Norma is planning a trip to India when she retires 9 years from now and has calculated that she will need $30,000 in her savings to support her travels. If she contributes $800 to her savings at the end of every 3 months for the first 4 years of savings and $200 at the end of every month for the following five years, how close to her goal will she get if money can earn 3.5% compounding quarterly for the entire 9 years? (Do not round intermediate calculations and round your final answer to 2 decimal places.) Norma will be $ short of her goal. 

A Province of Ontario bond has 14.5 years remaining until it matures. The bond pays $231.25 interest at the end of every six months. At maturity, the bond repays its $5,000 face value in addition to the final interest payment. What is the fair market value of the bond, if similar provincial bonds are currently providing investors with a return of 7.8% compounded semiannually? (Do not round intermediate calculations and round your final answer to 2 decimal places.) Fair market value of the bond $

Answer rating: 100% (QA)

Answer 1 Given Interest 35 Compound... View the full answer