1.)Aleena rents a suite and pays $1010 in monthly rent in advance. What is the cash value...
Question:
1.)Aleena rents a suite and pays $1010 in monthly rent in advance. What is the cash value of the property if money is worth 8.5% compounded monthly?
2.) Jean inherited $56,000, where the terms of the inheritance state that she is to receive $720 at the end of each month, starting in two years, until the money is completely withdrawn. If the money is placed in a savings account earning 9% compounded semi-annually, how long will the inheritancelast? State your answer in years and months(from 0 to 11months).
3.)A property development agreement valued at $60,000 requires semi-annual lease payments of $6,500. The first payment is due three years after the date of the agreement and interest is 6% compounded annually. For how long will payments bemade?
Contemporary Business Mathematics with Canadian Applications
ISBN: 978-0133052312
10th edition
Authors: S. A. Hummelbrunner, Kelly Halliday, K. Suzanne Coombs