Compute for the Effective Interest Rate Payment Period = Monthly 1. 10% Compounded Yearly = Blank 1 2. 10% Compounded 3. 10% Compounded Semi-annually = Blank 2 Quarterly = Blank 3
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- You were released from your current job and received a settlement of $54,000. The Canada Revenue Agency allows you to place the settlement in an RRSP. Fifteen years from now, you intends to transfer the money from the RRSP to a Registered Retirement Income Fund (RRIF). Thereafter, you will make equal withdrawals at the end of each quarter for fifteen years. If both the RRSP and the RRIF earn 6% compounded quarterly, what will be the amount of each withdrawal?$3,380.25 $3,320.25 $3,150.25$3,550.25 $3,350.25Provide manual solutions and diagram. Problem 1For a uniform series of payments what is the value of1. (F/A, 8%, 6) if it is compounded quarterly2. (P/A, 6%, 8) if it is compounded semi-annually.3. (F/A, 8%, 4) if it is compounded continuously. Ans. 1.30.42186 2. 12.5611 3. 4.528047Cory Manciagli is planning to retire in 20 years. Money can be deposited at 6% compounded quarterly. What quarterly deposit must be made at the end of each quarter until Cory retires so that he can make a withdrawal of $40,000 semiannually over the first 10 years of his retirement? Assume that his first withdrawal occurs at the end of six months after his retirement. (Hint: Apply concept of economic equivalence at the end of 20 years).
- Suppose P100, 000 is deposited in an account that earns 8% compound interest that is compounded semi-annually. In how many years will the initial investment triple? a.13.01 years b.14.01 years c.14 years d.13 years As advised by your financial adviser, you started to save P15,000 and deposited it every in the beginning of each month in a bank with 6% interest compounded annually, How much is the total amount after 8 years? (Hint: Future Value of General Annuity Due) a. 4,935,561.09 b. 3,495,561.09 c. 5,493,561.09 d. 9,435,561.09As part of your retirement plan, you have decided to deposit $9,000 at the beginning of each year into an account paying 3% interest compounded annually. (Round your answers to the nearest cent.). (a) How much (in $) would the account be worth after 10 years? $ (b) How much (in $) would the account be worth after 20 years? $ (c) When you retire in 30 years, what will be the total worth (in $) of the account? $ (d) If you found a bank that paid 6% interest compounded annually rather than 3%, how much (in $) would you have in the account after 30 years? $ (e) Use the future value of an annuity due formula to calculate how much (in $) you would have in the account after 30 years if the bank in part (d) switched from annual compounding to monthly compounding and you deposited $750 at the beginning of each month instead of $9,000 at the beginning of each year. $How much money will you at present time if you deposit P6,640 each for the next 8 years in a savings account that earns 6% compounded quarterly? Please give correct answer.
- Suppose Sally’s current salary is $62,000 per year, and she is planning to retire 25 years from now. She anticipates that her annual salary will increase by $1,800 each year. in the first year she will earn $62, 000 in the second year $63, 800 in the third year $65, 600 and so forth.) At the end of each of the next 25 years, she plans to deposit 10% of her salary from that year into a retirement fund that earns 6% interest compounded daily. How much money will be in her account at the time of her retirement?3. A person invests 4,500 in the hopes of receiving a return in eight years. What amount, in pesos, will be recovered eight years from now if the interest rate on the investment is 14.54 percent per year, compounded annually? 4. Calculate the compounded interest after 7 years and 9 months if 500,000 is placed at an annual rate of 11.28 percent compounded monthly. On January 1, 1988, a total of 5,200,000 was deposited at a rate of 24.50 percent compounded semi-annually. What was the value of the sum on January 1, 1993? 3 decimal placesWhat uniform annual payment for 12 years is equivalent to receiving all of the following:$ 3,000 at the end of each year for 12 years20,000 today4,000 at the end of 6 years800 at the end of each year forever10,000 at the end of 15 yearsUse an 8% interest rate.
- You borrowed $35,000 to buy a new car from abank at an interest rate of 10.2% compounded monthly.This loan will be repaid in 96 equal monthly installments over eight years. Immediately after the 36thpayment, you desire to pay the remainder of the loanin a single payment. Compute this lump-sum amountSolve the following, using interest at 7% compounded annually: a) What is the amount that will be accumulated in a sinking fund at the end of 15 years if $200 is deposited in the fund at the beginning of each of the 15 years if $200 is deposited in the fund at the beginning of each of the 15 years? b) Uniform deposits are to be made on January 1 of 1991, 1992, 1993, and 1994 into a fund that is intended to provide $1,000 on January 1 of 2005, 2006, and 2007. What must be the size of these deposits?Please provide detailed solutions to the problem, thank you in advance James deposited $150 at the beginning of each month for two years into his savings account. For the next four years he did not make any more deposits, leaving the money in the account. The bank charges 4% interest compounded monthly. What will the balance be after 12 years? (Hint: first step is to find balance [FV] after 2 years, which will become the Present Value using the FV formula for compound interest since PMT=0 for the last 4 years)Answer: $4,404.70