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Contemporary Business Mathematics with Canadian Applications 10th edition S. A. Hummelbrunner, Kelly Halliday, K. Suzanne Coombs - Solutions
How many months from now can a payment of $1000 due 12 months ago and a payment of $400 due 6 months from now be settled by a payment of $1746.56 if interest is 10.2% compounded monthly?
At what nominal rate of interest compounded semi-annually will $6900 earn $3000 interest in five years?
In how many years will money double at 7.2% compounded quarterly?
What is the nominal rate of interest compounded semi-annually that is equivalent to an effective rate of 10.25%?
A financial obligation requires the payment of $1000 in 2 months, $3000 in 8 months, and $4000 in 14 months. Instead, if a payment of $2000 is made now, when should a second payment of $6000 be made if interest is 9% compounded monthly?
Sean needs to decide how to invest his savings. He can choose between 3.95% compounded semi-annually, 3.92% compounded quarterly, or 3.90% compounded monthly. Which choice will maximize his return?
Olga deposited $800 in an investment certificate paying 9% compounded semi- annually. On the same day, her sister ursula deposited $600 in an account paying 7% compounded semi-annually. To the nearest day, when will the future value of Olga’s investment be equal to twice the future value of
A financial institution is advertising a new three-year investment certificate. The interest rate is 7.5% compounded quarterly the first year, 6.5% compounded monthly the second year, and 6% compounded daily the third year. What nominal rate of interest compounded semi-annually for three years
After reading consumer car guides and receiving advice from family and friends, Aysha has chosen the new car she wants to purchase. She now wants to research her financing options to choose the best way to pay for the car. Aysha knows that with taxes, license, delivery, and dealer preparation fees,
Find the accumulated value of payments of $200 made at the end of every 3 months for 12 years if money is worth 5% compounded quarterly.
Aisha contributed $2000 per year for the past 10 years into an RRSP account earning 3.8% compounded annually. Suppose she leaves the accumulated contributions for another five years in the RRSP at the same rate of interest. (a) How much will Aisha have in total in her RRSP account? (b) How much
Cam saved $250 each month for the past five years while he was working. Since he has now gone back to school, his income is lower and he cannot continue to save this amount during the time he is studying. He plans to continue with his studies for four years and not withdraw any money from his
Scott has saved $560 per quarter for the past three years in a savings account earning 5.2% compounded quarterly. He plans to leave the accumulated savings for seven years in the savings account at the same rate of interest. (a) How much will Scott have in total in his savings account? (b) How much
To purchase a specialty guitar for his band, for the past two years JJ Morrison has made payments of $92 at the end of each month into a savings account earning interest at 4.03% compounded monthly. If he leaves the accumulated money in the savings account for another two years at 5.03% compounded
For the past 6 years Joe Borelli has made deposits of $300 at the end of every 6 months, earning interest at 5% compounded semi-annually. If he leaves the accumulated balance in an account earning 6% compounded quarterly, what will the balance be in Joe’s account at the end of another 10 years?
What will deposits of $60 made at the end of each month amount to after six years if interest is 4.8% compounded monthly?
An agreement allowed payments of $240 due at the end of each month to be delayed. If interest is 5.4% compounded monthly, how much was owed at the end of 16 months?
Monthly payments of $600 were not paid for 19 months. If interest was 19.8% com- pounded monthly, how much was owed?
Monthly payments on a student loan were set at $151.72, with the first payment to be deferred for 6 months. How much was due to be paid immediately after the deferral period if interest was 6.6% compounded monthly?
How much interest is included in the future value of an ordinary simple annuity of $1500 paid every 6 months at 7% compounded semi-annually if the term of the annuity is 15 years? Reference Example 11.2C
Joan authorized her bank to withdraw $120 every month. The money was transferred automatically into a savings account. If the savings account earned 2.4% compounded monthly, how much interest will the account have earned after 8 years?
Jane Allison made ordinary annuity payments of $15 per month for 16 years, earning 4.5% compounded monthly. How much interest is included in the future value of the annuity?
Saving for his retirement 25 years from now, Jimmy Olsen set up a savings plan whereby he will deposit $25 at the end of each month for the next 15 years. Interest is 3.6% compounded monthly. (a) How much money will be in Mr. Olsen’s account on the date of his retirement? (b) How much will Mr.
Suzanne had a summer job working in the business office of Blast-It TV and Stereo, a local chain of home electronics stores. When Michael Jacobssen, the owner of the chain, heard she had completed one year of business courses, he asked Suzanne to calculate the profitability of two new large-screen
Find the present value of payments of $375 made at the end of every 6 months for 15 years if money is worth 7% compounded semi-annually.
