Please give itemized answers for each question and working. This can count for 10 questions. Problem 1. Find the maturity value of the followingsimple interest investments.(i) $3125 invested at 2.85% for 7 months.(ii) $12,000 at 5.3% for 11 months.Problem 2. Find the future value of the followinginvestments.(i) $15,000 iinvested at 6% compounded monthly for10 years.(ii) $8500 at 6.9% compounded quarterly for 5 years.Problem 3. Find the effective rate corresponding toeach nomianal rate.(i) 6% compounded quarterly.(ii) 7.25% compounded semiannually.Problem 4. Find the amount needed to be investednow to accumulate the following amount if the moneyis compounded as indicated.(i) $2000 at 7% compounded semiannually for 8 years.(ii) $8800 at 5% compounded quarterly for 5 years.Problem 5. Find the interest rate for each depositand compound amount.$8000 accumulating to $11,672.12 compoundedquarterly for 8 years.(ii) $6725 accumulating to $10,353.47 compoundedmonthly for 7 years.Problem 6. Find the time required for each initialamount to be at least equal to the final amount.$8000 deposited at 3% compounded quarterly toreach at least $23,000.(ii) $4500 deposited at 3.6% compounded monthly toreach at least $11,000.Problem 7.(i) If $1000 are deposited into an account paying3% compounded annually for 5 years, how muchmoney is in the account at the end of the lastdeposit?(ii) If $800 are deposited into an account paying 6.51%compounded semiannually for 12 years, how muchinterest is earned at the end of the last deposit?Problem 8.(i) If $10,000 is needed in 12 years, how much shouldbe deposited at the end of each year into an ac-count paying 5% compounded annually?(ii) If $150,000 is needed in 15 years, how much shouldbe deposited at the end of each month into anaccount paying 6% compounded monthly?Problem 9. You have $8430 in credit card debt. Theinterest rate on the unpaid balance is 27% compoundedmonthly. You decide to pay off the debt in equalmonthly payments at the end of each month.(i) What should the monthly payments be to havethe account paid off at the end of 3 years?(ii) How much interest have you paid?Problem 10. You have $25,000 in an account thatpays 6% interest compounded annually. You want tomake equal annual withdrawals so that the money lasts8 years exactly.(i) Find the amount of each withdrawal.(ii) Find the amount of each withdrawal if the moneymust last 12 years.

Answered: Image /qna-images/answer/b38c8d79-128d-4472-975c-8c9ac4959dec.jpg

Problem 1. Find the maturity value of the following simple interest investments. (i) $3125 invested at 2.85% for 7 months. (ii) $12,000 at 5.3% for 11 months. Problem 2. Find the future value of the following investments. (i) $15,000 iinvested at 6% compounded monthly for 10 years. (ii) $8500 at 6.9% compounded quarterly for 5 years. Problem 3. Find the effective rate corresponding to each nomianal rate. (i) 6% compounded quarterly. (ii) 7.25% compounded semiannually.

Problem 1. Find the maturity value of the following simple interest investments. (i) $3125 invested at 2.85% for 7 months. (ii) $12,000 at 5.3% for 11 months. Problem 2. Find the future value of the following investments. (i) $15,000 iinvested at 6% compounded monthly for 10 years. (ii) $8500 at 6.9% compounded quarterly for 5 years. Problem 3. Find the effective rate corresponding to each nomianal rate. (i) 6% compounded quarterly. (ii) 7.25% compounded semiannually.

College Algebra

1st Edition

ISBN:9781938168383

Author:Jay Abramson

Publisher:Jay Abramson

Chapter6: Exponential And Logarithmic Functions

Section: Chapter Questions

Problem 5RE: A retirement account is opened with an initialdeposit of 8,500 and earns 8.12 interest compounded...

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