1) Julia Willis will invest $24,900 today. She needs $63,826 in 24 years. What annual interest...
1) Julia Willis will invest $24,900 today. She needs $63,826 in
24 years.
What annual interest rate must she earn? (Round answer
to 0 decimal places, e.g. 7%.)
Homework Answers
We use the formula:
A=P(1+r/100)^n
where
A=future value
P=present value
r=rate of interest
n=time period.
63,826=24900*(1+r/100)^24
(63,826/24900)^(1/24)=(1+r/100)
(1+r/100)=1.04
r=1.04-1
=4%
Add Answer to:
1) Julia Willis will invest $24,900 today. She needs $63,826 in
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What annual interest...
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Click here to view factor tables
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Brief Exercise 6-3
Your answer is incorrect. Try again.
Amy Willis will invest $28,000 today. She needs $53,152 in 11
years.
Click here to view factor tables
What annual interest rate must she earn? (Round answer
to 0 decimal places, e.g. 7%.)
Interest rate
%
Brief Exercise 6-5 Stacy Medavoy will invest $5,500 a year for 19 years in a fund that will earn 10% annual interest. Click here to view factor tables If the first payment into the fund occurs today, what amount will be in the fund in 19 years? If the first payment occurs at year-end, what amount will be in the fund in 19 years? (Round factor values to 5 decimal places, e.g. 1.25124 and final answers to decimal places, e.g....
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return will Keiko earn is she invests the above amounts today and
receives the corresponding amounts in the years
listed. round the percentage to two decimal places.
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Brief Exercise 6-2
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Click here to view factor tables
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factor values to 5 decimal places, e.g. 1.25124 and final answers
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