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2. If a borrower tells you that he needs a loan for 6 years and 3 months and will pay you an annual rate of 5 1/2% for the loan, but will give you only $141.02 back at the end of the loan term , you

2. If a borrower tells you that he needs a loan for 6 years and 3 months and will pay you an annual rate of 5 1/2% for the loan, but will give you only $141.02 back at the end of the loan term , you

2. If a borrower tells you that he  needs a loan for 6 years and 3 months and will pay you an annual rate of 5 1/2% for the loan, but will give  you only $141.02 back at the end of the loan term , you should only loan him $100 today.  What amount does the formula P = F/(See image) indicate that you need to place in a savings account today in order to have  $150,000 by the time your daughter goes off to college in 18 years and 6 months if the account earns 3% annually?

b2. Alternatively, if a borrower tells you that he needs a loan for 6 years and 3 months and
will pay you an annual rate of 5 1/2% for the loan, but will give you only S141.02 back at the end
of the loan term , you should only loan him $100 today. What amount does the formula P = Fert
indicate that you need to place in a savings account today in order to have $150,000 by the time
your daughter goes off to college in 18 years and 6 months if the account earns 3% annually?
manish jayant 07-Sep-2020

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