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Mathematics Of Business And Finance 4th Edition Larry Daisley, Thambyrajah Kugathasan, Diane Huysmans - Solutions
Ivan made equal deposits at the end of every three months into a savings account for 12 years. After this period, he stopped making deposits and left the accumulated amount to grow for another five years. What was the size of the periodic deposit if the accumulated amount at the end of the term was
How much should Masood save at the beginning of each month in order to have one million dollars in 30 years if money earns 6.5% compounded monthly?AppendixLO1
What amount saved at the beginning of every six months will accumulate to $100,000 in ten years if money earns 4.2% compounded semi-annually?AppendixLO1
Yolanda leased equipment valued at $23,000 for five years. If the cost of borrowing is 5.75% compounded monthly, calculate the size of the lease payment that she is required to make at the beginning of each month.AppendixLO1
A municipal government had a $650,000 surplus in property tax collections for 2018 and decided to use the money for a parks renewal project. The city can earn 4% compounded quarterly in an investment fund. How much money can be taken out of the fund at the beginning of each month to sustain the
Metal Equipment Co. has an investment fund that has accumulated $180,500 in three years. If the fund was earning 9% compounded daily, what was the size of the payment that was deposited into this fund at the beginning of each month throughout the term?AppendixLO1
Simone's retirement fund has an accumulated amount of $45,000. If it has been earning 5% compounded semi-annually, calculate the size of the payment that she deposited at the beginning of each month in this fund for the past 20 years.AppendixLO1
Marcia sold her $2 million business and invested the money in a fund that will allow her to withdraw regular monthly payments for 20 years. If the fund is earning 4% compounded annually, how much will she be able to withdraw at the end of every month?AppendixLO1
Amir purchased a networking system for his office for $20,000 using a five-year loan at 6.5% compounded daily. If the first payment was made a month from when he purchased the system, what is the size of the monthly payment?AppendixLO1
What is the size of the periodic payment made at the end of every month into a fund that is growing at 4.5% compounded daily, if the accumulated value at the end of five years is $420,000?AppendixLO1
An investment fund grew to $30,000 after month-end payments for ten years. If the fund was earning 5% compounded semi-annually throughout the time period, what was the size of these payments?AppendixLO1
If you are considering applying for a $2000 loan that will be repaid with equal end-of-year payments over the next 13 years, what will be the size of the payment? Assume that the interest rate for the loan is 6% compounded annually.AppendixLO1
Jordan purchased a car for $30,000. He paid 10% of the cost as a down payment and financed the balance amount at 7% compounded monthly for five years. What is the size of the payment made at the end of each month to settle the loan?AppendixLO1
An investment fund growing at 9% compounded monthly has an accumulated value of $50,000. The fund has been receiving equal payments at the end of each month for the past two years. Calculate the size of the payment.AppendixLO1
At an expected rate of return of 7% compounded annually, how much must be deposited at the end of each year for the next 15 years to accumulate $300,000?AppendixLO1
Alex has $200,000 in his RRSP account. He is converting the RRSP to an RRIF and would like to withdraw equal amounts at the beginning of each month for 15 years. If the funds in the RRSP earn 3.8% compounded annually and the RRIF funds earn 4.3% compounded semi-annually, what beginning of the month
Nia contributed $5000 at the beginning of each calendar year for the last 15 years to an RRSP account. She is converting the RRSP to an RRIF and would like to withdraw equal amounts at the beginning of each month for 20 years. If the funds in the RRSP earn 4.2% compounded annually and the RRIF
The premium for a car insurance policy can be paid either yearly or at the beginning of each month. If the monthly premium is $150.00, what is the annual premium equivalent at 3% compound semi-annually?AppendixLO1
The premium for a life insurance policy can be paid either yearly, or at the beginning of each month. If the monthly premium is $32.50, what is the annual premium equivalent at 4% compound annually?AppendixLO1
A lottery winner is offered a choice of either receiving $20,500 at the beginning of every year for ten years or receiving $18,000 at the beginning of every six months for five years. If the interest rate is 4.4% compounded quarterly, which choice is economically better (in current value), and by
You have a choice of either receiving $15,000 at the beginning of every year for ten years or receiving $2250 at the beginning of every month for five years. If the interest rate is 4.8% compounded semi-annually, which choice is economically better (in current value), and by what amount?AppendixLO1
