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QUESTION ONE

If you invest $10,525 today at an interest rate of 7.35% compounded daily, how much money will you have on your saving account in 15 years?

QUESTION 2

Stephen plans to purchase a car in 5 years from now. The car will cost $32,000 at thta time. Assume that Stephen can earn 7.32% (compounded monthly) on his money. How much should he set aside today for the purchase?

Round answer to two decimals places. Show all the work.

QUESTION 3

If you invest $25,582 today at an interest rate of 3.5 percent, compounded annually, how much money will you have in your savings account in 28 years?

all work must be shown!

round the answer to the nearesr two decimal places

QUESTION 4

Upon graduating from college, you make an annual salary of $46,305. You set a goal to double it in the future. If your salary increases at an average annual rate of 9.09%, how long will it take to reach your goal? Please show work.

QUESTION 5

You plan to buy a hosue in 6 years. You want to save money for a down payment on the new house. You are able to place $256 every month at the end of the month into a savings account at an annual rate of 6.67% compounded monthly. How much money will be in the account after you made the last payment?

QUESTION 6

Big brothers, inc. borrows $66,737 from the bank at 18.15 percent per year, compounded annually, to purchase new machinery. This loan is to be repaid in equal annual installments at the end of ech year over the next 8 years. How much will each annual payment be?

QUESTION 9

A firm's dividends have grown over the last several years. at the end of the year 2002, the firm paid a dividend of $1. At year -end 2014, it paid a dividened of $5. What was the average annual compound growth rate of dividends for this firm?

SOUTION

QUESTION 10

Rose plans to go for vacation to europe in 6 years from now. she estimates that she will need $24,388 for the trip. How much does she need to place in a savings account today that earns 5.13% per year (compounded annually) to accumulate this amount? All the owrk has to be shown! round the answer to two decimal place.

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