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Solve the problem. Round up to the nearest dollar.You would like to have $52,000 in 5 years for the ...

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Solve the problem. Round up to the nearest dollar.You would like to have $52,000 in 5 years for the ...

Question 1.

Find the value of the annuity and the interest. Round to the nearest dollar.

A =

A =

P =

Periodic Deposit: $50 at the end of every month
Rate: 4.25% compounded monthly
Time: 9 years

▸ $1,250,552; $1,245,152

▸ $20,682; $16,182

▸ $6564; $1164

▸ $6536; $2036

Question 2.

Solve the problem. Round up to the nearest dollar.

You would like to have $52,000 in 5 years for the down payment on a new house following college graduation by making deposits at the end of every three months in an annuity that pays 4.25% compounded quarterly. How much should you deposit at the end of every three months? How much of the $52,000 comes from deposits and how much comes from interest?

▸ $2796; $27,960 from deposits and $24,040 from interest

▸ $2347; $46,940 from deposits and $5060 from interest

▸ $2597; $51,940 from deposits and $60 from interest

▸ $1746; $34,920 from deposits and $17,080 from interest

Textbook

Thinking Mathematically

Edition: 6^th

Author: Blitzer

Read 48 times

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