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Sandra won $5,000,000 in the state lottery, which she has elected to receive at the end of each month over the next thirty years. She will receive 7% interest on unpaid amounts. To determine the amount of her monthly check, she should use a table for the:
a. Future value of $1.
b. Present value of $1.
c. Future value of an annuity of $1.
d. Present value of an annuity of $1.
47. Below are excerpts from interest tables for 8% interest.
|
|
1 |
2 |
3 |
4 |
|
1 |
1.0000 |
0.92593 |
1.08000 |
0.92593 |
|
2 |
2.0800 |
0.85734 |
1.16640 |
1.78326 |
|
3 |
3.2464 |
0.793833 |
1.25971 |
2.57710 |
|
4 |
4.5061 |
0.73503 |
1.36049 |
3.31213 |
Column 4 is an interest table for the:
a. Future value of $1.
b. Present value of $1.
c. Future value of an annuity of $1.
d. Present value of an annuity of $1.
48. Below are excerpts from interest tables for 8% interest.
|
|
1 |
2 |
3 |
4 |
|
1 |
1.0000 |
0.92593 |
1.08000 |
0.92593 |
|
2 |
2.0800 |
0.85734 |
1.16640 |
1.78326 |
|
3 |
3.2464 |
0.793833 |
1.25971 |
2.57710 |
|
4 |
4.5061 |
0.73503 |
1.36049 |
3.31213 |
Column 1 is an interest table for the:
a. Future value of $1.
b. Present value of $1.
c. Future value of an annuity of $1.
d. Present value of an annuity of $1.
49. Quaker State Inc. offers a new employee a lump-sum signing bonus at the date of employment. Alternatively, the employee can take $8,000 at the date of employment plus $20,000 at the end of each of his first three years of service. Assuming the employee's time value of money is 10% annually, what lump-sum at employment date would make him indifferent between the two options?
a. $23,026.
b. $57,737.
c. $62,711.
d. None of the above is correct.
50. At the end of each quarter, Patti deposits $500 into an account that pays 12% interest compounded quarterly. How much will Patti have in the account in three years?
a. $7,096.
b. $7,013.
c. $7,129.
d. $8,880.
51. Miller borrows $300,000 to be paid off in three years. The loan payments are semiannual with the first payment due in six months, and interest is at 6%. What is the amount of each payment?
a. $55,379.
b. $106,059.
c. $30,138.
d. $60,276.
52. Claudine Corporation will deposit $5,000 into a money market account at the end of each year for the next five years. How much will accumulate by the end of the fifth and final payment if the account earns 9% interest?
a. $32,617.
b. $29,924.
c. $27,250.
d. $26,800.
53. What is the value today of receiving five annual payments of $500,000, beginning one year from now, assuming an 11% discount rate?
a. $2,500,000.
b. $2,225,000.
c. $1,847,950.
d. $2,115,270.
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