Question

You have just won $130,000 from a lottery. If you invest all this amount in a tax-free money market fund earning 6% compounded weekly, how long do you have to wait to become a millionaire? (Round your answer to two decimal places.) _____yr

In the following ordinary annuity, the interest is compounded with each payment, and the payment is made at the end of the compounding period.

Find the required payment for the sinking fund. (Round your answer to the nearest cent.)

Yearly deposits earning 12.9% to accumulate $5500 after 12 years.

$_______________

Calculate the present value of the annuity. (Round your answer to the nearest cent.)

$1600 monthly at 6.3% for 30 years.

__________

Find the term of the compound interest loan. (Round your answer to two decimal places.)

5.9% compounded quarterly to obtain $8100 from a principal of $2000.

_________yr

Answer 1

Question
1	Time taken	1769.21	weeks
		34.02	years
2	Payment required	-215.74
3	Pv of annuity	258492.78
4	Term of loan	95.53	quarters
		23.88	years

WORKINGS