Assignment #7 - Annuities MAP 4C Name 1. Use the TVM Solver to solve the following problems. Include the completed TVM Solver template with your solutions (basically fill in the table provided with each question with the values you entered into the calculator and your solution). The solution space will obviously need to be left blank in the chart, just record the answer in the final solution space below. N. a) Chantel has been saving for college since Grade 9. She deposits $100.00 per month into an account that earns interest of 8%/a, compounded monthly. How much money will Chantel have in her account after 4 years of saving? PV = 14 PMT FV = solution : P/Y CY Now use this solution to calculate the amount of interest Chantel earned: /2 N= b) Karen starts saving for a down-payment on a house by making regular payments at the end of each month into an account that earns 8.4%/a interest, compounded monthly. Determine the amount of each monthly payment needed to accumulate $10 000 in three years. 1% PV PMT 14 FV PY solution: CY N- c) Steve deposits $50.00 each week into a bank account that earns 5.75% interest, compounded weekly. How much money will he have in his account after 30 weeks? I% PV /4 PMT= FV = PAY solution: CAY How long will it take Steve to save up the $4000? N- 1% /2 PV = PMT solution: FV PY CY How much would Steve need to deposit each week in order to have $4000 in one year? N- 1% = /2 PV = PMT solution: FV P/Y CY. Assignment #7 - Annuities MAP 4C Name 1. Use the TVM Solver to solve the following problems. Include the completed TVM Solver template with your solutions (basically fill in the table provided with each question with the values you entered into the calculator and your solution). The solution space will obviously need to be left blank in the chart, just record the answer in the final solution space below. N= a) Chantel has been saving for college since Grade 9. She deposits $100.00 per month into an account that earns interest of 8%/a, compounded monthly. How much money will Chantel have in her account after 4 years of saving? 1% = PV = /4 PMT FV = solution : PAY CAY Now use this solution to calculate the amount of interest Chantel earned: /2 N. b) Karen starts saving for a down payment on a house by making regular payments at the end of each month into an account that earns 8.4% / a interest, compounded monthly. Determine the amount of each monthly payment needed to accumulate $10 000 in three years. PV = PMT FV = /4 PAY CH- solution: N= c) Steve deposits $50.00 each week into a bank account that earns 5.75% interest, compounded weekly. How much money will he have in his account after 30 weeks? 1% = PV = PMT= /4 FV = P/Y= solution: CAY= How long will it take Steve to save up the $4000 ? N= 1% = /2 PV = PMT= solution: FV = P/Y = C/Y How much would Steve need to deposit each week in order to have $4000 in one year? N= 1% = /2 PV- PMT solution: FV P/Y CHY Assignment #7 - Annuities MAP 4C Name 1. Use the TVM Solver to solve the following problems. Include the completed TVM Solver template with your solutions (basically fill in the table provided with each question with the values you entered into the calculator and your solution). The solution space will obviously need to be left blank in the chart, just record the answer in the final solution space below. N. a) Chantel has been saving for college since Grade 9. She deposits $100.00 per month into an account that earns interest of 8%/a, compounded monthly. How much money will Chantel have in her account after 4 years of saving? PV = 14 PMT FV = solution : P/Y CY Now use this solution to calculate the amount of interest Chantel earned: /2 N= b) Karen starts saving for a down-payment on a house by making regular payments at the end of each month into an account that earns 8.4%/a interest, compounded monthly. Determine the amount of each monthly payment needed to accumulate $10 000 in three years. 1% PV PMT 14 FV PY solution: CY N- c) Steve deposits $50.00 each week into a bank account that earns 5.75% interest, compounded weekly. How much money will he have in his account after 30 weeks? I% PV /4 PMT= FV = PAY solution: CAY How long will it take Steve to save up the $4000? N- 1% /2 PV = PMT solution: FV PY CY How much would Steve need to deposit each week in order to have $4000 in one year? N- 1% = /2 PV = PMT solution: FV P/Y CY. Assignment #7 - Annuities MAP 4C Name 1. Use the TVM Solver to solve the following problems. Include the completed TVM Solver template with your solutions (basically fill in the table provided with each question with the values you entered into the calculator and your solution). The solution space will obviously need to be left blank in the chart, just record the answer in the final solution space below. N= a) Chantel has been saving for college since Grade 9. She deposits $100.00 per month into an account that earns interest of 8%/a, compounded monthly. How much money will Chantel have in her account after 4 years of saving? 1% = PV = /4 PMT FV = solution : PAY CAY Now use this solution to calculate the amount of interest Chantel earned: /2 N. b) Karen starts saving for a down payment on a house by making regular payments at the end of each month into an account that earns 8.4% / a interest, compounded monthly. Determine the amount of each monthly payment needed to accumulate $10 000 in three years. PV = PMT FV = /4 PAY CH- solution: N= c) Steve deposits $50.00 each week into a bank account that earns 5.75% interest, compounded weekly. How much money will he have in his account after 30 weeks? 1% = PV = PMT= /4 FV = P/Y= solution: CAY= How long will it take Steve to save up the $4000 ? N= 1% = /2 PV = PMT= solution: FV = P/Y = C/Y How much would Steve need to deposit each week in order to have $4000 in one year? N= 1% = /2 PV- PMT solution: FV P/Y CHY