1/3 of Milo's money was 4/5 of Alan's money. If Milo gave $18 to Alan and he returned $4 to him a few days later, then both of them would have an equal amount of money left. How much did Milo have at first?
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- Inno earns P^(180000).00 a year. If he spends (1)/(5) for food, (1)/(8) for rent, (1)/(10) for clothing, and (1)/(20) for recreation: a. How much does he spend for each? b. How much is his total expenses? c. How much does he save? d. What fractional part of his earnings is his savings?Your grandfather put some money into an account for you on the day you were born. You are now 18 years old and are allowed to withdraw the money for the first time. The account currently has $4,497 in it and pays an interest rate of 6%. a. How much money would be in the account if you left the money there until your 25th b. What if you left the money until your 65th birthday? c. How much money did your grandfather originally put into the account? birthday?Your grandfather put some money in an account for you on the day you were born. You are now 18 years old and are allowed to withdraw the money for the first time. The account currently has $3,996 in it and pays an 8% interest rate. a. How much money would be in the account if you left the money there until your 25th birthday? b. What if you left the money until your 65th birthday? c. How much money did your grandfather originally put in the account? a. How much money would be in the account if you left the money there until your 25th birthday? If you left the money there until your 25th birthday, the amount in the account would be $ ☐ (Round to the nearest cent.)
- Your grandfather put some money in an account for you on the day you were born. You are now 18 years old and are allowed to withdraw the money for the first time. The account currently has $2,407 in it and pays an 5% interest rate. a. How much money would be in the account if you left the money there until your 20th birthday? b. What if you left the money until your 65th birthday? c. How much money did your grandfather originally put in the account? ... a. How much money would be in the account if you left the money there until your 20th birthday? If you left the money there until your 20th birthday, the amount in the account would be $ (Round to the nearest cent.)Upon selling his residence, the lawyer Hinojosa buys a flat and deposits the rest in an account that earns him 8.4% simple annual interest. How much did he get for his house if in 5 years the account earned him $243,600 in interest and how much money did he invest in the flat, assuming 53.6%?Your are in need of cash and turn to your cousin, who offered to lend you some money. You decide to borrow $1450 and agree to pay back $1660 in two years? Rate of interest charged by cousin ?
- David has a total wealth of $50,000, which corresponds to 500 utils of happiness (i.e., David's utility from $50,000 of wealth is equal to 500). If David gets sick he will incur $30,000 in medical bills, leaving him with $20,000 of wealth and utility from wealth of 300 (i.e., David's utility from $20,000 of wealth is 300). Suppose that David has a 40% chance of getting sick. What is David's expected utility from wealth? (Note that expected utility from wealth is equivalent to expected utility over wealth.)Deb and Rusty have just gotten married and wish to buy a home. They both work in Boston and have a combined income of $90,000. They found a modest starter house which they are buying for $350,000. 1. They plan to use their $40,000 is savings to cover the closing costs the bank will charge them, which are 1% of the amount they borrow from the bank. The rest of the savings will be used as a down payment. Determine the largest amount they can use for a down payment and still pay the closing costs. 2. Using the amount Deb and Rusty have to borrow from part 1, open Excel and create a 20-year amortization schedule, giving monthly payments for the amount they borrowed at a 4.5% annual interest rate. You must use the pmt function in Excel to compute the monthly payment. Title this worksheet Amortization. For your answer to this question write “See Excel Workbook”. 3. Use the amortization schedule to compute the total amount of interest they will pay to the bank over the 20 years. 4. Create a…Your grandfather put some money in an account for you on the day you were born. You are now 18years old and are allowed to withdraw the money for the first time. The account currently has $3,609 in it and pays an 4% interest rate. How much money would be in the account if you left the money there until your 25th birthday? If you left the money until your 65th birthday, what would the future value be? How much money did your grandfather originally put in the account? (Round to the nearest dollar)
- Logan inherited $8,000. He split the money and placed EQUAL amounts in the two accounts below. Find the total amount of money in EACH of the accounts after 5 years. Which account had the greater return? Account A: earns 7% interest compounded quarterly Account B: earns 6.5% interest compounded daily Account A: $ (rounded to the nearest penny) Account B: $ (rounded to the nearest penny) Which account made more interest? (letter ONLY) How much more? $Jennifer has the transactions below, what is the combined impact on her net worth when considering all of the transactions? She purchases $5,000 worth of a mutual fund with cash from her savings account. She spends $6,000 on a two-week vacation to Italy using funds in her money market account. She purchases $10,000 worth of furniture for her house and uses her credit card to finance the purchase. A. $21,000 decrease in net worth B. $6,000 decrease in net worth C. $15,000 increase in net worth D. $6,000 increase in net worthJeff makes payments at the end of each year into an account for 10 years. The present value of Jeff's payments is 5,000. Ryan makes a payment equal to Jeff's payment at the beginning of each year for 11 years into the same account. The present value of Ryan's payments is 5,900. Calculate the amount of Jeff's payment. **we cannot use excel**