Jasmine, an office administrator, was evaluating the following quotation that she received for the purchase of a printing machine for her company: Lease Option: Make a down payment of $1000, and lease payments of $750 at the beginning of every month for two years. At the end of two years, pay $3000
Najuma can purchase a sports car for $68,000, or she can lease it for four years with a down payment of $3500 and payments of $1200 at the beginning of every month followed by a $20,000 payout at the end of the lease in order to own it. The cost of borrowing money is 7% compounded daily.a. Which
The monthly rent on an apartment is $1750 per month, payable at the beginning of each month. What single payment in advance on the first day of rental would be equal to three years' rent? Assume an interest rate of 4.38% compounded daily.AppendixLO1
Machinery can be leased for your manufacturing plant with a payment of $4500 at the beginning of every three months. What single payment in advance on the first day of the lease would be equal to four years of lease payments? Assume an interest rate of 4.4% compounded monthly.AppendixLO1
How much should Cannon Media Corp. pay for an annuity that would give it $20,000 at the beginning of every year for the first five years and $30,000 at the beginning of every year for the next three years, if the interest rate is 7% compounded monthly throughout the term?AppendixLO1
What is the purchase price of an annuity that provides beginning-of-month payments of $400 for the first three years and $600 for the next two years? Assume that the interest rate is 4% compounded daily throughout the time period.AppendixLO1
A contract requires lease payments of $400 at the beginning of every month for ten years.a. What is the value of the contract if the cost of borrowing is 4.5% compounded annually?b. What is the value of the contract if the cost of borrowing is 4.5% compounded daily?AppendixLO1
Soong decided to retire in Canada and wants to receive a retirement income of $4000 at the beginning of every month for 15 years from her savings. If a bank in Vancouver is offering her an interest rate of 5% compounded annually, how much would she have to invest to receive her planned retirement
Marlin secured a lease amount on a machine by paying $4500 as a down payment and lease payments of $750 at the beginning of every month for a period of five years. At the end of five years, he would have to pay $5000 to own the machine. If money is worth 5.55% compounded quarterly, calculate the
Nina leased a car for four years by making a down payment of $1500 and lease payments of $180 at the beginning of every month for four years. She could own the car by paying $4000 at the end of the lease. If money is worth 4% compounded daily, calculate the lease amount of the car.AppendixLO1
What is the value of a lease contract if it requires you to make lease payments of $450 at the beginning of each month for five years? Assume an interest rate of 6% compounded semi-annually.AppendixLO1
Miguel converts his RRSP that was earning 5.5% compounded daily into an RRIF. What was in his RRSP that will enable him to receive $3000 at the beginning of every month for ten years?AppendixLO1
Ryder invested $1000 at the beginning of every three months into his RRSP account from age 35 to 45 and left the money to grow until his retirement at the age of 65. Mayur invested $1000 at the beginning of every three months into a similar RRSP account from age 45 until his retirement at the age
Chan made deposits of $250 into a fund at the beginning of every month from age 40 to 48. He left the money to accumulate in the fund until he reached the age of 60. David made deposits of $250 at the beginning of every month into an RRSP from age 48 until he reached the age of 60. Assuming money
How much less will the value of an RRSP account be at the end of ten years if you contribute $200 at the beginning of every month instead of $2400 at the beginning of every year? Assume the account earns an interest rate of 5.2% compounded semi-annually in both cases.AppendixLO1
Jared deposited $500 at the beginning of each month into a fund. His wife deposited $1500 at the beginning of every three months into a similar fund. If they continue these deposits, which fund will have a larger balance at the end of 15 years? Both funds earn 6.2% compounded
Alan's retirement fund currently has a balance of $40,000. He decides to deposit $400 into this fund at the beginning of every month starting from today for the next 15 years. Calculate the accumulated value of the fund and the amount of interest earned if the fund earns 4.25% compounded
Amina deposits $25,000 into a savings account yielding 3.5% compounded semi-annually. In addition, she plans to deposit $1000 at the beginning of every three months for ten years into this account. Determine the total amount she will have at the end of ten years and the interest earned.AppendixLO1
Lydia deposited $10,000 into a savings account at the beginning of every year for ten years. The account was growing at 3% compounded monthly. After the ten-year period, she left the accumulated money in the account to grow for another year.a. What was the balance in the account at the end of 11
