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You will be depositing a series of 7 annual payments of $894 each with ABC bank starting with the first payment today. ABC bank offers
You will be depositing a series of 7 annual payments of $894 each with ABC bank starting with the first payment today. ABC bank offers an interest rate of 4.9 percent on the deposits. What will be the value of your account with ABC bank at the end of 7 years from now? (Do NOT include the $ sign, comma or any other text. Round your final answer to 2 decimal places, e.g. 110.10) You expect to receive a series of annual, $769 payments from your parents at the end of each year for the next 5 years. Using a discount rate of 6.4% in your calculation, find the present value of this stream of future cash flows. (Do NOT include the \$ sign, comma or any other text. Round your final answer to 2 decimal places, e.g. 110.10) ABC bank charges an effective annual rate of 15.6 percent on its loans to its customers. The bank uses daily compounding on its loans. Just as any lender, ABC bank is also required to report APR on its loan products. Please compute this APR for its loans. (Do NOT include the \% sign or any other text. Enter your answer as a percent and round your final answer to 2 decimal places, e.g. 110.10)
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