It is about simple interest present value1-find the amount, Ask an Expert

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It is about Simple Interest Present Value

1-Find the amount Ashkin should deposit today if he needs $3,750 in his account in 5 months. Assume his account pays 4% simple interest.

2-Miguel promised to give his daughter $13,000 at the end of 3 years for a used car. What lump sum should he deposited today in an account paying 4% simple interest in order for him to have $13,000 at the end of 3 years?

3-A new computer costs $2,100. If the price of computers has increased by 1% in the past 6 months, how much did the computer cost 6 months ago? Assume the price increase follows a simple interest calculation.

4-Today, new tires for a high performance car cost $1,400. If the price of tires has increased by 1% over the past 12 months, how much did they cost 12 months ago? Assume the price increase follows a simple interest calculation.

5-A new luxury car costs $39,000. If the price of the car has increased 2% in the past 12 months, how much did the car cost 12 months ago? Assume the price increase follows a simple interest calculation.

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Financial Management, Finance

Category:- Financial Management
Reference No.:- M91593050

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