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31. How long will an account worth $2.2 million provide $10,000 at the end of each month, if money is worth 5.4% compounded monthly? 32

31. How long will an account worth $2.2 million provide $10,000 at the end of each month, if money is worth 5.4% compounded monthly? 32

Algebra and Trigonometry (6th Edition)
Algebra and Trigonometry (6th Edition)
6th Edition
ISBN:9780134463216
Author:Robert F. Blitzer
Publisher:Robert F. Blitzer
ChapterP: Prerequisites: Fundamental Concepts Of Algebra
Section: Chapter Questions
Problem 1MCCP: In Exercises 1-25, simplify the given expression or perform the indicated operation (and simplify,...
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take $1.5 milliön end of each year for the next 10 years? Justify your choice. 28. As a result of a court settlement, an accident victim is awarded $1.2 million. The attorney takes one-third of this amount, another third is used for immediate expenses, and the remaining third is used to set up an annuity. What amount will this annuity pay at the beginning of each quarter for the next 5 years if the annuity earns 7.6% compounded quarterly? 29. Recent sales of some real estate and record profits make it possible for a manufacturer to set aside $800,000 in a fund to be used for modernization and remodeling. How much can be withdrawn from this fund at the trust draw from terly this 38. A re pou am Fir 39. A $1 (a beginning of each half-year for the next 3 years if the fund earns 7.7% compounded semiannually? 30. A $2.4 million state lottery pays $10,000 at the begin- ning of each month for 20 years. How much money must the state actually have on hand to set up payments for this prize if money is worth 6.3% com- pounded monthly? 31. How long will an account worth $2.2 million provide $10,000 at the end of each month, if money is worth 5.4% compounded monthly? 32. A college class's 25th reunion gift is $8.6 million. How many semiannual payments of $250,000 will this pro- vide at the beginning of each 6-month period if money is worth 4.4% compounded semiannually? 33. A used piece of rental equipment has 25 years of useful life remaining. When rented, the equipment brings in $800 per month (paid at the beginning of the month). If the equipment is sold now and money is worth 4.8% compounded monthly, what must the selling price be to recoup the income the rental company loses by sell- ing the equipment “early"? (E the 40. E CC Pr re 34. As a result of a court settlement, a financial firm agreed to pay $13.4 million to Ford Motor Company, with $10 million of it going to a Ford charitable trust (Source:
Transcribed Image Text:take $1.5 milliön end of each year for the next 10 years? Justify your choice. 28. As a result of a court settlement, an accident victim is awarded $1.2 million. The attorney takes one-third of this amount, another third is used for immediate expenses, and the remaining third is used to set up an annuity. What amount will this annuity pay at the beginning of each quarter for the next 5 years if the annuity earns 7.6% compounded quarterly? 29. Recent sales of some real estate and record profits make it possible for a manufacturer to set aside $800,000 in a fund to be used for modernization and remodeling. How much can be withdrawn from this fund at the trust draw from terly this 38. A re pou am Fir 39. A $1 (a beginning of each half-year for the next 3 years if the fund earns 7.7% compounded semiannually? 30. A $2.4 million state lottery pays $10,000 at the begin- ning of each month for 20 years. How much money must the state actually have on hand to set up payments for this prize if money is worth 6.3% com- pounded monthly? 31. How long will an account worth $2.2 million provide $10,000 at the end of each month, if money is worth 5.4% compounded monthly? 32. A college class's 25th reunion gift is $8.6 million. How many semiannual payments of $250,000 will this pro- vide at the beginning of each 6-month period if money is worth 4.4% compounded semiannually? 33. A used piece of rental equipment has 25 years of useful life remaining. When rented, the equipment brings in $800 per month (paid at the beginning of the month). If the equipment is sold now and money is worth 4.8% compounded monthly, what must the selling price be to recoup the income the rental company loses by sell- ing the equipment “early"? (E the 40. E CC Pr re 34. As a result of a court settlement, a financial firm agreed to pay $13.4 million to Ford Motor Company, with $10 million of it going to a Ford charitable trust (Source:
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