Need the attached 11 questions answered. Thank you in advance

 

 

#8 - How much should be invested now at 5.5% simple interest if $8658 is needed in 2 years?
Answer: $
#10 - Calculate the present value of the compound interest loan. (Round your answers to the nearest cent.)
$25,000 after 7 years at 5% if the interest is compounded in the following ways.
Answer:
(a) annually
$ (these were my answers but I’m told they are wrong)
RN_1637382_9_0 {"js_version":0} (b) quarterly
$
#13 - 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.) 7.4% compounded weekly.
Answer:
yr (correct)
RN_1637190_12_
{"js_version":0}
"rule of 72"
exact answer _______ yr *I keep coming up with 9.71 for the exact answer but I’m told it’s wrong #16 - You have just received $165,000 from the estate of a long-lost rich uncle. If you invest all your
inheritance in a tax-free bond fund earning 6.3% compounded quarterly, how long do you have to wait to
become a millionaire? (Round your answer to two decimal places.)
Answer:
yr
RN_1637164_15_ {"js_version":0} #18 - You have just won $140,000 from a lottery. If you invest all this amount in a tax-free money market fund
earning 6% compounded weekly, how long do you have to wait to become a millionaire? (Round your answer
to two decimal places.)
Answer:
yr
RN_1637259_17_ {"js_version":0} #20 - In the following ordinary annuity, the interest is compounded with each payment, and the payment is
made at the end of the compounding period. Find the accumulated amount of the annuity. (Round your
answer to the nearest cent.) $1,000 monthly at 6.6% for 20 years.
Answer: $
#21 - In the following ordinary annuity, the interest is compounded with each payment, and the payment is
made at the end of the compounding period. Find the required payment for the sinking fund. (Round your
answer to the nearest cent.) Monthly deposits earning 4% to accumulate $7000 after 10 years.
Answer: $
#22 - In the following ordinary annuity, the interest is compounded with each payment, and the payment is
made at the end of the compounding period. Find the required payment for the sinking fund. (Round your
answer to the nearest cent.) Yearly deposits earning 12.1% to accumulate $6500 after 12 years.
Answer: $ #23 - In the following ordinary annuity, the interest is compounded with each payment, and the payment is
made at the end of the compounding period. Find the amount of time needed for the sinking fund to reach the
given accumulated amount. (Round your answer to two decimal places.)
$285 monthly at 5.7% to accumulate $25,000.
Answer: ___________ yr
#24 - In the following ordinary annuity, the interest is compounded with each payment, and the payment is
made at the end of the compounding period. An individual retirement account, or IRA, earns tax-deferred
interest and allows the owner to invest up to $5000 each year. Joe and Jill both will make IRA deposits for 30
years (from age 35 to 65) into stock mutual funds yielding 9.7%. Joe deposits $5000 once each year, while Jill
has $96.15 (which is 5000/52) withheld from her weekly paycheck and deposited automatically. How much
will each have at age 65? (Round your answer to the nearest cent.)
Answer:
Joe
$
Jill
$
#25 - In the following ordinary annuity, the interest is compounded with each payment, and the payment is
made at the end of the compounding period. How much must you invest each month in a mutual fund yielding
11.9% compounded monthly to become a millionaire in 10 years? (Round your answer to the nearest cent.)
Answer: $___________

Attachments:

• 1492845749-Unit 1 - questions need help.docx