Kirit has been contributing $1500 into a retirement fund at the beginning of each quarter for the past 15 years. He decided to stop making payments and to allow his investment to grow for another 5 years. If money can earn 8% compounded monthly, how much interest would he have earned over the
At the beginning of every 3 months, $450 is deposited into a savings account for 15 years. The money remained in the account for another 5 years and earned an average of 3.45% compounded monthly during the 20-year period. Calculate the accumulated amount and the interest earned in the
A grandmother opened a savings account for her granddaughter on the day she was born and deposited $1000. Each year on her birthday, she deposited $1000 until her granddaughter's 16th birthday (she did not make a deposit on the 16th birthday). If the account earned 4.38% compounded daily, how much
Deposits of $2500 are made into a fund at the beginning of every three months for 2 years and 9 months. What would be the accumulated value if the fund was earning 2.85% compounded monthly?AppendixLO1
As part of his New Year's resolution, Clive committed to save $500 per month in a mutual fund account. He deposited the money at the beginning of every month and projected that he would earn 8.5% compounded annually on the funds. At the end of 12 months, how much did Clive accumulate?AppendixLO1
Olesya leases a car worth $24,000 at 2.99% compounded monthly. She agrees to make 36 lease payments of $330 each at the beginning of every month. What is the residual value of the car at the end of the lease? What is the buyback value of the car at the end of two years?AppendixLO1
Sapna agrees to make 48 lease payments of $450 each at the beginning of every month for a $28,000 car. If the rate charged was 4.75% compounded monthly, what is the residual value of the car at the end of the lease? What is the buyback value of the car at the end of three years?AppendixLO1
Mala can purchase a vehicle for $16,000. Alternatively, she can pay $1500 as a down payment to lease the vehicle, and pay $250 at the beginning of every month for three years. The vehicle has a residual value of $8000. Assume that the cost of borrowing is 6.75% compounded monthly.a. Which option is
Rita can purchase a new car for $30,000. Alternatively, in addition to a down payment of $1000, Rita can make lease payments of $500 at the beginning of each month for three years to lease the car. The car has a residual value of $15,000. Assume that the cost of borrowing is 4.25% compounded
Fernando converted his RRSP into an RRIF that earns 3.85% compounded monthly. It will pay $1500 at the beginning of every month for three years followed by $2000 at the beginning of every month for the next five years. What was the value of the RRIF?AppendixLO1
Josephine is considering purchasing an annuity with a rate of return of 6% compounded semi-annually. If the annuity will pay 20 equal payments of $1000 at the beginning of every six months, followed by another 20 equal payments of $1500 at the beginning of every six months, how much should she pay
What is the maximum an investor should be willing to pay for an annuity that will pay $10,000 at the beginning of each year for the next ten years, given that the investor wants to earn 5.75% compounded annually?AppendixLO1
What is the purchase price of an annuity that will provide payments of $100 at the beginning of every month for 3 years and 6 months? The annuity has an interest rate of 5.75% compounded monthly.AppendixLO1
Ruba saved $1200 of her salary at the beginning of every month in an RRSP earning 3.5% compounded monthly for 30 years. How much more would she have saved if she had put this amount in an RRSP that was earning 4.5% compounded monthly?AppendixLO1
Karim invested $3000 at the beginning of every three months in a savings account at 6% compounded quarterly for 9 years and 9 months. How much more would he have earned if he had invested it in a mutual fund that was growing at 6.5% compounded quarterly?AppendixLO1
How much should Mehmet invest today at 4% compounded monthly in order to pay his son's rent of $500 at the beginning of each month for the next four years?AppendixLO1
Tom wants to make 6 payments of $2250 at the beginning of every six months from his account. What amount must he have in this account if it is earning 3% compounded semi-annually?AppendixLO1
Arjun made contributions of $200 at the beginning of each month to an RRSP for ten years. It earned 5% compounded monthly for the first five years and 6% compounded monthly for the next five years. Calculate the accumulated value of his investment and the interest earned.AppendixLO1
Karen invested $1850 in an RRSP at the beginning of every 3 months for 20 years. For the first 9 years it earned 6% compounded quarterly and for the next 11 years it earned 6.75 % compounded quarterly. Calculate the accumulated value of her investment and the interest earned.AppendixLO1
Calculate the accumulated value and the amount of interest earned by deposits made by an investor for eight years at 7.3% compounded semi-annually. The investor deposited $2500 at the beginning of every six months for three years, followed by $3000 at the beginning of every six months for the next
