Karen is saving for a new car. The car cost 22,000. How much must Karen invest in a savings account that pays 4% annually to have the $22,000 in three years? A. $20,147 B. $19,107 C. $19,558 D. $19,328 E. None of the above
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- Leslie Mosallam, who recently sold her Porsche, placed $10,000 in a savings account paying annual com- pound interest of 6 percent. a. Calculate the amount of money that will accumulate if Leslie leaves the money in the bank for 1, 5, and 15 years. b. Suppose Leslie moves her money into an account that pays 8 percent or one that pays 10 percent. Rework part a using 8 percent and 10 percent. c. What conclusions can you draw about the relationship among interest rates, time, and future sums from the calculations you just did? use EXCEL to work this out and show the formula!6) Susan is looking to purchase her first home five years from today. The house costs $1,550,000. She will have to make a down payment of 10% of this amount and plans to take a loan from the bank for the difference. Bank charges are approximately 15% of the loan amount. She plans to start saving from today to cover both the down payment and the bank charges. a. How much will she need to save to cover both the down payment and bank charges? b. If she currently has $195,000 in her account and will make no further deposits over the next five years, what rate of interest must she earn on this account in order to achieve the savings target calculated in part (a) above?To be able to take her dream vacation, Donna decides to save for 5 years. She opens a savings account with $600. The account pays simple interest at an annual rate of 2%. She doesn't make any more deposits. 1. How much total interest will Donna earn? 2. What will the total amount in the account be (including interest)?
- Lana wants to have $ 5,350,000 saved 10 years from now to buy a house. How much less does she have to deposit today to reach this goal if she can earn 9.5 percent rather than 9 percent on her savings? (Interest rate will be compounded annually) Kindly solve with formula not in excelJana has $2.000 saved but doesn’t want to spend it on a down payment. She wants to keep it in her emergency fund, in savings. She wants to buy a car and thinks she can afford monthly payments of $300. If she can finance a vehicle with a 6%, 5-year loan from a credit society, what is the maximum loan amount Jana can afford? (Round to the nearest dollar.) Question 31 options: $12,528 $14,218 $15,518 $16,218 $18,028Two friends want to save up to travel in a few years. Nuri invests in an account that earns a rate of 10%. Alex invests in an account that earns a rate of 9%. All else equal, who will reach their goal sooner? a. Alex b. not enough information c. Nuri
- Todd can afford to pay $360 per month for the next 7 years in order to purchase a new car. The interest rate is 6.2percent compounded monthly. What is the most he can afford to pay for a new car today?Multiple ChoiceA. $24,482.10B. $24,248.59 C. $25,298.17D. $23,257.99E. $37,743.93Jane is planning on saving for a car purchase in 8 years, however, she can only contribute to the savings plan over the next 5 years. If she can achieve an after-tax nominal return of 5.20% throughout the entire period until she buys her new car, approximately how much will she need to invest at the end of each month in order to save $25,000? A) $418 B) $366 C) $314 D) $262 Page 4 of 15 Previous Page Next PageTrae needs to buy a car, but he doesn’t have any money for a down-payment and can only afford $190 per month for this car payment. If he can finance a car at 5.50% for 4 years, how much car can he afford? N= FV= I%= P/Y= PV= C/Y= PMT= End or Begin $170.00 $220.73 $11,555.84 $8,169.77
- Your parents agree to pay half of the purchase price of a new car when you graduate from college. You will graduate and buy the car two years from now. You have OMR9,000 to invest today and can earn 12% on invested funds. If your parents match the amount of money you have in two years, what is the maximum you can spend on the new car? Select one: O a. OMR19,250 O b.OMR15,000 O c. OMR22,579 O d.OMR 7,260 O e. OMR11,290An individual (with log-utility) wants to maximize her happiness level over her adolescence and adult periods. At the age 18 the individual inherits one hundred thousand dollars and must decide how much to consume now (when she is young, period t) and how much to save for her adulthood (period t +1) to maximize the sum of utility over different life stages. The bank will pay interest rate of 5% of every dollar she deposits. The individual discounts future utilities at ß = 0.8. What is the optimal consumption in the adolescent period? 55555.56 55561.55 55558.55 55564.56Trisha Long wants to buy a boat in five years. She estimates the boat will cost $15,000 at that time. What must Trisha deposit today in an account earning 5% annually to have enough to buy the boat in five years? 30 Multiple Choice $11,752.50 $12,328.50 $1,527.50 None of these $1,077.50
