Question
In: Finance
You want to buy a new sports car 3 years from now, and you plan to save $6,200 per year, beginning one year from today.
You want to buy a new sports car 3 years from now, and you plan to save $6,200 per year, beginning one year from today. You will deposit your savings in an account that pays 5.2% interest. How much will you have just after you make the 3rd deposit, 3 years from now? (Hint: Ordinary Annuity)
Solutions
jeff jeffy answered 2 years agoRelated Solutions
You want to buy a new sports car 3 years from now, and you plan to...
You want to buy a new sports car 3 years from now, and you plan
to save $4,000 per year, beginning one year from
today. You will deposit your savings in an account that
pays 6.5% interest. How much will you have just after
you make the 3rd deposit, 3 years from now?
Group of answer choices
$12,986
$12,635
$12,364
$12,486
You want to buy a new sports car 3 years from now, and you plan to...
You want to buy a new sports car 3 years from now, and you plan
to save $4,200 per year, beginning immediately from today. You will
deposit your savings in an account that pays 9.5% interest. How
much will you have 3 years from now?
a. $11,973
b. $12,603
c. $13,267
d. $13,835
e. $15,149
You want to buy a house 5 years from now, and you plan to save $4100...
You
want to buy a house 5 years from now, and you plan to save $4100
per year. beginning Immediately. You will make 5 deposits in an
account that pays 4.3% interest. Under these assumptions, how much
will you have 5 years from today?
Company XYZ soustanding bonds have a $1.000 value and they
mature in 25 years. Their nominal yield to maturity is 9.66 % they
pay interest semiannually, and they sell at a price of $850. What
is...
You want to quit your job and return to school for an MBA degree 3 years from now, and you plan to save $5,000 per year, beginning immediately.
Part A: You want to quit your job and return to school for an
MBA degree 3 years from now, and you plan to save $5,000 per year,
beginning immediately. You will make 3 deposits in an account that
pays 5.2% interest. Under these assumptions, how much will you have
3 years from today?a. $16,614.78b. $17,943.97c. $17,445.52d. $18,442.41e. $14,953.30Part B: What is the PV of an annuity due with 5 payments of
$7,900 at an interest rate of 5.5%?a. $41,285.20b....
You want to buy a fancy car. For this goal, you plan to save $8,000 per...
You want to buy a fancy car. For this goal, you plan to save
$8,000 per year, beginning immediately. You will make 5 deposits in
an account that pays 8% interest. Under these assumptions, how much
will you have 5 years from today?
a. $51,402
b. $46,718
c. $47,635
d. $50,687
You want to buy a condo 7 yearsfrom now, and you plan to save $4,000 per...
You want to buy a condo 7 yearsfrom now, and you plan to save
$4,000 per year, beginning immediately. You will make 7 deposits in
an account that pays 8% interest, compounded annually. Under these
assumptions, how much will you have 7 years from today?
a.$39,110.34
b.$37,925.96
c.$38,546.51
d.$36,976.84
You want to buy a car for cash 5 years from now. The car price at...
You want to buy a car for cash 5 years from now. The car price
at that time will be 20000 dollars. To this end you want to make an
annuity deposit each year so that you accumulate the required
amount. Interest rate is 6%. How much do you have to deposit each
year if (i) deposits are made at the end of each year (ii) deposits
are made at the beginning of each year.
You want to buy a car for cash 5 years from now. The car price at...
You want to buy a car for cash 5 years from now. The
car price at that time will be 20000 dollars. To this end you want
to make an annuity deposit each year so that you accumulate the
required amount. Interest rate is 6%. How much do you have to
deposit each year if (i) deposits are made at the end of each year
(ii) deposits are made at the beginning of each year.
You want to buy a new sports car from Muscle Motors for $34,000. The contract is...
You want to buy a new sports car from Muscle Motors for $34,000.
The contract is in the form of a 60-month annuity due at a 9.75
percent APR. What will your monthly payment be?
ANS:
- $698.19
- $712.44
- $726.68
- $718.22
- $676.81
Which one is the correct answer?
You want to buy a new sports car from Muscle Motors for $58,000. The contract is...
You want to buy a new sports car from Muscle Motors for $58,000.
The contract is in the form of a 48-month annuity due at a 6.50
percent APR.
Required:
What will your monthly payment be?
$1,395.42
$1299.65
$1,340.70
$1,368.06
$1,375.47
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