The owners of Cheers in Town, a neighbourhood restaurant, have plans to purchase a new plasma TV. If they finance the purchase through the store’s promotional financing option, they would pay $97 at the end of each month for three years, starting with the first month. (a) With the store’s
Kimiko signed a loan agreement requiring payments of $234.60 at the end of every month for six years at 7.2% compounded monthly. (a) How much was the original loan balance? (b) If Kimiko missed the first five payments, how much would she have to pay after six months to bring the payments up to
Field Construction agreed to lease payments of $642.79 on construction equipment to be made at the end of each month for three years. Financing is at 9% com- pounded monthly. (a) What is the value of the original lease contract? (b) If, due to delays, the first eight payments were deferred, how
You purchase 1000 shares of a stock each year for five years. Assume that in the first year the stock price is $20 per share and the shares increase in price by 1% per year. (a) What is the value of your investment in five years? (b) If the same company provides annual dividends equal to 3% of
Using dollar-cost averaging will help you reduce your risk over time by ensuring that you do not try to time the market. An investor regularly contributes $20 000 to his DRIP account for five years. The share price fluctuates over time as follows:(a) Calculate the investor€™s average cost
What is the discounted value of payments of $60 made at the end of each month for nine years if interest is 4.5% compounded monthly?
Equipment Inc. agreed to financial terms of $600 payments at the end of every three months for five years. Interest is 7.6% compounded quarterly. (a) How much has to be deposited at the beginning of the five-year period? (b) How much of what is received will be interest?
An installment contract for the purchase of a car requires payments of $252.17 at the end of each month for the next three years. Suppose interest is 8.4% p.a. compounded monthly. (a) What is the amount financed? (b) How much is the interest cost?
To purchase equipment for his business, Ted paid $400 down and signed an installment contract that required payments of $69.33 at the end of each month for three years. Suppose interest is 10.8% compounded monthly. (a) What was the cash price of the equipment? (b) How much was the cost of
New Bread Bakery purchased new equipment by making a down payment of $2000 and agreeing to make payments of $458 at the end of each month for five years. Interest is 9.2% compounded monthly. (a) What was the purchase price of the new equipment? (b) How much interest will have to be paid?
Having earned a bonus at his work, Rick placed the money in an investment earning 4.18% compounded monthly. He withdrew $343 at the end of every month for the next eight years, completely depleting the investment. (a) What was the amount of the bonus? (b) If he made all of the withdrawals as
Luisa borrowed to buy a piano for her business, Luisa’s Music, paying $135 at the end of each month for five years. The bank charges interest on the loan at 8.8% compounded monthly.(a) What was the cash price of the piano? (b) How much is the cost of financing?(c) By how much would the cash price
Wayne borrowed to purchase his son’s hockey equipment. He made month-end loan payments of $74 for two years on a loan that charges interest at 8.4% com- pounded monthly. Roberto also borrowed to purchase his daughter’s hockey equipment. He made loan payments of $244 at the end of each quarter
What deposit made at the end of each quarter for 15 years will accumulate to $20 000 at 6% compounded quarterly?
Hunan bought a used car priced at $15 300 for 15% down and equal monthly payments for four years. If interest is 8% compounded monthly, what is the size of the monthly payment?
Ruben bought a boat valued at $16 500 on the installment plan requiring a $2000 down payment and equal monthly payments for five years. If the first payment is due one month after the date of purchase and interest is 7.5% compounded monthly, what is the size of the monthly payment?
Valley Auto sold a used car priced at $10 600 for 10% down and the balance to be paid in equal monthly payments over four years at 7.2% compounded monthly. How much does the buyer have to pay at the end of each month?
Watson Properties bought a rental property valued at $50 000 by paying 20% down and mortgaging the balance over 25 years through equal payments at the end of each quarter with interest at 10% compounded quarterly. What was the size of the quarterly payments?
Jie & Partners purchased a computer priced at $949.99, financing it by paying $75.12 on the date of purchase, and signing a contract to pay equal monthly payments over the next 15 months. If the terms of the contract state that interest is calculated at 10.8% compounded monthly, how much does
George plans to deposit $1200 at the end of every 6 months for 15 years into an RRSP account. After the last deposit, he intends to convert the existing balance into an RRIF and withdraw equal amounts at the end of every 6 months for 20 years. If interest is expected to be 7.5% compounded
Starting three months after her grandson Robin’s birth, Mrs. Devine made deposits of $60 into a trust fund every three months until Robin was 21 years old. The trust fund, with a balance of $8567.28 at that time, provides for equal withdrawals at the end of each quarter for four years, beginning
When his daughter was born, Mr. Dodd started depositing $200 every three months into a trust fund earning 3% compounded quarterly. Following her 18th birthday, Mr. Dodd’s daughter is to receive equal payments at the end of each month for four years while she is at university. If interest is to be
Mei Li invested $350 at the end of each quarter at 3.2% compounded quarterly. At the end of five years, she was able to withdraw equal amounts at the end of each quarter for nine years. How much is the size of each withdrawal?
