a) What is the amount of the payments that Newman Winslow must make at the end...

a) What is the amount of the payments that Newman Winslow must make at the end of each of 9 years to accumulate a fund of $97,700 by the end of the 9th year, if the fund earns 9% 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.)

b) Tony Hitchcock is 40 years old today and he wishes to accumulate $490,000 by his 64 th birthday so he can retire to his summer place on Lake Hopatcong. He wishes to accumulate this amount by making equal deposits on his 40 th through his 63 th birthdays. What annual deposit must Tony make if the fund will earn 9% 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.)

c) Maria Ross has $18,700 to invest today at 11% to pay a debt of $58,938. How many years will it take her to accumulate enough to liquidate the debt? (Round answer to 0 decimal places, e.g. 45.)

d) Sally Houston has a $25,600 debt that she wishes to repay 5 years from today; she has $15,192 that she intends to invest for the 5 years. What rate of interest will she need to earn annually in order to accumulate enough to pay the debt? (Round answer to 0 decimal places, e.g. 7%.)

Expert Solution

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ekkarill92 answered 1 year ago

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