Description of this paper

Using the appropriate interest table, provide the solution to each

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solution


Question

Question;Question 4Using;the appropriate interest table, provide the solution to each of the;following four questions by computing the unknowns. (Use the tables;below.)What;is the amount of the payments that Ned Winslow must make at the end of;each of 8 years to accumulate a fund of $90,000 by the end of the 8th;year, if the fund earns 8% interest, compounded annually? (Round factor;values to 5 decimal places, e.g. 1.25124 and final answer to 0 decimal;places, e.g. 458,581.)$:Robert;Hitchcock is 40 years old today and he wishes to accumulate $500,000 by;his 65th birthday so he can retire to his summer place on Lake;Hopatcong. He wishes to accumulate this amount by making equal deposits;on his 40th through his 64th birthdays. What annual deposit must Robert;make if the fund will earn 12% interest compounded annually? (Round;factor values to 5 decimal places, e.g. 1.25124 and final answer to 0;decimal places, e.g. 458,581.)$:Diane;Ross has $20,000 to invest today at 9% to pay a debt of $47,347. How;many years will it take her to accumulate enough to liquidate the debt?years?Cindy;Houston has a $27,600 debt that she wishes to repay 4 years from today;she has $19,553 that she intends to invest for the 4 years. What rate;of interest will she need to earn annually in order to accumulate enough;to pay the debt?Rate of interest %

 

Paper#39143 | Written in 18-Jul-2015

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