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1) Roy Gross is considering an investment that pays 5.40 percent. How much will he have to invest today so that the investment will be worth $27,000 in six years?
2)Your aunt is planning to invest in a bank CD that will pay 5.50 percent interest semi-annually. If she has $7,000 to invest, how much will she have at the end of four years? (If you solve this problem with algebra round intermediate calculations to 4 decimal places, in all cases round your final answer to the nearest penny.)
3) You are a freshman in college and are planning a trip to Europe when you graduate from college at the end of four years. You plan to save the following amounts annually, starting today: $666, $790, $787, and $675. If the account pays 5.60 percent annually, how much will you have at the end of four years? (Round answer to 2 decimal places, e.g. 15.25.)
Jeremy Fenloch borrowed some money from his friend and promised to repay him the amounts of $1,235, $1,300, $1,505, $1,620, and $1,645 over the next five years. If the friend normally discounts investments cash flows at 6.50 percent annually, how much did Jeremy borrow? (Round answer to 2 decimal places, e.g. 15.25.)
Cecelia Thomas is a sales executive at a Baltimore firm. She is 25 years old and plans to invest$3,900every year in an IRA account, beginning at the end of this year until she turns 65 years old. If the IRA investment will earn 11.15percent annually, how much will she have in 40 years, when she turns 65? (Round intermediate calculations to 4 decimal places, e.g. 1.5212 and final answer to 2 decimal places, e.g. 15.25.)
The Elkridge Bar & Grill has a seven-year loan of $25,300 with Bank of America. It plans to repay the loan in seven equal installments starting today. If the rate of interest is 10.85 percent, how much will each payment be?
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