MAT 158, section Spring 2021, Spring 2021 3.3 Homework (Homework) INSTRUCTOR Scott Coladarci Gateway CC, CT Print Assignment Current Score QUESTION POINTS 1 /0.55 2 /0.55 3 /0.55 4 /0.55 5 /0.55 6 /0.55 7 /0.55 8 /0.55 9 /0.6 TOTAL SCORE /5 0.0 % Due Date WED, MAR 24, 2021 5:25 PM EDT Request Extension Assignment Submission & Scoring Assignment Submission For this assignment, you submit answers by question parts. The number of submissions remaining for each question part only changes if you submit or change the answer. Assignment Scoring Your last submission is used for your score.

1. [/0.55 Points] DETAILS WANEFMAC7 3.3.001. MY NOTES PRACTICE ANOTHER Find the amount accumulated FV in the given annuity account. (Assume end-of-period deposits and compounding at the same intervals as deposits. Round your answer to the nearest ten dollars.) $400 deposited monthly for 13 years at 5% per year FV = $ Need Help? Read It

2. [/0.55 Points] DETAILS WANEFMAC7 3.3.005. MY NOTES PRACTICE ANOTHER Find the amount accumulated FV in the given annuity account. (Assume end-of-period deposits and compounding at the same intervals as deposits. Round your answer to the nearest cent.) $400 is deposited monthly for 10 years at 6% per year in an account containing $5,000 at the start FV = $ Need Help? Read It Watch It

3. [/0.55 Points] DETAILS WANEFMAC7 3.3.007. MY NOTES PRACTICE ANOTHER Find the periodic payments PMT necessary to accumulate the given amount in an annuity account. HINT [See Quick Example 2.] (Assume end-of-period deposits and compounding at the same intervals as deposits. Round your answer to the nearest cent.) $80,000 in a fund paying 2% per year, with monthly payments for 5 years PMT = $ Need Help? Read It

4. [/0.55 Points] DETAILS WANEFMAC7 3.3.012.MI. MY NOTES PRACTICE ANOTHER Find the periodic payments PMT necessary to accumulate the given amount in an annuity account. HINT [See Quick Example 2.] (Assume end-of-period deposits and compounding at the same intervals as deposits. Round your answer to the nearest cent.) $50,000 in a fund paying 3% per year, with monthly payments for 10 years, if the fund contains $20,000 at the start $ Need Help? Read It Master It

5. [/0.55 Points] DETAILS WANEFMAC7 3.3.013. MY NOTES PRACTICE ANOTHER Find the present value PV of the annuity account necessary to fund the withdrawal given. (Assume end-of-period withdrawals and compounding at the same intervals as withdrawals. Round your answer to the nearest cent.) $800 per month for 10 years, if the account earns 2% per year PV = $ Need Help? Read It Watch It

6. [/0.55 Points] DETAILS WANEFMAC7 3.3.031.MI. MY NOTES PRACTICE ANOTHER Determine the periodic payments on the given mortgage. HINT [See Example 5.] (Round your answer to the nearest cent.) a $1,000,000, 35-year, 5.8% mortgage with monthly payments $ Need Help? Read It Master It

7. [/0.55 Points] DETAILS WANEFMAC7 3.3.045. MY NOTES PRACTICE ANOTHER The following table shows the average returns for some of the largest mutual funds commonly found in retirement plans. (Assume end-of-month deposits and withdrawals and monthly compounding, and assume that the quoted rate of return continues indefinitely.) Mutual Fund Fidelity Growth Company Vanguard 500 Index PIMCO Total Return Vanguard Total Bond Market Index Rate of Return 14.83% 14.25% 3.77% 3.67% Type Stock fund Stock fund Bond fund Bond fund How much would be accumulated after 30 years in a retirement account invested entirely in the Fidelity stock fund with payments of $500 per month? HINT [See Quick Example 1.] (Round your answer to the nearest cent.) $ Need Help? Read It

8. [/0.55 Points] DETAILS WANEFMAC7 3.3.050. MY NOTES PRACTICE ANOTHER The following table shows the average returns for some of the largest mutual funds commonly found in retirement plans. (Assume end-of-month deposits and withdrawals and monthly compounding, and assume that the quoted rate of return continues indefinitely.) Mutual Fund Fidelity Growth Company Vanguard 500 Index PIMCO Total Return Vanguard Total Bond Market Index Rate of Return 14.83% 14.25% 3.77% 3.67% Type Stock fund Stock fund Bond fund Bond fund How much should you pay each month into a retirement account invested in the Vanguard bond fund if you wish to retire in 25 years with an investment valued at one million dollars? HINT [See Quick Example 2.] (Round your answer to the nearest cent.) $ Need Help? Read It

9. [/0.6 Points] DETAILS WANEFMAC7 3.3.087. MY NOTES PRACTICE ANOTHER Loans You have a $1,000 credit card debt, and you plan to pay it off through monthly payments of $25. If you are being charged 15% interest per year, how long (to the nearest 0.5 years) will it take you to repay your debt? yr Need Help? Read It