Home / Questions / You deposit $1,700 at the end of each year into an account paying 11.1 percent interest. R
You deposit $1,700 at the end of each year into an account paying 11.1 percent interest.
Required:
(a) How much money will you have in the account in 22 years?
37,400.0062, 518.53159, 325.63122, 949.45139, 864.50
(b) How much will you have if you make deposits for 44 years?
2,125,441.62217, 354.081, 144,000.8874, 800.001, 557,017.71
Meadow Brook Manor would like to buy some additional land and build a new assisted living center. The anticipated total cost is $28 million. The CEO of the firm is quite conservative and will only do this when the company has sufficient funds to pay cash for the entire construction project. Management has decided to save $1.7 million a quarter for this purpose. The firm earns 6 percent compounded quarterly on the funds it saves. How long does the company have to wait before expanding its operations?
A. 3.21 years
B. 3.71 years
C. 7.71 years
D. 6.51 years
E. 4.61 years
You're prepared to make monthly payments of $360, beginning at the end of this month, into an account that pays 5 percent interest compounded monthly.
Required:
How many payments will you have made when your account balance reaches $20,409? (Do not round your intermediate calculations.)
A. 4.35
B. 45.9
C. 51
D. 27.55
E. 56.1
A perpetuity has a present value of $32.00 and will pay $1.60 per year forever. What is the discount rate for this investment?
A. 5%
B. 16%
C. 20%
D. 32%
Wicker Imports established a trust fund that provides $133,500 in scholarships each year forever (or "in perpetuity") for needy students. The trust fund earns a 4.00 percent rate of return. How much money did the firm contribute to the fund assuming that only the interest income is distributed?
A. $3,140,988.00
B. $3,337,500.00
C. $5,340,000.00
D. $2,670,000.00
E. $4,005,000.00
You just paid $358,000 for an annuity that will pay you and your heirs $12,100 a year forever. What rate of return are you earning on this policy?
A. 3.38
B. 3.58
C. 3.62
D. 3.27
E. 3.17
You are borrowing $5,650 to buy a car. The terms of the loan call for monthly payments for 5 years at a 5.50 percent interest. What is the amount of each payment?
A. $107.92
B. $81.48
C. $82.03
D. $103.35
E. $105.02
You have contracted to buy a house and borrow $180,000 on it, taking out a fully amortizing loan for that amount at a 6% APR for 30 years, with monthly payments. What will be loan’s balance after the first payment?
A. $177,723.20
B. $179,820.81
C. $180,179.19
D. $180,900.00
You borrow $165,000 to buy a house. The mortgage rate is 7.5 percent and the loan period is 30 years. Payments are made monthly. If you pay the mortgage according to the loan agreement, how much total interest will you pay?
A. $206,408
B. $229,079
C. $250,332
D. $264,319
E. $291,406
Nov 06 2017 View more View Less
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