Mr. Talbot deposits $1500 at the end of every 6 months into his RRSP. He intends to leave the money for 14 years, then transfer the balance into a RRIF and make equal withdrawals at the end of every 6 months for 20 years. If interest is 2.8% compounded semi-annually, what will be the size of each
What payment is required at the end of each month for five years to repay a loan of $8000 at 8.4% compounded monthly?
When his aunt died, Ariel inherited an annuity paying $10 000 per year into a savings account for 8 years. The terms of the will state that he cannot withdraw any money for the first 8 years, and then he can withdraw equal amounts at the end of each year for 10 years. If interest is 4.15%
A contract can be fulfilled by making an immediate payment of $7500 or equal payments at the end of every 6 months for 10 years. What is the size of the semi- annual payments at 9.6% compounded semi-annually?
What payment is required at the end of each month for 12 years to repay a $32 000 mortgage if interest is 6.5% compounded monthly?
How much must be deposited at the end of each quarter for nine years to accumulate to $11 000 if interest is 4% compounded quarterly?
What payment made at the end of every 6 months for 15 years will accumulate to $18000 if interest is 5% compounded semi-annually?
How much does a depositor have to save at the end of every three months for seven years to accumulate $3500 if interest is 3.75% compounded quarterly?
How much would you have to pay into an account at the end of every 6 months to accumulate $10 000 in eight years if interest is 3% compounded semi-annually?
Ontario Credit Union entered a lease contract valued at $7200. The contract provides for payments at the end of each quarter for three years. If interest is 6.5% compounded quarterly, what is the size of the quarterly payment?
How many months would it take you to save $4500 by making deposits of $50 at the end of every month into a savings account earning 6% compounded monthly?
A deposit of $4000 is made today. For how long can $500 be withdrawn from the account at the end of every three months starting three months from now if interest is 4% compounded quarterly?
Lauren deposited $12 000 today. He plans to withdraw $1100 every six months. For how long can he withdraw from the account starting six months from now if interest is 3.9% compounded semi-annually?
Cathy placed $7000 into a savings account. For how long can $800 be withdrawn from the account at the end of every month starting one month from now if interest is 4.58% compounded monthly?
Rae deposited $5741, the earnings from her part-time job, into a savings account. If she withdraws $650 at the end of each month, how long will the money last if interest is 5.15% compounded monthly?
Kaye deposited $6000 into a savings account today. For how long can $730 be with- drawn from the account at the end of every three months starting three months from now if interest is 3.9% compounded quarterly?
How many months will it take to save $5000 by making deposits of $60 at the end of every month into an account earning interest at 6% monthly?
Suppose $646.56 is deposited at the end of every six months into an account earning 6.5% compounded semi-annually. If the balance in the account four years after the last deposit is to be $20 000, how many deposits are needed?
How long does $1000 have to be deposited into a savings account at the end of each month to accumulate to $36 000 if interest is 6.4% compounded monthly?
Through a payroll savings plan, Brooke saved $96 at the end of each month. If the account earns interest at 3.6% compounded monthly, how long will it take to save $3600?
For how long will Amir need to make payments of $400 at the end of every three months to save a total of $5000 if interest is 1.7% compounded quarterly?
Josie borrowed $8000 compounded monthly to help finance her education. She contracted to repay the loan in monthly payments of $300 each. If the payments are due at the end of each month and interest is 4% compounded monthly, how long will Josie have to make monthly payments?
A mortgage of $26 500 is to be repaid by making payments of $1560 at the end of every six months. If interest is 7% compounded semi-annually, what is the term of the mortgage?
A car loan of $12 000 is to be repaid with end-of-month payments of $292.96. If interest is 8% compounded monthly, how long is the term of the loan?
Compute the nominal annual rate of interest compounded quarterly at which $350 paid at the end of every three months for six years accumulates to $12 239.76.
A property worth $35 000 is purchased for 10% down and payments of $2100 at the end of every 6 months for 12 years. What is the nominal annual rate of interest compounded semi-annually?
Katrina contributed $2500 at the end of every year into an RRSP for 10 years. What nominal annual rate of interest will the RRSP earn if the balance in Katrina’s account just after she made her last contribution was $33 600?
