Homework Answers
This question requires to be calculated with present value method. calculation is given herein below -
Answer is $55,475
| Fees to be paid every year | $12,000 | |||
| No of Years | 6 | |||
| Interest rate is | 8% | |||
| Present value | amount of payments /(1+Interest rate)^no of years | |||
| No of Years | Amount of Payment | Interest rate | Present Value | |
| 1 | $12,000 | 8% | 11,111 | |
| 2 | $12,000 | 8% | 10,288 | |
| 3 | $12,000 | 8% | 9,526 | |
| 4 | $12,000 | 8% | 8,820 | |
| 5 | $12,000 | 8% | 8,167 | |
| 6 | $12,000 | 8% | 7,562 | |
| Total | 55,475 | |||
Add Answer to:
12. You have to pay $12.000 a year in school fees at the end of each...
11 points value a. The cost ot a new automobile is $11,500 It the interest rate...
11 points value a. The cost ot a new automobile is $11,500 It the interest rate is 8%, how much would you have to set aside now to provide this sum in eight years? (Do not round intermediate calculations. Round your answer to 2 decimal places.) Present value 6216.20 b. You have to pay $10,000 a year in school fees at the end of each of the next nine years, if the interest rate is 11%, how much do you...
11 points value a. The cost ot a new automobile is $11,500 It the interest rate...
11 points value a. The cost ot a new automobile is $11,500 It the interest rate is 8%, how much would you have to set aside now to provide this sum in eight years? (Do not round intermediate calculations. Round your answer to 2 decimal places.) Present value 6216.20 b. You have to pay $10,000 a year in school fees at the end of each of the next nine years, if the interest rate is 11%, how much do you...
You plan to make six equal, end-of-year deposits over the next six years into an account...
You plan to make six equal, end-of-year deposits over the next six years into an account that will pay you 7% interest annually. The first deposit will occur one year from today and the last will occur six years from today. If you need to have $2,000 in the account at the end of 6 years, how much do you need to deposit at the end of each year in order to have the required amount? Enter your answer without...
You would like to set aside enough money to pay for the maintenance you will need...
You would like to set aside enough money to pay for the maintenance you will need for your new car. You estimated that you will need $872 at the end of year 2, and another $1407 at the end of year 7. How much do you need to set aside today in order to pay for all of these expenses, assuming that the bank pays 8% per year compounded annually? Enter your answer as follows: 1234 Round your answer. Do...
a. The cost of a new automobile is $11,900 lf he interest rate is 4%, how...
a. The cost of a new automobile is $11,900 lf he interest rate is 4%, how much would you have to set aside now to provide this sum in four years? Do not round intermediate calculations. Round your answer to 2 decimal places.) Present value b, You have to pay $15,000 a year in school fees at the end of each of the next five years. If the Interest rate is 7%, how much do you need to set aside...
You have just won the initial School of Finance lottery! You have won $10,000 today, $20,000...
You have just won the initial School of Finance lottery! You have won $10,000 today, $20,000 four years from today, and $30,000 six years from today. As an alternative, you can receive your winnings as a 10-year annuity with the first payment received ten years from today. If you require a 6% return on your investment, how much must the annuity pay you each year for you to select that option?
To complete your last year in business school and then go through law school, you will...
To complete your last year in business school and then go through law school, you will need $20,000 per year for 4 years, starting next year (that is, you will need to withdraw the first $20,000 one year from today). Your uncle offers to put you through school, and he will deposit in a bank paying 9.05% interest a sum of money that is sufficient to provide the 4 payments of $20,000 each. His deposit will be made today. How...
To complete your last year in business school and then go through law school, you will...
To complete your last year in business school and then go through law school, you will need $10,000 per year for 4 years, starting next year (that is, you will need to withdraw the first $10,000 one year from today). Your uncle offers to put you through school, and he will deposit in a bank paying 5.77% interest a sum of money that is sufficient to provide the 4 payments of $10,000 each. His deposit will be made today. How...
To complete your last year in business school and then go through law school, you will...
