A condominium association decided to set up a sinking fund to accumulate $70,000 by the end of 3 years to build a new sauna and swimming pool. What quarterly deposits are required if the annual interest rate is 4.2% and it is compounded quarterly? (Round your final answer to two decimal place

Q: Use the appropriate formula to find the future value in dollars of $700 deposited at the beginning…

A: The answer is in the explanation section.Explanation:The interest is compounded annually, but the…

Q: an electrical engineer desires to set up fund by making uniform monthly end of period deposits for a…

A: first calculate the value at the end of the decade FV = 0, N = 3, PMT = 250,000, rate = (1+6%/12)12…

Q: The second question: What is the amount that the contractor must deposit every year in her savings…

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Q: Jesse borrowed $30,000. The company plans to set up a sinking fund that will repay the loan at the…

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A: Future Value  $          1,80,000.00 Time Period 3 Interest Rate 0.80%

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A: P500000 is needed at the end of 10 years. The Fair value at the end of 10 years = Annual Deposit x…

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A: Time Period = 2 years * 4 = 8 quarters Interest Rate = 5%/4 = 1.25% per quarter Future Value…

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A: The future value of the annuity is the future worth of a cash flow series at a certain rate of…

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A: Step 1 With a certain rate of return, present value (PV) is the current value of a future financial…

Q: If I invest P10,387 today and expect a reimbursement every 6 months with a rate of 11.54% compounded…

A: Total Investment = P10,387 Interest Rate = 11.54% Compounded Semi-Annually = 2 Total no. of years =…

Q: P240,000 will be deposited in a fund at the beginning of each six months for 5 yrs. Using 11% as the…

A: Semi annual deposit = P = P240,000 Interest rate = 11% Semi annual interest rate (r) = 11%/2 = 5.50%…

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A: Annual payment: Fixed regular Payment made annually for loans for the entire cycle of the loan is…

Q: In five years, P 20,000 will be bedded to pay for a building renovation. In order to generate this…

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Q: P25,000 on top of his regular annual deposit. HoW much money can he withdraw from the fund ten years…

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Q: use the appropriate formula to find the future value (in $) of $500 dollars deposited at the…

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Q: Find the interest rates earned on each of the following. Round each answer to two decimal places.…

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A: Future value = $70,000Period = 5 years Interest rate = 3%

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A: We use PMT function in excel to calculate monthly payments

Q: If you contribute $1000.00 into an RRSP every six months for fifteen years and interest on the…

A: GIVEN, pmt =$1000 NPER = 15 X 2 =30 RATE = 8%2=4% PV=0

Q: Find the periodic payments PMT necessary to accumulate the given amount in an annuity account.…

A: Here, Particulars Values Accumulated amount in an annuity account (FV)  $30,000.00 Present…

Q: Find the periodic payments PMT necessary to accomulate the given account in an annuity account.…

A: The annuity in which fixed amounts are paid at the end of each period is known as an ordinary…

Q: Find the periodic payments PMT necessary to accumulate the given amount in an annuity account.…

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Q: A savings institution advertised "Invest $6000 a year for 10 years and we will pay you $6000 a year…

A: Formula to calculate FV of investment:  F = P * ([1 + i]^N - 1 )/i Wherein: P = $6,000 deposited…

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A: We need to use present value of ordinary annuity formula to calculate yearly payment PMT…

Q: Assume you won the state lottery and you are entitled to $5,000,000. If you choose not to take the…

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A: Here, Monthly Payment is $500 Time Period is 20 years Down Payment is $5,000 Interest Rate is 6%…

Q: Dobsen Door Manufacturer s sets up sinking fund to raise $75000 to pay off the maturity value of a…

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