Amount needed after 22 years = $288500
Since money need to be deposited at the end of the month so it is an ordinary annuity.
So annuity using FV formula is
PMT = FV*(r)/((1+r)^(t) - 1)
So when interest rate is 5.5% compounded annually, FV = 288500, t = 22
So, PMT = 288500*(0.055)/((1 + 0.055)^22 - 1) = $7059.95, So annual payment = $7059.95
When interest rate is 5.5% compounded monthly, so effective annual rate = (1+APR/12)^12 - 1
So, EAR = (1 + 0.055/12)^12 - 1 = 5.64%
So, here annual payment PMT = 288500*(0.0564)/((1 + 0.0564)^22 - 1) = $6942.02
So when interest rate is 5.5% compounded annual, an extra of (7059.95-6942.02) = $117.93 need to made every year.
collegelink//course resource/section/7470/assignment/14040 5 Arpandeep Kaur K n 4 (3) n 5 (2) -n 6(1) en 7...
X II Home - mohawkcollege.ca x B Hoopage Business Math of X Vretta X + com/collegelink/#/course-resource/section/7470/assignment/13918 $ $ nce MA10037-551756 - Shandeep Singh o Question 12 (1) o Question 13 (2) o Question 14 (1) o Question 15 (1) Question 16 (2) o Question 17 (2) Question 18 (2) • Question 19 (2) • Question 20 (2) Question 13 of 22 Lauren obtained a business loan of $215,000 at 5.21% compounded semi- annually. a. What was the size of the...
Student: Date: Instructor Course: FIN-320-R2880 Principles of Finance 19EW2 Assignment: 5-2 MyFinanceLab Assignment Checkpoint 5.2) (Future value) To what amount will $4,900 invested for 10 years at 9 percent compounded annually accumulate? (Round to the nearest $4.900 invested for 10 years at 9 percent compounded annually will accumulate to $ cent.) 1/1 https://xillemprod.pearsonemg.com/api/v1/print/en-us/finance
collegelink/#/course-resource/section/7304/assignment/12549 Question 7 of 7 A contract requires lease payments of $500 at the beginning of every month for 6 years. a. What is the present value of the contract if the lease rate is 5.40% compounded annually? $0.00 Round to the nearest cent b. What is the present value of the contract if the lease rate is 5.40% compounded daily? Round to the nearest cent Review Incomplete Questions Submit Assignment
SHOW STEP BY STEP HOW TO SOLVE ANSWERS: 5-1 $4,051.10 5-2 $3,785.60 5-3 $10,874.74 5-4 4.00% (5-1) If you deposit $2,600 dollars in an account today that pays 5.70% compound interest (compounded annually), how much will accumulate in the account at the end of eight years? (5-2) In the question above, how much will accumulate if the account pays simple interest rather than compound interest? (5-3) If you wish to accumulate $25,000 in twenty years, how much must you deposit...
HAPTER 4 HOMEWORK ASSIGNMENT Left:0:39:56 Simarpreet Kaur: Attempt 2 Next Page Page 6 of 6 Question 6 (1 point) Tallula draws 3 cards from a deck of 52 cards with no replacement. Calculate the probability that the first card is a King. Express your answer as a decimal to five places Your Answer: Answer Page 6 of 6 5 of 6 questions saved Submit Quiz HAPTER 4 HOMEWORK ASSIGNMENT Left:0:39:56 Simarpreet Kaur: Attempt 2 Next Page Page 6 of 6...
casey obtained a business loan of $215000 at 5.21% compouded semi-annualy. what was the size of semi-annual payments to be made over 25 years in order to pay off the loan? calculate the interest paid on loan? - mohawkcollege.ca x Homepage - Business Math of FX m Vretta X + mk/#/course-resource/section/7470/assignment/13918 - 551756 - Shandeep Singh on 13 (2) on 14(1) On 15 (1) on 16 (2) on 17 (2) on 18 (2) on 19 (2) on 20 (2) ion...
Name HLTH8005 Professional Pharmacy Technician Drug Information Assignment # 4 2 1 4 7 5 9 11 10 12 13 14 15 16 17 18 19 20 en st Down Across 2. CLINORIL 4. DANTRIUM 1. FIORINAL 3. ACTIQ 5. MEPERIDINE 6. ENBREL 10. LODINE 7. IBANDRONATE 8. LEFLUROMIDE 13. FOSAMAX 9. NALOXONE 17. KETOPROFEN 11. LIDOCAINE/PRILOCAINE 12. ULTRAM 14. MELOXICAM 15. TYLENOL # 3 16, ZYLOPRIM 18. INDOMETHACIN 19, ROMAZICON 20. KETORLAC
Question Help A man with $20,000 to invest decides to diversify his investments by placing S 10 000 n an account that earns 5 2% compounded continuously and S 10,000 in an account that earns 6 4% compounded annually Use graphical approx mation methods to determne how ion wil take to his total invest en n he t econ s to grow to $35,000 It will take approximately 11.79 years for his total investment in the two accounts to grow...
IMATH A Kors Homework Section 9.3 N 3 4 5 6 7 8 9 10 Question 1 of 10 (1 point) Attempt 1 of Unlimited View question in a popu 9.3 Section Exercise 11 - 12 Find the P-value for the following values of the test statistic sample size n, and alternate hypothesis H. Use the Critical Values for the student's t Distribution Table and specify that P is between two values. Part: 0 / 4 Part 1 of 4...
Score: 0 of 1 pt 3 of 20 (2 complete) HW Sce Problem 5-5 (similar to) (Present value) What is the present value of the following future amounts? a. $900 to be received 9 years from now discounted back to the present at 11 percent b. $200 to be received 6 years from now disc be received 6 years from now discounted back to the present at 9 percent c. $1,100 to be received 13 years from now discounted back...