Calculator. I would like to compare the steps I probably missed.
1) Roy Gross is considering an investment that pays 8.10 percent. How much will he have to invest today so that the investment will be worth $29,000 in six years?
2) You are a freshman in college and are planning a trip to Europe when you graduate from college at the end of four years. You plan to save the following amounts annually, starting today: $694, $623, $730, and $641. If the account pays 4.00 percent annually, how much will you have at the end of four years?
3) Cecelia Thomas is a sales executive at a Baltimore firm. She is 25 years old and plans to invest $2,500 every year in an IRA account, beginning at the end of this year until she turns 65 years old. If the IRA investment will earn 10.65 percent annually, how much will she have in 40 years, when she turns 65?
4) The Elkridge Bar & Grill has a seven-year loan of $21,400 with Bank of America. It plans to repay the loan in seven equal installments starting today. If the rate of interest is 11.30 percent, how much will each payment be?
5) CelebNav, Inc. had sales last year of $650,000, and the analysts are predicting a good year for the start-up, with sales growing 19 percent a year for the next three years. After that, the sales should grow 7 percent per year for two years, at which time the owners are planning to sell the company. What are the projected sales for the last year before the sale?
6) Stephanie Watson plans to make the following investment beginning next year. She will invest $2,090 in each of the next three years, and will then make investments of $3,650, $3,725, $3,875, and $4,000 over the following four years. If the investments are expected to earn 13.25 percent annually, how much will Stephanie have at the end of the seven years?
Jeremy Denham plans to save $5,700 every year for the next eight years, starting today. At the end of eight years, Jeremy will turn 30 years old and plans to use his savings toward the down payment on a house. If his investment in a mutual fund will earn him 11.90 percent annually, how much will he have saved in eight years when he buys his house?