Question: Use formula to solve this problem (No Excel Please) Mark buys 8 special certificates of deposits (CDs). Each of the first six CDs pay $100
Mark buys 8 special certificates of deposits (CDs). Each of the first six CDs pay $100 at the end of each month. The first four CDs last years. The next two CDs last 6.5 years. The seventh and eighth CDs are special The seventh CD lasts for 7 years, pays 100 for the first month and every month this value increases by 10 dollars. The interest rate for these first seven CDs is AEIR of 7%. The final CD lasts 5 years and has an AEIR of 5%. It pays 100 dollars the first month and each month after that it pays 20 percent more than the month before. How much did Mark pay for all the CDs combined? (Find the total Present Value, and please remember to calculate monthly rates!) You may want to save this question for last, more work than others, 4 points, same as others) A 22.601,744 8.22,533,395 0.32158 D 19.001.446 E 22.126,354 Mark buys 8 special certificates of deposits (CDs). Each of the first six CDs pay $100 at the end of each month. The first four CDs last years. The next two CDs last 6.5 years. The seventh and eighth CDs are special The seventh CD lasts for 7 years, pays 100 for the first month and every month this value increases by 10 dollars. The interest rate for these first seven CDs is AEIR of 7%. The final CD lasts 5 years and has an AEIR of 5%. It pays 100 dollars the first month and each month after that it pays 20 percent more than the month before. How much did Mark pay for all the CDs combined? (Find the total Present Value, and please remember to calculate monthly rates!) You may want to save this question for last, more work than others, 4 points, same as others) A 22.601,744 8.22,533,395 0.32158 D 19.001.446 E 22.126,354
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