What nominal annual rate of interest compounded monthly was paid if contributions of $250 made into an RRSP at the end of every month amounted to $35 000 after 10 years?
Compute the nominal annual rate of interest compounded monthly at which $400 paid at the end of the month for eight years accumulates to $45 000.
What is the nominal interest rate compounded monthly if a four-year loan of $6000 is repaid by end-of-month payments of $144.23?
Rita converted an RRSP balance of $119 875.67 into a RRIF that will pay her $1800 at the end of every month for nine years. What is the nominal annual rate of interest compounded monthly?
What is the nominal annual rate of interest compounded quarterly if a loan of $21 500 is repaid in seven years by payments of $1000 made at the end of every three months?
A car valued at $11 400 can be purchased for 10% down and end-of-month payments of $286.21 for three-and-a-half years. What is the nominal annual rate of interest compounded monthly?
Property worth $50 000 can be purchased for 20% down and mortgage payments of $1000 at the end of each quarter for 25 years. What nominal annual interest rate compounded quarterly is charged?
The company holds a 6-year loan of $230 000, at 7.5% compounded annually. Payments are made quarterly. After 15 months, the terms of the loan are renegotiated at 5.5%, compounded monthly with monthly payments for the remainder of the 6-year term. a. Calculate the payment amount for the original
Payments of $360 are made into a fund at the end of every 3 months for 12 years. The fund earns interest at 7% compounded quarterly.(a) What will be the balance in the fund after 12 years?(b) How much of the balance is deposits? (c) How much of the balance is interest?
What nominal annual rate of interest was charged on a loan of $5600 repaid in end- of-month installments of $121.85 in four-and- a-half years?
Glenn has made contributions of $250 at the end of every 3 months into an RRSP for 10 years. Interest for the first 10 years was 4% compounded quarterly. (a) What is the amount in the RRSP after the first 10 years? (b) After the first 10 years, Glenn stopped making contributions. The interest rate
Avi expects to retire in 12 years. Beginning 1 month after his retirement he would like to receive $500 per month for 20 years. How much must he deposit into a fund today to be able to do so if the rate of interest on the deposit is 6% compounded monthly?
The amount of $10 000 is put into a four- year term deposit paying 3.5% compounded semi-annually. After four years the deposit is converted into an ordinary annuity of equal semi-annual payments of $932 each. If the interest rate remains the same, what is the term of the annuity?
Harleen has deposited $125 at the end of each month for 13 years at 4.68% compounded monthly. After her last deposit she converted the balance into an ordinary annuity paying $890 every three months for nine years. What is the nominal annual rate of interest compounded quarterly paid by the annuity?
Over 14 years, Casey has saved $7200 by authorizing $30 to be deducted at the end of every month through a payroll deduction plan at his work. The money was sent to his savings account to be invested. (a) What is the nominal annual rate of interest compounded monthly on the savings plan? (b) If,
Pearson sets up a fund to pay $1000 at the end of each month for 9.5 years. Interest on the fund is 3.9% compounded monthly.(a) How much money must be deposited into the fund?(b) How much will be paid out of the fund?(c) How much interest is earned by the fund?
How long will it take to build up a fund of $10 000 by saving $300 at the end of every 6 months at 4.5% compounded semi- annually?
Maria has set a goal to save $10 000 in a savings account that earns 2.4% compounded annually. How much must she deposit each year for five years if the deposits are made at the end of each year?
A fund of $30 000 has been set up to pay for Edwin’s music lessons over the next 12 years. If interest is 6.21% compounded monthly, what is the size of each month-end withdrawal from the fund?
If you contribute $1500 into a vacation account at the end of every six months for four years and interest on the deposits is 4.26% com- pounded semi-annually, how much would the balance in the account be six years after the last contribution?
Doris purchased a piano with $300 down and end-of-month payments of $124 for two- and-a-half years at 9% compounded monthly. What was the purchase price of the piano?
A contract valued at $11 500 requires payment of $1450 at the end of every six months. If interest is 10.5% compounded semi-annually, what is the term of the contract?
What nominal annual rate of interest is paid on RRSP contributions of $1100 made at the end of each quarter for 15 years if the balance just after the last contribution is $106 000?
You won $100 000 in a lottery and you want to set some of that sum aside for 10 years. After 10 years, you would like to receive $2400 at the end of every 3 months for 8 years. How much of your winnings must you set aside if interest is 5.5% compounded quarterly?
A sum of money is deposited at the end of every month for 10 years at 7.5% compounded monthly. After the last deposit, interest for the account is to be 6% compounded quarterly and the account is to be paid out by quarterly payments of $4800 over six years. What is the size of the monthly deposit?
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