Question 1
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.)
Question 2
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 54th birthdays . What annual deposit must Robert make if the fund wilt 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.)
Question 3
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?
Question 4
Cindy Houston has a $27,600 debt that she wishes to repay 4 years from today; she has $19,55 3 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?
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