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mathematics
fundamentals of business mathematics in canada
Questions and Answers of
Fundamentals of Business Mathematics in Canada
Miguel was supposed to make three payments of $2000 each—the first one year ago, the second one year from now, and the third three years from now. He missed the first payment and proposes to pay
What principal amount will have a maturity value of $4976.68 after 27 months if it earns 4.5% compounded quarterly?
A five-year compound-interest GIC pays rates of 1%, 2%, 3%, 4%, and 5% in successive years. What will be the maturity value of $10,000 invested in this GIC?
Calculate the nominal interest rate if the periodic rate isa. 1.6% per half-year.b. 1.2% per quarter.c. 0.3% per month.
To what amount will $10,000 grow after 25 years if it earnsa. 6% compounded annually?b. 6% compounded semiannually?c. 6% compounded quarterly?d. 6% compounded monthly?
CompuSystems was supposed to pay a manufacturer $19,000 on a date four months ago and another $14,000 on a date two months from now. Instead, CompuSystems is proposing to pay $10,000 today and the
The maturity value of an investment after 42 months is $8689.32. What was the original investment if it earned 4.25% compounded semiannually?
Sabina is scheduled to pay her sister $5000 in three years from now. How much should her sister accept as an economically equivalent payment today if money is worth 5% compounded semiannually?
By calculating the maturity value of $100 invested for 1 year at each rate, determine which rate of return an investor would prefer for a 1-year investment.a. 8.0% compounded monthlyb. 8.1%
A contract requires Evan to pay $6,400 in 24 gears from now. How much should his creditor be willing to accept today in settlement of this debt if money is wortha. 1.2% compounded monthly?b. 5.4%
Stan purchased a $15,000 compound-interest Series S129 Canada Savings Bond on December 1, 2011. The interest rate in each year was 0.5%. What total interest did Stan receive when he redeemed the CSB
By calculating the maturity value of $100 invested for 5 years at each rate, determine which rate of return an investor would prefer for a 5-year investment.a. 2.28% compounded monthlyb. 2.29%
A lottery prize gives the winner a choice between(1) $10,000 now and another $10,000 in 5 years(2) Four $6000 payments now and in 5, 10, and 15 years.a. Which alternative should the winner choose if
You owe $6000 payable three years from now. What alternative amount should your creditor be willing to accept today if she can earn 2.1% compounded monthly on a low-risk investment?
A $1000-face-value strip bond has 19 years remaining until maturity. What is its price if the market rate of return on such bonds is 3.9% compounded semiannually?
Sabrina purchased a $5000 compound interest Series S127 Canada Savings Bond on December 1, 2010. The interest was 0.65% in the first year, and 0.5% in each subsequent year. What maturity value did
What is the maturity value of a $12,000 loan for 18 months at 5.2% compounded quarterly? How much interest is charged on the loan?
Henri has decided to purchase a $25,000 car. He can either liquidate some of his investments and pay cash, or accept the dealer's proposal that Henri pay $5000 down and $8000 at the end of each of
Sarah is scheduled to receive $6500 three years from now. What amount could Sarah accept today as an economically equivalent payment if her funds can earn 5% compounded semiannually?
What amount did the owner of a $5000-face-value compound-interest Series S128 Canada Savings Bond receive when she redeemed the bond ona. November 1, 2015?b. August 21, 2016?
What total interest will be earned by $5000 invested at 2.4% compounded monthly for 3 1/2 years?
The principal plus interest at 6% compounded quarterly on a $15,000 loan made 2 1/2 years ago is due in two years. The debtor is proposing to settle the debt by a payment of $5000 today and a second
When Rheal was born, her grandmother made a lump sum investment that would provide Rheal with $50,000 when she turned age 18. If the investment earned 5.5% compounded semiannually during the entire
Meyers Enterprises sold 6700 units of product last year. If the company is projecting annual growth of 5.5%, what is the predicted annual unit sales in 4 years from now?
What amount did the owner of a $10,000-face-value compound-interest Series S120 CSB receive when he redeemed the bond ona. November 1, 2015?b. May 19, 2016?
