Need the attached 12 questions answer...thank you in advance :)

 

 

#26 - In the following ordinary annuity, the interest is compounded with each payment, and the payment is
made at the end of the compounding period. The Oseola McCarty Scholarship Fund at the University of
Southern Mississippi was established by a $170,000 gift from an 87-year-old woman who had dropped out of
sixth grade and worked for most of her life as a washerwoman. How much would she have had to save each
week in a bank account earning 3.5% compounded weekly to have $170,000 after 75 years? (Round your
answer to the nearest cent.)
Answer: $________
#27 - In the following ordinary annuity, the interest is compounded with each payment, and the payment is
made at the end of the compounding period. You and your new spouse each bring home $1600 each month
after taxes and other payroll deductions. By living frugally, you intend to live on just one paycheck and save
the other in a mutual fund yielding 7.75% compounded monthly. How long will it take to have enough for a
20% down payment on a $165,000 condo in the city? (Round your answer to two decimal places.)
Answer: ________yr
#28 - Calculate the present value of the annuity. (Round your answer to the nearest cent.) $1700 monthly at
6.4% for 30 years.
Answer: $______
#29 - Determine the payment to amortize the debt. (Round your answer to the nearest cent.) Monthly
payments on $160,000 at 4% for 25 years.
Answer: $______
#30 - Determine the payment to amortize the debt. (Round your answer to the nearest cent.) Quarterly
payments on $14,500 at 3.8% for 6 years
Answer: $______
#31 – Find the unpaid balance on the debt. (Round your answer to the nearest cent.) After 5 years of monthly
payments on $170,000 at 4% for 25 years.
Answer: $______
#32 – The super prize in a contest is $10 million. This prize will be paid out in equal yearly payments over the
next 10 years. If the prize money is guaranteed by AAA bonds yielding 4% and is placed into an escrow
account when the contest is announced 1 year before the first payment, how much do the contest sponsors
have to deposit in the escrow account? (Round your answer to the nearest cent.)
Answer: $______
#33 – Just before his first attempt at bungee jumping, John decides to buy a life insurance policy. His annual
income at age 30 is $35,000, so he figures he should get enough insurance to provide his wife and new baby
with that amount each year for the next 35 years. If the long-term interest rate is 6.4%, what is the present
value of John's future annual earnings? (Round your answer to the nearest cent.)
(A) Answer: $ _______________ Rounding up to the next $50,000, how much life insurance should he buy? (Round your original answer to the
nearest $50,000.)
(B) Answer: $ _______________
#34 – A MasterCard statement shows a balance of $550 at 13.4% compounded monthly. What monthly
payment will pay off this debt in 1 year 10 months? (Round your answer to the nearest cent.)
Answer: $______
#7 – Find the term of the compound interest loan. (Round your answer to two decimal places.)
4.9% compounded quarterly to obtain $8100 from a principal of $2000
Answer: ______ yr
#8 – Use the "rule of 72" to estimate the doubling time (in years) for the interest rate, and then calculate it
exactly. (Round your answers to two decimal places.) 8% compounded annually.
"rule of 72" ______ yr
exact answer _______ yr #9 – Find the effective rate of the compound interest rate or investment. (Round your answer to two decimal
places.) 28% compounded monthly. [Note: This rate is a typical credit card interest rate, often stated as 2.3%
per month.]
Answer: ______ %

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