Question: a . You have $ 2 3 , 8 7 9 . 3 4 in a brokerage account, and you plan to deposit an additional
a You have $ in a brokerage account, and you plan to deposit an additional $ at the end of every future year until your account totals $ You expect to earn annually on the account. How many years will it take to reach your goal? Round your answer to the nearest whole number.
b What's the future value of an year ordinary annuity that pays $ each year? If this was an annuity due, what would its future value be Do not round intermediate calculations. Round your answers to the nearest cent.
c An investment will pay $ at the end of each of the next years, $ at the end of Year $ at the end of Year and $ at the end of Year If other investments of equal risk earn annually, what is its present value? Its future value? Do not round intermediate calculations. Round your answers to the nearest
cent.
d You want to buy a car, and a local bank will lend you $ The loan will be fully amortized over years months and the nominal interest rate will be with interest paid monthly. What will be the monthly loan payment? What will be the loan's EAR? Do not round intermediate calculations. Round your answer for the monthly loan payment to the nearest cent and for EAR to two decimal places.
Step by Step Solution
There are 3 Steps involved in it
1 Expert Approved Answer
Step: 1 Unlock
Question Has Been Solved by an Expert!
Get step-by-step solutions from verified subject matter experts
Step: 2 Unlock
Step: 3 Unlock
