(8 pts) 1. What payment must I invest at the end of each quarter into an...
(8 pts) 1. What payment must I invest at the end of each quarter into an account paying 2.3%/year interest compounded quarterly, if I will need $10,000 in five years? (9 pts) 2. Solve using the modified Gauss-Jordan method, as presented in class 2x+3y + 5z = 2 4x + y - 2=4 2x+y = 3
1 and 2 are two seperate problems but please answer
both
1. What payment must I invest at the end of each quarter into an account paying 2.3%/year interest compounded quarterly, if I will need $10,000 in five years? 2. Solve using the modified Gauss-Jordan method 2x+3y + 5z = 2 . 4x + y - z=4 2x + y = 3
1. Allen Paige is planning to invest $10,000 in a bank certificate of deposit (CD) for five years. The CD will pay interest of 9 percent compounded annually. What is the future value of Allen’s investment? How much would that investment be if Allen received simple interest only instead of compounded interest? 2. Mary Grace expects to need $50,000 for a down payment on a house in six years. How much would she have to invest today in an account...
Charles must make a loan payment of $1,989 at the end of each quarter. His nominal annual loan rate is 3%, compounded quarterly. The original term of the loan was 12 years. How much did Charles originally borrow?
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8.3-8.6. Using the Finance Formulas potage 2 of 21 15. Suppose you invest $5,000 in a savings account that pays an annual interest rate of 4%. If the interest is compounded monthly, what is the balance in the account after 10 years? 16. You invest $5000 at 2.2% annual interest compounded quarterly. How much do you have after 5 years? 17. Against expert advice, you begin your retirement savings at age 40. You plan on retiring at age 65. How...
How much must you invest today in order to receive $10,000 at the end of each year for the next 8 years assuming you can earn 5 percent interest? Question 3 0.13 pts You invest $ 2,000 at the end of each year for the next 3 years. Calculate the value of the investment at the end of 3 years assuming you earn 6% interest.