Suppose you have received a credit card offer from a bank that charges interest at 2.4% per month compounded monthly. What is the annual nominal interest rate for this credit card? (provide your answer in % with one decimal place)
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- How much money will you have in seven yearsif you deposit $7,000 in the bank at 8.5% interestcompounded daily?Cash Flow is based on the notion that a dollar paid in the future is less valuable than a dollar paid today. Part 2 The present value of a loan in which $1000 is to be paid out a year from today with the interest rate equal to 5% is $. (Round your response to the neareast two decimal place) Part 3 If a loan is paid after two years, and the amount $7000 is to be paid then with a corresponding 7% interest rate, the present value of the loan is $. (Round your response to the neareast two decimal place)Cash Flow is based on the notion that a dollar paid in the future is less valuable than a dollar paid today. Part 2 The present value of a loan in which $1000 is to be paid out a year from today with the interest rate equal to 5% is $.(Round your response to the neareast two decimal place) Part 3 If a loan is paid after two years, and the amount $7000 is to be paid then with a corresponding 7%interest rate, the present value of the loan is $.(Round your response to the neareast two decimal place)
- How much would you have to deposit now. so that you can withdraw of $10000 starting at the end of year 5 , and subsequent Withdrawals will decrease a rate of of 10% semiannual year over the previous year's until at the end of year 8 , if the interest rate is 676. compounded semi-annually? Note: Draw the cosh flow diagram and use interest rate with five decimal places. Box your final answer and upload the picture of your solution.14. What is the nominal value of the interest compounded continuously for a period of 3years if the value of the uniform series present worth factor is 2.038?Find the present value (in dollars) of an annuity that pays $7,000 at the end of each 6-month period for 7 years if the interest rate is 6% compounded semiannually. (Round your answer to two decimal places.) $
- How much would you have to deposit now, so that you can withdraw of $10,000starting at the end of year 5, and subsequent withdrawals will decrease a rate of of 10% semiannual year over the previous year’s until at the end of year 8, if the interest rate is 6%, compounded semi-annually? Draw the cash flow diagram and use interest rate with five decimal places.It is likely that airplane tickets will increase 5% in each of the next 4 years. The cost of a plane ticket at the end of the first year will be $10571. How much money would need to be placed in a savings account now to have money to pay for a trip at the end of each year for the next 4 years? Assume the savings account pays 2% annual interest. Round your answer to 2 decimal places. Add your answerWhat is the present equivalent of a uniform series of quarterly payments of $4,500 each for 8 years and a quarterly payments $2,000 of the next 5 years if the interest rate is 8% compounded bimonthly? Note: Round off your interest rate to five decimal places Round your answer to 2 decimal places.
- 8. What is the nominal rate of interest compounded continuously for 10 years if the compound amount factor is 1.34986?You borrowed an amount of $15,000 and paid it $20,223 in 3 years. If the interest rate was compounded monthly, what is the nominal interest rate?5. How much would you have to deposit now, so that you can withdraw of $10000 starting at the end of year 5, and subsequent withdrawals will decrease a rate of of 10% semiannual year over the previous year's until at the end of year 8, if the interest rate is 6%, compounded semi-annually? Draw the cash flow diagram and use interest rate with five decimal places. DONT USE EXCEL. USE MANUAL SOLVING