How much would you need to invest today in order to have a total of $200,000 in 20 years from now if your funds earna. 3.6% compounded annually?b. 3.6% compounded monthly?
Ross has just been notified that the combined principal and interest on an amount that he borrowed 27 months ago at 5% completed quarterly is now $2012.93. How much of this amount is principal and
On the same date that the CIBC advertised rates of 1%, 1.1%, 1.15%, 1.25%, and 3% in successive years of its five-year compound-interest Escalating Rate GIC, it offered 1.25% compounded annually on
What amount today is equivalent to $10,000 four years ago, if money earned 3.5% compounded monthly over the past 4 years?
A trust company pays 1.375% compounded annually on its five-year GICs. What semiannually compounded interest rate would produce the same maturity value?
What was the redemption value of a $300-face-value compound-interest Series S126 CSB on March 8, 2016?
How much more will an investment of $10,000 earning 2% compounded annually be worth after 25 years than after 20 years? Calculate the difference in dollars and as a percentage of the smaller maturity
Accurate Accounting obtained a private loan of $25,000 for 5 years. No payments were required, but the loan accrued interest at the rate of 3% compounded monthly for the first 2 1/2 gears and then at
The BMO Bank of Montreal advertised rates of 1.2%, 1.35%, 1.5%, 1.75%, and 2.25% for the five successive years of its five-year compound-interest RateRiser Plus GIC. At the same time, the bank was
Jazrinder invested an amount 42 months ago that has now grown to be worth a total of $4200. How much did Jazrinder originally invest if she has earned 4.1% compounded semiannually during the entire
Isaac borrowed $3000 at 4.5% compounded quarterly 3 1/2 years ago. One year ago he made a payment of $1200. What amount will extinguish the loan today?
Interest rates were at historical highs in the early 1980s. In August of 1981, you could earn 17.5% compounded annually on a 5-year term deposit with a Canadian bank. Since then, the interest rate
Mustafa can receive a $40 discount if he pays his property taxes early. Alternatively, he can pay the full amount of $2250 when payment is due in 9 months. Which alternative is to his advantage if he
Noori borrowed $5000 for 4 1/2 years. For the first 2 1/2 years, the interest rate on the loan was 8.4% compounded monthly. Then the rate became 5.5% compounded semiannually. What total amount was
What amount, 1 1/2 if years from now, is equivalent to $7000 due in 8 years if money can earn 5.2% compounded semiannually?
Jamil was scheduled to pay $3100 eight months ago, and an additional $5200 in 3 years from now. He did not make the $3100 payment. How much should his creditor be willing to accept in 18 months from
A credit union's Rate-Climber GIC pays rates of 2%, 3%, and 4% compounded semiannually in successive years of a three-gear term.a. What will be the maturity value of $12,000 invested in this GIC?b.
A $1000-face-value strip bond has 22 years remaining until maturity. What is its price if the market rate of return on such bonds is 3.95% compounded semiannually?
Alicia is considering two offers-to-purchase that she has received on a residential building lot she wishes to sell. One is a cash offer of $146,500. The other offer consists of three payments of
If an investor has the choice between rates of 1.5% compounded semiannually and 1.6% compounded annually for a six-year GIC, which rate should be chosen?
What price should be paid for a $5000-face-value strip bond with 19.5 gears remaining to maturity if it is to yield the buyer 2.1% compounded semiannually?
A payment of $1300 is scheduled for a date 3 1/2 years from now. What would be an equivalent payment 9 months from now if money is worth 3.5% compounded quarterly?
Donnelly Excavating has received two offers on a used backhoe that Donnelly Is advertising for sale. Offer 1 is for $10,000 down and $30,000 in 18 months. Offer 2 is for $8000 down and $33,000 in two
Consider a $5000-face-value Hydro Quebec strip bond from the issue in Table 8.3 that matures on August 26, 2020. If the yield does not change as years go by, what is the bond's value ona. August 26,
A $2300 payment due 1 1/2 years ago has not been paid. If money can earn 6.25% compounded semiannually, what amount in 2 years from now would be the economic equivalent to the missed payment?
