In case you deposit $1,500 every year for 15 years in a savings account that earns 15% compounded yearly. What is the future value of this series in year 15? Suppose the payments are made at the beginning of the period. 43,827.92 O 39,843.56 O 82,076.21 O 55,919.57
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- 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. 9,435,561.09Suppose 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?You plan to retire in 15 years. After retirement you will need $20,000 per yearfor 20 years. If interest remains at 8% compounded annually, how much shouldyou deposit each year until retirement? (Note that you will make a total of 15 endof-year deposits, and your first withdrawal will be made at the end of 16th year.)(a) $13,091 (b) $7,811(c) $6,993 (d) $7,232
- 9. A P 15,000 bond which will mature in 10 years and with a bond rate of 15% payable annually is to be redeemed at par at the end of this period. If it is sold now for P 1,390, determine the yield at this price.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 $3,350.25If $500 is deposited in a savings account at the beginning of each quarter for10 years and the account earns 8% interest compounded quarterly, what will bethe balance in the account at the end of 10 years?(a) $28,933 (b) $30,201(c) $31,421 (d) $30,805
- Find D and E As part of your retirement plan, you have decided to deposit $6,000 at the beginning of each year into an account paying 4% interest compounded annually. (Round your answers to the nearest cent.) (a) 74918.11 How much (in $) would the account be worth after 10 years? $ (b)185815.21 How much (in $) would the account be worth after 20 years? $ (c)349970.01156 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 4%, 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 $500 at the beginning of each month instead of $6,000 at the beginning of each year. $What is the future worth of the following seriesof payments?(a) $9,000 at the end of each year for 6 years at11.25% compounded annually.(b) $4,500 at the end of each year for 15 years at4.75% compounded annually.(c) $8,000 at the end of each year for 18 years at6.45% compounded annually.(d) $6,200 at the end of each year for 20 years at8.5% compounded annually.Suppose that you are obtaining a personal loan from your uncle in the amount of $20,000 (now) to be repaid in two years to cover some of your college expenses. If your uncle usually earns minimum 8% profit (annually) on his money, which is invested in various sources. 1) What minimum lump-sum payment two years from now would make your uncle happy? 2) If you pay yearly, how much should you pay each year? 3) If you pay every six months, how much should you pay every six months?
- As 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. $Give typing answer with explanation and conclusion 41. A man inherited a regular down payment of P200,000 every end of 3 months for 10 years. However, he may choose to get a single lump sum payment at the end of 4 years. How much is this lump sum if the cost of money is 14% compounded quarterly? a. P 3,702,939.73 b. P 7,405,879.46 c. P 2,188,122.11 d. No correct answer in the choices4. )A man wishes to have P40,000 in a certain fund at the end of 8 years. How much should he invest in a fund that will pay 6% compounded continuously? ANSWER: 24,751.34