Question: Home Assignment 2 Max Marks 10 Q1. John Deere expects the cost of a tractor part to increase by $15 per year beginning 8 years

Home Assignment 2 Max Marks 10 Q1. John Deere expects the cost of a tractor part to increase by $15 per year beginning 8 years from now. If the cost in years 1-7 is $60, determine the present worth in year 0 of the cost through year 20 at an interest rate of 12% per year. Q2. Suppose you borrowed $2800 exactly for seven years and the interest rate is 3%. What is the total amount you will pay at the end of borrowing period

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