Exercise 5: Personal Finance

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最新推荐文章于 2024-10-07 09:58:35 发布

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Exercise 5: Personal Finance

w,e,c,h,a,t : help-assignment

If you invest $1,000,000 for 10 years with interest earned monthly, what interest rate is necessary to achieve a future value of $1,938,621?
You want to have $55,000 in 10 years to pay for a new car. You have committed to saving $300 per month. What stated annual interest rate will allow you to meet your goal?
You estimate that you will need $25,000 to take your family on a memorable vacation. Assume a stated annual interest rate of 6% and monthly contributions of $700 to a savings account. How many months will it take to achieve your goal?
You have taken a loan of $50,000 and have decided to pay back $1,000 per month. Interest is charged at a rate of 4%, and the payment to the loan is to be made at the beginning of each month. Calculate the number of months required for you to pay off the loan.
You want to purchase an insurance annuity that will pay $600 a month, for the next 20 years. At an annual interest rate of 6%, how much does the annuity cost?