Question: just need question 22 Part II: PROBLEMS - Compute a final numerical answer for each of the following problems. You should work out your solutions
Part II: PROBLEMS - Compute a final numerical answer for each of the following problems. You should work out your solutions on loose leaf paper, however, I may or may not collect your worked out solutions. To be safe, however, I suggest that you write out a solution for every problem and be ready to turn it in if asked. Unless specifically told in a problem to do otherwise, round all dollar answers to 2 decimal places, round time (years or months) answers to one (1) decimal place and record interest rates as percent values rounded to one (1) decimal place. However, be sure to NOT input a dollar sign, commas, or percent sign on D2L. For example, record $3,284.33965 as 3284.34, record 37.285432 years as 37.3 and record.064358 =6.4358% as 6.4. 21. In 2020, the total world population was 7.794 billion people. Population experts predict that this number will grow at a compound rate of 0.92% annually over the next 20 years. If that growth rate is correct, what will be the world population (in billions) in 20 years (.e., in 2040)? Enter your answer in billions, rounded to 3 decimal places; for example, enter 11.12793 billion as 11.128. 22. Over the past 10 years, the average inflation rate in the United States has been 1.8 percent per year. Due to large government deficits related to COVID and projected deficits for new proposed social programs, many economists believe that this rate may triple (to 5.4 percent per year) over the next 10 years. Currently, a price of a gallon of gasoline is about $2.49. If the inflation rate over the next 10 years averages 1.8 percent per year, in 2031, gasoline will cost $2.98 per gallon. If the inflation rate is instead 5.4 percent per year over the next 10 years, what will gasoline cost (per gallon) in 2031? 23. You expect to deposit the following cash flows at the end of years I through 5. $1,000: $4,000; $9,000; $5,000; and $2,000 respectively. What is the future account value at the end of year 6 if you can earn 10% compounded annually
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