I have my exam tomorrow
Posted: Thu Jul 07, 2022 2:20 pm
I have my exam tomorrow
1. Bob deposits $2000 at the end of every year into an account with an interest rate of 6% compounded quarterly. How much can he get after 3 years? 2. How long will it take to accumulate $17 897.20 at 5.87% compounded semi-annually, if $1140 is deposited in an account at the beginning of every 6 months? (keep the final answer 1 decimal place) 3. Home entertainment equipment can be purchased by making monthly payments of $82 at the beginning of each month for 3.5 years. The interest is 16.5% compounded monthly. a) What is the purchase price? b) How much is the cost of financing (interest)?
4. Mr. Lavergne accumulated $320, 000 in an account. Then he converted that amount into another account and started to withdraw $7500 at the end of every three months from the fund. If interest is 4.68% compounded monthly, how many withdrawals can Mr. Lavergne make? 5. A 6-year lease contract valued at $49,350 requires semi-annual payments. If the first payment is due at the date of signing the contract and interest is 9% compounded monthly, what is the amount of the payment?
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4. Mr. Lavergne accumulated $320, 000 in an account. Then he converted that amount into another account and started to withdraw $7500 at the end of every three months from the fund. If interest is 4.68% compounded monthly, how many withdrawals can Mr. Lavergne make? 5. A 6-year lease contract valued at $49,350 requires semi-annual payments. If the first payment is due at the date of signing the contract and interest is 9% compounded monthly, what is the amount of the payment?