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QUESTION 1
Use the future value formula to find the indicated value. FV=10,000​; i=0.03​; PMT=$800​; n=? n= (round up to the nearest integer as needed)


QUESTION 2

Acme Annuities recently offered an annuity that pays 7.5 % compounded monthly. What equal monthly deposit should be made into this annuity in order to have $81,000 in 19 ​years?
The amount of each deposit should be ​$ ​(Round to the nearest​ cent.)


QUESTION 3

A company estimates that it will need $87,000 in 8 years to replace a computer. If it establishes a sinking fund by making fixed monthly payments into an account paying 5.4% compounded​ monthly, how much should each payment​ be?
The amount of each payment should be ​$
​(Round to the nearest​ cent.)

Respuesta :

Aliwohaish12
Answer 1
The formula of the future value of annuity ordinary is
Fv=pmt [(1+r)^(n)-1)÷r]
Solve the formula for n
Fv/pmt=(1+r)^(n)-1)÷r
cross multiplication
(Fv/pmt)×r=(1+r)^(n)-1
(Fv/pmt)×r+1=(1+r)^(n)
take the log for both sides
Log ((Fv/pmt)×r+1)=n×log (1+r)
Divide each side by log (1+r)
N=[Log ((Fv/pmt)×r+1)]÷log (1+r)
Now solve to find n
N=log((10,000÷800)×0.03+1)
÷log(1+0.03)=10.77years round your answer to get 11 years

Answer 2
PMT=81,000÷(((1+0.075÷12)^(12
×19)−1)÷(0.075÷12))
=161.25

Answer 3
PMT=87,000÷(((1+0.054÷12)^(12
×8)−1)÷(0.054÷12))
=726.56

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