On the same date that the Alberta Treasury Branches were advertising rates of 0.7%, 1%, 1.2%, 1.35%, and 2% in successive gears of their five-year compound-interest Springboard GIC, they offered 1.6%
Consider a $5000-face-value Newfoundland & Labrador Hydro strip bond from the issue in Table 8.3 that matures on August 27, 2018. If the yield does not change as years go by, what is the bond's
What amount 3 years from now is economically equivalent to $4000 due five months from now? Assume that money can earn 3% compounded monthly.
A bond pays $1000 interest at the end of every year for the next 30 years. What is the current economic value of each of the 15th and 30th payments if we discount the payments ata. 4% compounded
Due to the growth of free online buy-and-sell sites, a community newspaper anticipates that the number of classified ads in its publication will decline by 12% per year. If the newspaper published a
Mrs. Janzen wishes to purchase some 13-year-maturity strip bonds with the $12,830 in cash she now has in her RRSP. If these strip bonds are currently priced to yield 4.25% compounded semiannually,
Stefan borrowed $12,000 at an interest rate of 6% compounded semiannually. On the 2nd and 4th anniversaries of the loan, he made payments of $3000. What payment made on the 6th anniversary of the
Mohinder has financial obligations of $1000 due in 3 1/2 years and $2000 due in gears. He wishes to settle the obligations sooner with a single payment 1 year from now. If money is worth 3.75%
For the five-year period ended January 31, 2016, the Pender Small Cap Class F Opportunities Fund was one of the best performers of all Canadian mutual funds. It effectively earned a compound annual
Teresa borrowed $8500 at an interest rate of 8% compounded quarterly. Two years after the loan was advanced she made a payment of $3000. Five years after the loan was advanced she made a payment of
Use the data in Table 8.2 to determine the redemption value of a $500-face-value compound interest Series S120 Canada Savings Bond ona. November 1, 2015b. April 15, 2016. Table 8.2 Interest S108
Maria was scheduled to pay Johann $6500 in two years from now, and an additional $8500 in six years from nowa. What single equivalent payment should Johann accept in three years from now instead of
A $2400 payment was made on a $10,000 loan 30 months after the date of the loan. The interest rate was 6% compounded monthly for the entire load period. What amount was owed on the loan after three
What payment 2 1/4 years from now would be a fair substitute for the combination of $1500 due (but not paid) 9 months ago and $2500 due in 44 years from now, if money can earn 3.5% compounded
Scheduled payments of $2300 due 18 months ago and $3100 due in three years from now are to be replaced by two payments—$2000 due today and a second payment of undetermined size due in four years
Mr. and Mrs. Rasuli would like to retire in 15 years at an annual income level that would be equivalent to $65,000 today. What is their retirement income goal if, in the meantime, the annual rate of
Sabrina invested $7200 three years ago, and an additional $2300 one year ago. Her investments have earned 3.5% compounded quarterly for the whole time.a. How much are Sabrina's investments worth
A $1000-face-value compound-interest Series S126 Canada Savings Bond was redeemed on March 14, 2016. What amount did the bond's owner receive? (Obtain the issue date and the interest rates paid on
A city's population stood at 120,000 after five years of 3% annual growth. What was the population five years previously?
How much more interest would Aman earn on an investment of $150,000 for ten years if he is able to negotiate a rate of 6% compounded monthly instead of the advertised rate of 5.4% compounded monthly?
What single payment six months from now would be equivalent to payments of $500 due (but not paid) four months ago, and $800 due in 12 months? Assume money can earn 3.9% compounded monthly.
A college has targeted an enrollment increase of 8% per year. If the college has 18,000 full-time students today, what is the enrollment estimate in six years from now? Round your answer to the
For a 15-year investment, would an investor prefer a rate of return of 3.27% compounded quarterly or 3.3% compounded semiannually? Show calculations to support your answer.
In 2013 the number of workers in the forest industry was forecast to decline by 3% per year, reaching 205,000 in 2023. How many were employed in the industry in 2013?
