Maurice Tutor

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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 16 Aug 2017 My Price 6.00

bank compounds

TIME VALUE OF MONEY It is now January 1, 2009; and you will need $1,000 on January 1, 2013, in 4 years. Your bank compounds interest at an 8% annual rate.

a.        How much must you deposit today to have a balance of $1,000 on January 1, 2013?

b.       If you want to make four equal payments on each January 1 from 2010 through 2013 to accumulate the $1,000, how large must each payment be? (Note that the payments begin a year from today.)

c.        If your father offers to make the payments calculated in Part b ($221.92) or to give you

$750 on January 1, 2010 (a year from today), which would you choose? Explain.

d.       If you have only $750 on January 1, 2010, what interest rate, compounded annually for 3 years, must you earn to have $1,000 on January 1, 2013?

e.        Suppose you can deposit only $200 each January 1 from 2010 through 2013 (4 years). What interest rate, with annual compounding, must you earn to end up with $1,000 on January 1, 2013?

f.         Your father offers to give you $400 on January 1, 2010. You will then make six addi- tional equal payments each 6 months from July 2010 through January 2013. If your bank pays 8% compounded semiannually, how large must each payment be for you to end up with $1,000 on January 1, 2013?

g.       What is the EAR, or EFF%, earned on the bank account in Part f? What is the APR earned on the account?

Answers

Maurice Tutor
(5)
Status NEW Posted 16 Aug 2017 08:08 PM My Price 6.00

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