To complete your last year in business school and then go through law school, you will need $20,000 per year for 4 years, starting next year (that is, you will need to withdraw the first $20,000 one year from today). Your uncle offers to put you through school, and he will deposit in a bank paying 3.93% interest a sum of money that is sufficient to provide the 4 payments of $20,000 each. His deposit will be made today. How...
The people who will likely not be able to pay their bills and will end up...
The people who will likely not be able to pay their bills and will end up deep in debt are those who d not manage what properly? Their personal finances Their debit card Their Investments Their money Their checking account • Previous No new data to save, Last checked at 12:07pm Submit Quiz 9 a Does Question 39 Answers to such questions as how much you pay for your car, how much you pay for your house, much your monthly...
11 points value a. The cost ot a new automobile is $11,500 It the interest rate is 8%, how much would you have to set aside now to provide this sum in eight years? (Do not round intermediate calculations. Round your answer to 2 decimal places.) Present value 6216.20 b. You have to pay $10,000 a year in school fees at the end of each of the next nine years, if the interest rate is 11%, how much do you...
11 points value a. The cost ot a new automobile is $11,500 It the interest rate is 8%, how much would you have to set aside now to provide this sum in eight years? (Do not round intermediate calculations. Round your answer to 2 decimal places.) Present value 6216.20 b. You have to pay $10,000 a year in school fees at the end of each of the next nine years, if the interest rate is 11%, how much do you...
You plan to make six equal, end-of-year deposits over the next six years into an account that will pay you 7% interest annually. The first deposit will occur one year from today and the last will occur six years from today. If you need to have $2,000 in the account at the end of 6 years, how much do you need to deposit at the end of each year in order to have the required amount? Enter your answer without...
You would like to set aside enough money to pay for the maintenance you will need for your new car. You estimated that you will need $872 at the end of year 2, and another $1407 at the end of year 7. How much do you need to set aside today in order to pay for all of these expenses, assuming that the bank pays 8% per year compounded annually? Enter your answer as follows: 1234 Round your answer. Do...
a. The cost of a new automobile is $11,900 lf he interest rate is 4%, how much would you have to set aside now to provide this sum in four years? Do not round intermediate calculations. Round your answer to 2 decimal places.) Present value b, You have to pay $15,000 a year in school fees at the end of each of the next five years. If the Interest rate is 7%, how much do you need to set aside...
You have just won the initial School of Finance lottery! You have won $10,000 today, $20,000 four years from today, and $30,000 six years from today. As an alternative, you can receive your winnings as a 10-year annuity with the first payment received ten years from today. If you require a 6% return on your investment, how much must the annuity pay you each year for you to select that option?
The people who will likely not be able to pay their bills and will end up deep in debt are those who d not manage what properly? Their personal finances Their debit card Their Investments Their money Their checking account • Previous No new data to save, Last checked at 12:07pm Submit Quiz 9 a Does Question 39 Answers to such questions as how much you pay for your car, how much you pay for your house, much your monthly...
Most questions answered within 3 hours.
-
R2.84: There are 2 defective products in a production lot of 10.
An inspector randomly selected...
asked 57 minutes ago -
Consider the following equilibrium system: COCl2(g) CO(g) +
Cl2(g) A 10.00 L evacuated flask is filled...
asked 1 hour ago -
1) What are the two distinct steps that one needs to perform
when developing a data...
asked 1 hour ago -
2) Write a C++ program that uses a class called “Degree” to
obtain the trigonometric
values...
asked 2 hours ago -
1. In eukaryotic cells the genomes of
&
asked 2 hours ago -
The standard enthalpy of propanol (C3H7OH) is -303.0 kJ/mol.
Compute both of the
gross and net...
asked 2 hours ago -
Why PWM using H-bridge for control motor speed is more power
effiecient than the linear amplifier...
asked 2 hours ago -
In 1999, Carly Fiorina famously said,"I hope that we are at a
point that everyone is...
asked 2 hours ago -
Individuals in a species of moth vary in wing color from white to
black, but all...
asked 3 hours ago -
The following standards for variable manufacturing overhead have
been established for a company that makes only...
asked 3 hours ago -
The United States government wanted to determine what proportion
of Americans approve of the current president,...
asked 3 hours ago -
2-N stone is dropped from the top of a cliff. The stone hits the
ground 3...
asked 3 hours ago