Annual Percentage Rate and Decimal Places Essay
2) Home loans typically …show more content…
Effective annual rate  % 
5) You believe you will need to have saved $520,000 by the time you retire in 40 years in order to live comfortably. If the interest rate is 5% per year, how much must you save each year to meet your retirement goal? (Do not round intermediate calculations. Round your answer to 2 decimal places.) 
Annual savings  $ 
6)
Your consulting firm will produce cash flows of $110,000 this year, and you expect cash flow to keep pace with any increase in the general level of prices. The interest rate currently is 6.2%, and you anticipate inflation of about 2.2%. 
a.  What is the present value of your firm’s cash flows for years 1 through 6? (Do not round intermediate calculations. Round your answer to 2 decimal places.) 
Present value  $ 
b.  How would your answer to (a) change if you anticipated no growth in cash flow? (Do not round intermediate calculations. Round your answer to 2 decimal places.) 
Present value  $ 
7)

Top of Form Good news: You will almost certainly be a millionaire by the time you retire in 40 years. Bad news:

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