Question 1: Using the appropriate interest table, provide the solution to each of the following questions...

Question 1: Using the appropriate interest table, provide the solution to each of the following questions by computing the unknowns. (a) What is the amount of the payments that Jonathon must make at the end of each of 12 years to accumulate a fund of $220,000 by the end of the twelfth year, if the fund earns 6% interest, compounded annually? (b) Amanda is 30 years old today and she wishes to accumulate $2,500,000 by her sixty- eighth birthday so she can retire to a ski lodge in Colorado. She wishes to accumulate this amount by making equal deposits on her thirtieth through her sixty-seventh birthdays. What annual deposit must Amanda make if the fund will earn 8% interest compounded annually (c) Jose has $60,000 to invest today at 4% to pay a debt of $96,062. How many years will it take him to accumulate enough to liquidate the debt? (d) Alberta has a $41,000 debt that she wishes to repay 5 years from today; she has $35,367 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?

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ekkarill92 answered 1 year ago

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