(Calculating future values, LO 2) Calculate the future value in each of the following situations: a. A...
Question:
(Calculating future values, LO 2) Calculate the future value in each of the following situations:
a. A senior citizen purchases a Canada Savings Bond for $1,000 that pays 5%
interest per year for eight years, compounded annually. How much will the senior citizen receive when the Savings Bond matures in eight years?
b. An investor purchases a long-term investment for $50,000 that pays 8% interest per year for 15 years, compounded semi-annually. How much will the investor receive when the investment matures in 15 years?
c. An entity borrows $25,000 at 12% for three years. Interest and principal must be paid in full in three years, at the end of the term of the loan. How much will the entity have to pay the lender in three years?
d. A parent lends her child $20,000 to help finance his education. The loan bears no interest, but must be repaid in five years. How much will the parent receive from the child in five years?
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