Rashid deposited $750 at the beginning of every six months into an investment fund for the first two years followed by $1000 at the beginning of every six months for the next three years. Calculate the accumulated value and the amount of interest earned at the end of five years if the fund earned
Anette made deposits of $2000 at the beginning of every six months for seven years in an investment fund that was earning 7.25% compounded semi-annually. She then left the money in the fund for another three years to accumulate interest. If the fund was earning the same interest rate during the
Yi-soo saved $150 at the beginning of every month in a savings account for ten years. After this period, she stopped making periodic deposits and left the accumulated amount to grow for another four years. How much interest did she earn if the interest rate on the account was 3.55% compounded
Amanda deposits $1500 into her retirement fund at the beginning of every month for ten years. If the fund had an initial balance of $50,000 before her first deposit was made, what will be the accumulated value of the fund at the end of the time period if it was earning 6.15% compounded
Solomon has accumulated $12,500 in his savings account. In addition, he plans to deposit $500 at the beginning of every six months into the account for three years. If the account earns 3.9% compounded semi-annually, what will be the balance after three years?AppendixLO1
From the day Manuel was born, his grandmother saved $150 every month for 15 years in an account at 3.5% compounded monthly. On his 15th birthday, she did not make a deposit into this account.a. How much did he have in this account on his 15th birthday?b. What was the total investment? C. What was
Farid plans to retire on his 50th birthday and has saved $10,000 every year since his 30th birthday in a fund that earns 4.5% compounded annually. He did not make an investment on his 50th birthday.a. How much did he have in this account on his 50th birthday?b. What was the total investment?c. What
What is the accumulated value of periodic deposits of $3000 at the beginning of every six months for four years if the interest rate is 6% compounded semi-annually?AppendixLO1
Sean contributes $200 at the beginning of every month into an account that earns 7.25% compounded monthly. What is the accumulated value of the fund after ten years of contributions?AppendixLO1
Caleb invests $600 semi-annually per month in an RRSP for 10 years. His wife decided to invest $1200 in her own RRSP at the end of each year for 10 years. Assuming that both RRSP accounts earn 4% compounded annually, how much more is in Caleb's account at the end of the 10 years?AppendixLO1
Niko decided to invest $200 per month in an RRSP for 10 years. Her brother decided to invest $2400 in his own RRSP at the end of each year for 10 years. Assuming that both RRSP accounts earn 4.5% compounded annually, how much more is in Niko's account at the end of the 10 years?AppendixLO1
A loan is settled by making payments of $2000 at the end of every three months for four years and then $500 at the end of every month for the next six years. What was the amount of the loan if the interest rate was 4.5% compounded monthly?AppendixLO1
Georgia borrowed money from a bank at 6% compounded quarterly. She settled the loan by repaying $500 at the end of every month for the first two years and $2000 at the end of every three months for the next two years. What was the amount of the received loan?AppendixLO1
Starting at age 35, Aqeela invested $400 into an RRSP at the end of every month until her 45th birthday and left the fund to grow under compound interest until her 65th birthday. Starting at age 50, Gerard deposited $800 into a similar fund at the end of each month until his 65th birthday. Assume
Sandro deposited $1000 in a retirement account at the end of each quarter for 20 years until he reached the age of 55, and then made no further deposits. His wife deposited $1000 in a retirement fund at the end of each quarter for 30 years until she reached the age of 65. Assume that both funds
Wade purchased an annuity that would provide him month-end payments of $500 for the first two years and $1000 for the next three years. How much did he pay for the annuity if the interest rate is 3% compounded daily throughout the time period?AppendixLO1
How much should Jasnoor pay for an annuity that would give her $5000 at the end of every year for the first seven years and $8000 at the end of every year for the next four years, if the interest rate is 6% compounded semi-annually throughout the time period?AppendixLO1
Two annuities that provide end-of-quarter payments of $850 for a period of five years have the following interest rates: Annuity A: 9.45% compounded monthly. Annuity B: 9.50% compounded semi-annually. Which annuity would be less expensive to purchase and by what amount?AppendixLO1
Liza wants to receive a retirement income of $3000 every month for 20 years from her savings. If a bank in London was offering 6% compounded semi-annually, how much would she have to invest to receive her planned retirement income? If a bank in Toronto was offering 5.98% compounded quarterly, how
