When she got married, Lannie Ferguson left all of her personal savings in her own credit union account, which was paying 6 compounded quarterly. Six years later, the same account had increased to 26,871.62 . Compute the amount that was in the account when Lannie got married. She made no additional deposits into the account. (Use Tables 16-1A&B or 16-2A&B or a calculator.)
Q. 2Divide; round off monetary quotients to the nearest cent; round non-monetary quotients to four decimal places.
a. 72.63 5.4 b. 112.25 8.27 c. 306.03 5.05
Q. 3Maria Gomez, an attorney, plans to replace all of her office furniture in 5 years. She estimates that the cost will be 17,00 . at that time. Compute the amount that Maria should deposit today at 6 compounded annually to have the money available. (Use Tables 16-1A&B or 16-2A&B or a calculator.)
Q. 4Divide; round off monetary quotients to the nearest cent; round non-monetary quotients to four decimal places.
a. 5.92 0.25 b. 1,524.50 310 c. 6.275 13
Q. 5James Parker wants to buy a new motorcycle 4 years from now. In addition to trading in his current motorcycle, he estimates that he will need an additional 2,000 . Compute the amount that James must invest now if he has to earn 12 compounded quarterly. (Use Tables 16-1A&B or 16-2A&B or a calculator.)
Q. 6Divide; round off monetary quotients to the nearest cent; round non-monetary quotients to four decimal places.
a. 0.038 0.007 b. 358.88 11.6 c. 0.45409 0.649
Q. 7Amanda Nelson wants to buy a new car 3 years from now. In addition to trading in her current car, she estimates that she will need an additional 8,000 . Compute the amount that Amanda must invest now if she can earn 5 compounded quarterly. (Use Tables 16-1A&B or 16-2A&B or a calculator.)
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