Anna also wants to travel after graduation but she isn’t working while in school so she won’t be able to put money aside regularly. However, her grandmother gave her the generous gift of $2500 for her birthday and suggested she invest it in a GIC because it’s low risk. She shopped around and found a 4 year GIC investment that earns 2.8% interest annually. How much will Anna have at the end of her four year investment? [1] How much interest will be earned? |
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(1) It took her 9 more months but Marina has managed to save the full $725 plus more to cover fees to pay off the pay-day loan company. However, she forgot to account for the interest that had been compounding over time. Consider it is now 275 days later, the remaining loan was $725 and the APR is 47% compounded daily. What is the total amount that Marina must now pay in order to pay off her the loan, accounting...
Anna was pretty disappointed with how little money she would have and so she started looking at other investment options that involve higher risk but would also offer more possible return. Her bank’s financial advisor suggested a mutual fund the she said was only moderately risky but had a record of 8.5% annual return. Assuming the mutual fund preformed as well as it has in the past, how much would Anna’s investment of $2500 potentially be after 4 years if she...
5. Equivalence - Uniform Series Compound Interest Formulas A young engineer wishes to become a millionaire by the time she is 65 years old. She believes that by careful investment she can obtain an 1 1% rate of return. She plans to add a uniform sum of money to her investment program each year, beginning on his 25th birthday and continuing through his 64th birthday How much money must the engineer set aside each year to obtain her goal? Please...
Sandra Chan, 22, has just moved to Winnipeg to begin her first professional job. She is concerned about her finances and, specifically, wants to save for a “rainy day” and a new car purchase in two years. In order to finance her move, Sandra had put aside some money. Now that her move is finished, Sandra has $1000 remaining in her chequing account at the bank. Sandra is unsure if she should put this money aside in a “rainy day”...
Consider a newlywed who is planning a wedding anniversary gift of a trip to Canada for her husband at the end of 10 years. She will have enough to pay for the trip if she invests $4,000 per year until that anniversary and plans to make her first $4,000 investment on their first anniversary. Assume her investment earns a 7 percent interest rate, how much will she have saved for their trip if the interest is compounded in each of...
1. Your grandmother has invested $4000 in a mutual fund each year on your birthday (she made her first payment when you turned 1 year old). The mutual fund has grown at an annual interest rate of 6.8%. How much is your account worth on the day of your 21st birthday immediately after your grandmother’s deposit? answer: 2. You set up a college fund in which you pay $4000 each year at the beginning of the year. How much money...
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Personal Finance Problem ps-24 Funding your retirement Emily Jacob is 45 ycars old and has saved nothing for retire- ment account carring an 1 1% return. She will let the money ment. Fortunately, she just inherited $75,000. Emily plans to put a large portion of that money into an invest LG2 LG3 accumulate for 20 ycars, when she will be ready to retire. She would like to...
Funding your retirement Emily Jacob is 45 years old and has saved nothing for retirement. Fortunately, she just inherited S75,000. Emily plans to put a large portion of that money into an investment account earning a(n) 11% return. She will let the money accumulate for 20 years, when she will be ready to retire. She would like to deposit enough money today so she could begin making withdrawals of $50,000 per year starting at age 66 (21 years from now)...
Funding your retirement Emily Jacob is 45 years old and has saved nothing for retirement. Fortunately, she just inherited S75,000. Emily plans to put a large portion of that money into an investment account earning a(n) 11% return. She will let the money accumulate for 20 years, when she will be ready to retire. She would like to deposit enough money today so she could begin making withdrawals of S50,000 per year starting at age 66 (21 years from now)...
Anna owns and operates a small bagel shop in Montreal, Canada. She is constantly baking bagels which are sold fresh out of the oven and customers line up to purchase them. She manages the inventory of the bread flour used to make the bagels very carefully. The quantity of bread flour she uses is exactly equal to 21 kilos per day (which makes exactly 210 bagels). The selling price of a bagel is $1. The bread flour is purchased from...