A lottery winner is offered a choice between $100,000 now and another $100,000 in five years, or month-end payments of $2300 for eight years. If money can earn 3.75% compounded semi-annually, which alternative is economically better (in current value) for her and by how much?AppendixLO1
You win a lottery that entitles you to receive either $250,000 now and another $125,000 in three years, or month-end payments of $8300 for five years. If money can earn 3.65% compounded daily, which offer is economically better (in current value) for you and by how much?AppendixLO1
Troy has to make a down payment of $1000 at the time of purchase of a new car and payments of $330 at the end of every month for 3 years and 3 months at an interest rate of 6% compounded semi-annually. What is the purchase price of the car and the total interest on the car loan?AppendixLO1
Byron Manufacturing Inc. paid $30,000 as a down payment to purchase a machine. It received a loan for the remaining amount at 4.5% compounded daily. What is the purchase price of the machine and the total amount of interest paid if Bryon Manufacturing settled the loan with payments of $4500 made at
What is the discounted value of annuity payments of $2000 made at the end of every year for five years at 6% compounded semi-annually?AppendixLO1
How much should Gilbert pay for a ten-year annuity that provides month-end payments of $1800 at 4.5% compounded quarterly?AppendixLO1
Shobna invested $500 at the end of every month into an RRSP that had an interest rate of 3% compounded daily. Two years later, the interest rate on her RRSP increased to 3.25% compounded daily and remained the same, thereafter. What is the accumulated value of the RRSP in six years?AppendixLO1
What will be the future value of a series of $1000 deposits made at the end of each quarter for ten years, if the interest rate is 5% compounded monthly for the first five years and 4% compounded annually for the next five years?AppendixLO1
Alejandro has $25,000 in a savings account that yields 5.75% compounded daily. He intends to use these savings for his retirement in five years. In addition to these savings, he intends to deposit $1250 at the end of every month in a mutual fund that yields the same return. How much money will he
Lily has accumulated $90,000 in a mutual fund. If she continues to deposit $500 at the end of every month from her salary into the fund for the next ten years, how much money will she have at the end of ten years if the fund earns 3.75% compounded daily?AppendixLO1
A credit union offers an interest rate of 4.5% compounded monthly for all investments. Which of the following would result in a higher future value and by how much more, when invested at the credit union? Option A: $18,250 invested for ten years. Option B: Annuity payments of $475 invested at the
Calculate the accumulated value of the following investment options if the bank offers an interest rate of 5% compounded semi-annually:a. A single amount of $5000 saved for five years.b. A series of payments of $100 at the end of every month for five years.AppendixLO1
Asha has been contributing $1000 at the end of every three months into a retirement fund for the past ten years. She decided to stop making payments and to allow her investment to grow for another five years. If money could earn 8% compounded semi-annually, how much interest would she have earned
Justin deposited $300 in a savings account at the end of every three months for five years. If the amount earned 5% compounded monthly, and if he left the accumulated money in the account to grow for another three years, calculate the balance in his savings account at the end of the period. What
Becca can afford to invest $400 at the end of every month in an RRSP for five years. By calculating the accumulated value of the payments in each of the following two investment options, identify the one that will give her the best return on her investment: RRSP 1: 3.55% compounded annually. RRSP
An annuity pays $200 at the end of every month for five years. Compare the future values if the investment earns 4% compounded monthly, 4% compounded semi-annually, and 4% compounded annually.AppendixLO1
Calculate the accumulated value of end-of-quarter payments of $800 made at the following interest rates for five years:a. 6.23% compounded quarterly.b. 6.24% compounded semi-annually.AppendixLO1
Calculate the future value of month-end payments of $180 made at the following interest rates for ten years:a. 7.8% compounded monthly.b. 8% compounded quarterly.AppendixLO1
Kaleb invested $100 at the end of every month into an RRSP for five years. If the RRSP was providing an interest rate of 5% compounded daily, how much did he have in the RRSP at the end of the five years?AppendixLO1
Bina saved $250 at the end of every month for two years in a savings account that earns 5% compounded daily. How much would she have in the account at the end of two years and how much of this is the interest earned?AppendixLO1
Calculate the number of compounding periods per payment period,c, expressed as a fraction, wherever applicable, and the equivalent periodic interest rate per payment period (rounded to six decimal places, wherever applicable) that matches the payment period for each of the following:a. Interest
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