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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.

Advanced Engineering Mathematics
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
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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 4. Find the amount needed to be invested now to accumulate the following amount if the money is 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 deposit and compound amount. $8000 accumulating to $11,672.12 compounded quarterly for 8 years. (ii) $6725 accumulating to $10,353.47 compounded monthly for 7 years. Problem 6. Find the time required for each initial amount to be at least equal to the final amount. $8000 deposited at 3% compounded quarterly to reach at least $23,000. (ii) $4500 deposited at 3.6% compounded monthly to reach at least $11,000. Problem 7. (i) If $1000 are deposited into an account paying 3% compounded annually for 5 years, how much money is in the account at the end of the last deposit? (ii) If $800 are deposited into an account paying 6.51% compounded semiannually for 12 years, how much interest is earned at the end of the last deposit? Problem 8. (i) If $10,000 is needed in 12 years, how much should be 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 should be deposited at the end of each month into an account paying 6% compounded monthly? Problem 9. You have $8430 in credit card debt. The interest rate on the unpaid balance is 27% compounded monthly. You decide to pay off the debt in equal monthly payments at the end of each month. (i) What should the monthly payments be to have the 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 that pays 6% interest compounded annually. You want to make equal annual withdrawals so that the money lasts 8 years exactly. (i) Find the amount of each withdrawal. (ii) Find the amount of each withdrawal if the money must last 12 years.
Transcribed Image Text: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 4. Find the amount needed to be invested now to accumulate the following amount if the money is 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 deposit and compound amount. $8000 accumulating to $11,672.12 compounded quarterly for 8 years. (ii) $6725 accumulating to $10,353.47 compounded monthly for 7 years. Problem 6. Find the time required for each initial amount to be at least equal to the final amount. $8000 deposited at 3% compounded quarterly to reach at least $23,000. (ii) $4500 deposited at 3.6% compounded monthly to reach at least $11,000. Problem 7. (i) If $1000 are deposited into an account paying 3% compounded annually for 5 years, how much money is in the account at the end of the last deposit? (ii) If $800 are deposited into an account paying 6.51% compounded semiannually for 12 years, how much interest is earned at the end of the last deposit? Problem 8. (i) If $10,000 is needed in 12 years, how much should be 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 should be deposited at the end of each month into an account paying 6% compounded monthly? Problem 9. You have $8430 in credit card debt. The interest rate on the unpaid balance is 27% compounded monthly. You decide to pay off the debt in equal monthly payments at the end of each month. (i) What should the monthly payments be to have the 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 that pays 6% interest compounded annually. You want to make equal annual withdrawals so that the money lasts 8 years exactly. (i) Find the amount of each withdrawal. (ii) Find the amount of each withdrawal if the money must last 12 years.
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