Answer the following four questions. Show your work. This means showing what you enter into the TVM Calculator. Use the annotated text examples as a guide. Use sentences to help explain what you are entering into the TVM Calculator - especially important in multi step questions.
-You open a savings account with $368.You want to have $25,000 in your savings account five years from now, and you are prepared to make equal annual deposits into the account at the end of every 12 month period. If the account pays 9.5 percent interest, what amount must you deposit each year?
-Emily just bought a house. She made a $30,000 down payment and financed the balance with a 35-year home mortgage loan with an interest rate of 5% compounded monthly. Her monthly mortgage payment is $960. What was the selling price of the house?
-How long does it take your money to grow to 10 times its original value if the interest rate is 5% per year and interest is compounded quarterly?
-Your wealthy uncle established a $1,000 bank account for you when you were born. For the first 8 years of your life, the interest rate earned on the account was 8 percent. Since then, rates have only been 6 percent. Now you are 21 years old and ready to cash in. How much is in your account?