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Homework answers / question archive / Quiz Submissions - Quiz #1 Top of Form Attempt 1 Written: Nov 10, 2018 11:13 PM - Nov 11, 2018 12:30 AM Question 1     You need to accumulate $114,480 for your son's education

Quiz Submissions - Quiz #1 Top of Form Attempt 1 Written: Nov 10, 2018 11:13 PM - Nov 11, 2018 12:30 AM Question 1     You need to accumulate $114,480 for your son's education

Finance

Quiz Submissions - Quiz #1

Top of Form

Attempt 1

Written: Nov 10, 2018 11:13 PM - Nov 11, 2018 12:30 AM

Question 1

 

 

You need to accumulate $114,480 for your son's education. You have decided to place equal year-end deposits in a savings account for the next 14 years. The savings account pays 6.88 percent per year, compounded annually.  How much will each annual payment be?

Round the answer to two decimal places.

All the work has to be shown!

 

Question 2

 

 

What is the future value in 27 years of an ordinary annuity cash flow of $704 every quarter of a year at the end of the period, at an annual interest rate of 8.89 percent per year, compounded quarterly?

Round the answer to two decimal places.

All the work has to be shown!

 

Question 3

 

 

To what amount will the following investment accumulate?

$3,781, invested today for 33 years at 3 percent, compounded annually.

Round the answer to two decimal places.

All the work has to be shown!

 

Question 4

 

 

Camila plans to go for vacation to Australia in 11 years from now. She estimates that she will need 29,358 for the trip. How much does she need to place in a saving account today that earns 6.89 percent per year (compounded quarterly) to accumulate this amount?

Round the answer to two decimal places.

All the work has to be shown!

 

Question 5

 

 

You have decided to place $684 in equal deposits every month at the beginning of the month into a savings account earning 6.41 percent per year, compounded monthly for the next 7 years. The first deposit is made today. How much money will be in the account at the end of that time period?

Round the answer to two decimal places.

All the work has to be shown!

 

Question 6

 

 

20 years ago, the average home sale price in your hometown was $75,351. Today the average price of a house is $244,329. What was the average annual rate of change in the price of houses over this time period? (You should calculate the compound growth rate in this problem).

Round the answer to two decimal places in percentage form.

All the work has to be shown!

 

Question 7

 

 

You have just received an endowment and placed this money in a savings account at an annual rate of 9.56 percent. You are going to withdraw the following cash flows for the next five years. 

End of year
1.   $3,494
2.   $5,862
3.   $5,865
4.   $1,039
5.   $11,977

How much is the endowment that you received?

Round the answer to two decimal places.

All the work has to be shown!

Question 8

 

 

What is the present value of the following annuity?
$4,012 every year at the end of the year for the next 9 years, discounted back to the present at 4.68 percent per year, compounded annually?

Round the answer to two decimal places.

All the work has to be shown!

 

Question 9

 

 

You placed $8,714 in a savings account today that earns an annual interest rate of 6.63 percent, compounded semiannually. How much will you have in this account at the end of 28 years? Assume that all interest received at the end of the period is reinvested the next period.

Round the answer to two decimal places.

All the work has to be shown!

 

Question 10

 

 

Your mother has been working in a small bookstore for many years. Her sales in the first year were $28,302, and her sales in the last year were $66,425. If the sales grew at an average rate of 4.43 percent per year, how many years did your mother sell books in her bookstore?

Round the answer to two decimal places.

All the work has to be shown!

 

 

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