning of next month and $225/month into the same account at the end of that month and at the end of each subsequent month for the next 5 years. If her bank pays interest at a rate of 5% / year compounded monthly, how much wil Lauren have in her account at the end of 5 years? (Assume she makes no withdrawals during the 5-year period. Round your answer to the nearest cent.) TanFin11 5.2.030. 1/1 points Previous Answers 12. s 21718 16 MacBook Pro
