Question: please help me with those two questions i need the answer asap pls. also please make sure answers are correct. 1. Heather had to make

please help me with those two questions i need the answer asap pls. also please make sure answers are correct.
 please help me with those two questions i need the answer

1. Heather had to make a payment of $1,700 in 9 months and $2,900 in 20 months, to a raw material supplier. What single payment in 3 months would settle both these payments? Assume a simple interest rate of 6.25% p.a. and use 3 months from now as the focal date. Round to the nearest cent 7. Jacqueline invested the profit of her business in an investment fund that was earning 2.50% compounded monthly. She began withdrawing $2,000 from this fund every 6 months, with the first withdrawal in 5 years. If the money in the fund lasted for the next 6 years, how much money did she initially invest in the fund? $ Round to the nearest cent 1. Heather had to make a payment of $1,700 in 9 months and $2,900 in 20 months, to a raw material supplier. What single payment in 3 months would settle both these payments? Assume a simple interest rate of 6.25% p.a. and use 3 months from now as the focal date. Round to the nearest cent 7. Jacqueline invested the profit of her business in an investment fund that was earning 2.50% compounded monthly. She began withdrawing $2,000 from this fund every 6 months, with the first withdrawal in 5 years. If the money in the fund lasted for the next 6 years, how much money did she initially invest in the fund? $ Round to the nearest cent

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!