Georgia State University Finance for Business Questions Finance Questions Everything is attached in the doc below Part two

#5Suppose you deposit $1,294.00 into and account 7.00 years from today into an account that earns

14.00%. How much will the account be worth 16.00 years from today?

Currency: Round to: 2 decimal places.

Part three

#3

What is the value today of a money machine that will pay $1,212.00 per year for 20.00 years?

Assume the first payment is made 6.00 years from today and the interest rate is 10.00%.

Submit

Answer format: Currency: Round to: 2 decimal places.

#5

What is the value today of a money machine that will pay $4,803.00 every six months for 20.00

years? Assume the first payment is made 3.00 years from today and the interest rate is 9.00%.

Submit

Answer format: Currency: Round to: 2 decimal places.

Part Five

#1

What is the value today of a money machine that will pay $4,104.00 per year for 10.00 years?

Assume the first payment is made today and that there are 10.0 total payments. The interest rate is

11.00%.

Submit

Answer format: Currency: Round to: 2 decimal places.

#3

Derek will deposit $7,178.00 per year for 24.00 years into an account that earns 4.00%, The first

deposit is made next year. How much will be in the account 39.00 years from today?

Submit

Answer format: Currency: Round to: 2 decimal places.

#5

Derek will deposit $178.00 per year into an account starting today and ending in year 17.00. The

account that earns 13.00%. How much will be in the account 17.0 years from today?

Submit

Answer format: Currency: Round to: 2 decimal places.

Part 12

#3

Derek currently has $12,633.00 in an account that pays 6.00%. He will withdraw $5,258.00 every

other year beginning next year until he has taken 8.00 withdrawals. He will deposit $12633.0 every

other year beginning two years from today until he has made 8.0 deposits. How much will be in the

account 24.00 years from today?

Submit

Answer format: Currency: Round to: 2 decimal places.

#4

Derek can deposit $297.00 per month for the next 10 years into an account at Bank A. The first

deposit will be made next month. Bank A pays 13.00% and compounds interest monthly. Derek can

deposit $2,527.00 per year for the next 10 years into an account at Bank B. The first deposit will be

made next year. Bank B compounds interest annually. What rate must Bank B pay for Derek to have

the same amount in both accounts after 10 years?

Submit

Answer format: Percentage Round to: 4 decimal places (Example: 9.2434%, % sign required. Will

accept decimal format rounded to 6 decimal places (ex: 0.092434))

PART NINE

#2

Derek plans to retire on his 65th birthday. However, he plans to work part-time until he turns 72.00.

During these years of part-time work, he will neither make deposits to nor take withdrawals from his

retirement account. Exactly one year after the day he turns 72.0 when he fully retires, he will begin to

make annual withdrawals of $122,658.00 from his retirement account until he turns 93.00. After this

final withdrawal, he wants $1.89 million remaining in his account. He he will make contributions to

his retirement account from his 26th birthday to his 65th birthday. To reach his goal, what must the

contributions be? Assume a 10.00% interest rate.

Submit

Answer format: Currency: Round to: 2 decimal places.

Part ten

#3

Assume a bank offers an effective annual rate of 5.72%. If compounding is quarterly what is the

APR?

Submit

Answer format: Percentage Round to: 4 decimal places (Example: 9.2434%, % sign required. Will

accept decimal format rounded to 6 decimal places (ex: 0.092434))

PART 6

#1

Derek will deposit $7,374.00 per year for 17.00 years into an account that earns 8.00%, The first

deposit is made next year. How much will be in the account 37.00 years from today?

Submit

Answer format: Currency: Round to: 2 decimal places.

#2

Derek will deposit $5,122.00 per year for 29.00 years into an account that earns 15.00%, The first

deposit is made next year. He has $18,909.00 in his account today. How much will be in the account

39.00 years from today?

Submit

Answer format: Currency: Round to: 2 decimal places.

#3

Derek will deposit $2,820.00 per year for 15.00 years into an account that earns 9.00%. Assuming

the first deposit is made 4.00 years from today, how much will be in the account 31.00 years from

today?

Submit

Answer format: Currency: Round to: 2 decimal places.

Part 7

#4

Today is Dereks 25th birthday. Derek has been advised that he needs to have $3,990,688.00 in his

retirement account the day he turns 65. He estimates his retirement account will pay 7.00% interest.

Assume he chooses not to deposit anything today. Rather he chooses to make annual deposits into

the retirement account starting on his 27.00th birthday and ending on his 65th birthday. How much

must those deposits be?

Submit

Answer format: Currency: Round to: 2 decimal places.

Part 8

#1

Derek can deposit $11,000 on each birthday beginning with his 26th and ending with his 65th. What

will the rate on the retirement account need to be for him to have $3,000,000 in it when he retires on

his 65th birthday?

Submit

Answer format: Percentage Round to: 4 decimal places (Example: 9.2434%, % sign required. Will

accept decimal format rounded to 6 decimal places (ex: 0.092434))

#2

Derek can deposit $11,821.00 on each birthday beginning with his 29.00th and ending with his

70.00th. What will the rate on the retirement account need to be for him to have $3,420,344.00 in it

when he retires?

Submit

Answer format: Percentage Round to: 2 decimal places (Example: 9.24%, % sign required. Will

accept decimal format rounded to 4 decimal places (ex: 0.0924))

#3

If Derek plans to deposit $10,882.00 into his retirement account on each birthday beginning with his

26th and the account earns 9.00%, how long will it take him to accumulate $2,186,060.00?

Submit

Answer format: Number: Round to: 2 decimal places.

#4

Derek decides that he needs $198,446.00 per year in retirement to cover his living expenses.

Therefore, he wants to withdraw $198446.0 on each birthday from his 66th to his 90.00th. How much

will he need in his retirement account on his 65th birthday? Assume a interest rate of 10.00%.

Submit

Answer format: Currency: Round to: 2 decimal places.

#5

Derek plans to retire on his 65th birthday. However, he plans to work part-time until he turns 73.00.

During these years of part-time work, he will neither make deposits to nor take withdrawals from his

retirement account. Exactly one year after the day he turns 73.0 when he fully retires, he will wants

to have $3,101,635.00 in his retirement account. He he will make contributions to his retirement

account from his 26th birthday to his 65th birthday. To reach his goal, what must the contributions

be? Assume a 9.00% interest rate.

Submit

Answer format: Currency: Round to: 2 decimal places.

Part 11

#5

Derek plans to buy a $29,443.00 car. The dealership offers zero percent financing for 54.00 months

with the first payment due at signing (today). Derek would be willing to pay for the car in full today if

the dealership offers him $____ cash back. He can borrow money from his bank at an interest rate

of 5.28%.

Submit

Answer format: Currency: Round to: 2 decimal places.

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