14. If you place $100 in an account that pays 9% at the end of each year, and you leave your $100 and all your interest
Posted: Sun Apr 10, 2022 8:38 am
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I only need help with these. thank you so much!
14. If you place $100 in an account that pays 9% at the end of each year, and you leave your $100 and all your interest in the account, how much will you have in the account at the end of 8 years with annual compounding? What is the correct calculation?
16. At age 40, Flo is considering quitting her job and going back for a college degree. Flo needs two more years full-time to finish the degree. Tuition is $10,000 per year and she currently earns $30,000 per year. A college degree would raise Flo's annual income by $10,000 per year. She will retire in 30 years. Which of the following makes it less likely that Flo will decide to go back to college full-time? a. The rate of interest decreases b. Tuition decreases c. The government enacts mandatory retirement at age 60 d. The higher income of having a college degree rises
17. As the interest rate rises, the present value of a given perpetual stream of income a. Approaches infinity b. Does not change c. Decreases d. Increases