Alberto has just invested $60,000 in a 5-year Guaranteed Investment Certificate (GIC) earning 3% compounded semiannually. When the GIC matures, he will reinvest its entire maturity value in a new 5
On February 1 of three successive gears, Roger contributed $3000, $4000, and $3500, respectively, to his RRSP. The funds in his plan earned 3% compounded monthly for the first year, 2.5% compounded
An eight-year note for $3800 with interest at 6% compounded semiannually was sold after three years and three months to yield the buyer 4.2% compounded quarterly. What price did the buyer pay?
Teresita has three financial obligations to the same person: $2800 due in 1 year, $1900 due in 1 ½ years, and $1100 due in 3 years. She wishes to settle the obligations with a single payment in 2 ¼
A four-year $8000 promissory note bearing interest at 6.6% compounded monthly was discounted 21 months after issue to yield 4.8% compounded quarterly. What were the proceeds from the sale of the note?
A loan of $4000 at 4.5% compounded monthly requires three payments of $1000 at 6, 12, and 18 months after the date of the loan, and a final payment of the full balance after two years. What is the
A $4000 loan at 5% compounded monthly is to be repaid by two equal payments due 10 and 15 months from the date of the loan. What is the size of the payments?
A five-year, compound-interest GIC purchased for $1000 earns 2.25% compounded annually.a. How much interest will the GIC earn in the fifth year?b. If the rate of inflation during the five-year term
The late 2000s and early 2010s were years of relatively low rates of inflation in Canada. For the years 2011, 2012, 2013, 2014, and 2015 the rates of inflation were 2.9%, 1.5%, 0.9%, 2.0%, and 1.1%
A $15,000 loan at 5.5% compounded semiannually is advanced today. Two payments of $4000 are to be made 1 year and 3 years from now. The balance is to be paid in 5 years. What will the third payment
Loralyn borrowed $12,500 from her grandmother at an interest rate of 9% compounded semiannually. The loan is to be repaid by three payments. The first payment, $2000, is due three years after the
A $6000 loan at 6% compounded quarterly is to be settled by two payments. The first payment is due after nine months and the second payment, half the amount of the first payment, is due after 1 1/2
Carla has decided to purchase a $30,000 car. She can either liquidate some of her investments and pay cash, or accept the dealer's terms of $7000 down and successive payments of $10,000, $9000, and
A $1100 investment earning 2.3% compounded annually grew to $1855.81. What was the term of the investment?
What was the annually compounded nominal rate of growth if an investment of $1000 grew to be worth $2321.06 after 20 years?Calculate interest rates accurate to the nearest 0.01%.
How long did it take $4625 earning 4.375% compounded annually to grow to $6768.42?
What is the effective interest rate corresponding to a nominal annual rate ofa. 3.6% compounded quarterly?b. 3.6% compounded monthly?Calculate interest rates and growth rates accurate to the nearest
What quarterly compounded rate is equivalent to 3.5% compounded semiannually?
An initial $1800 investment was worth $2120.31 after two years and nine months. What quarterly compounded nominal rate of return did the investment earn?
$5000 invested in a GIC earning 1.7% compounded semiannually earned interest of $350.29. What was the term of the GIC?
If the money supply increased from $592.79 billion to $597.61 billion in a single month, what were the simple and effective annualized rates of increase in the money supply during the month?Calculate
One year ago, $13,000 was invested in units of a mutual fund. The units paid a distribution of $260 during the year, but the mutual fund units are now worth only $11,400. What has been thea. Income
The current balance on a loan is $3319.59. If the interest rate on the loan is 5% compounded monthly, how long ago was the $2870 loan made?
If the nominal rate of interest paid on a savings account is 1.2% compounded monthly, what is the effective rate of interest paid?Calculate percentages accurate to the nearest 0.01%.
Calculate the income yield, capital gain yield, and rate of total return in each of 2014 and 2016 for Rogers Communications shares and Sprott Canadian Equity Fund units. Use the data in Tables 9.3
The amount owed on a promissory note for $950 after two years and five months is $1036.22. What monthly compounded nominal rate of interest was charged on the debt?
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