Kate's grandmother promises to give her $5,000 at the end of four years and $6,000 at the end of five years. How much is the money worth today if Kristen could earn 5% annual interest on the funds? (Round to the nearest dollar). $
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- Aunt Zelda’s son starts college in 5 years for which she will need $15,000 payable at the end of each of the 4 years. Suppose she can buy an annuity in 5 yrs. that will enable her to make the four $15,000 annual payments. Draw a timeline for all cash flows. What will be the cost of the annuity 5 years from today? What is the most she should be willing to pay for it if purchased today? Assume an interest (discount) rate of 6% during these 9 years.Ms. H wants to save $1500 over the next two years to use as a down payment on a new car. If her bank offers her 5%interest, what monthly payment would she need to put into an ordinary annuity in order to reach her goal? Round to thenearest cent.Alexandria wants to receive $12,000 a year for 8 years. How much must Alexandria invest today in an annuity that pays 5% annually?
- 6. If you desire to have $80,000 for a down payment for a house in 7 years, what amount would you need to deposit each year for these 7 years? Assume that your money will earn 10 percent per year. 7. Kate deposits $9,900 each yearinto her retirement account. If these funds have an average earning of 11 percent over the 40 years until her retirement, what will be the value of her retirement account?Margaret has $650 000 in her RRSP and wishes to retire.She is thinking of using the funds to purchase an annuity that earn 5% compounded annually and pays her $3 700 at the end of each month.If she buys the annuity for how long in years and months will she receive the payments?Beverly is considering starting her small family business in five years’ time. She has decided to deposit Sh.400,000 at the end of each year for 5 years in a savings account earning 10% per annum. Required: How much will Beverly have at the end of the five years? How much will she have at the end of the five years if she decides to deposit 600,000 at the beginning of each year in the same account?
- If you desire to have $10,000 for a down payment for a house in five years, what amount would you need to deposit today? Assume that your money will earn 5 percent.Your friend Anne is planning to invest $400 each year for four years and will earn a rate of 6 percent per year. Determine the future value of this annuity due if her first $400 is invested now. Show your work. What is the difference between an annuity due and an ordinary annuity? Explain.Parvati wants to donate enough money to Camosun College to fund an ongoing annual bursary of $1,500 to a deserving finance student. How much must she donate today in order for the first payment to start in five years? Assume an interest rate of j1=4%. Your Answer: Answer
- Brenda Young desires to have $20,000 eight years from now for her daughter’s college fund. If she will earn 4 percent (compounded annually) on her money, what amount should she deposit now? Use the present value of a single amount calculation. Use Exhibit 1-C. (Round time value factor to 3 decimal places and final answer to nearest whole number.)Beverly is considering starting her small family business in five years’ time. She has decided to deposit 400,000 at the end of each year for 5 years in a savings account earning 10% per annum. Required:i. How much will Beverly have at the end of the five years? ii. How much will she have at the end of the five years if she decides to deposit 600,000 at the beginning of each year in the same account?Carla Lopez deposits $5, 200 a year into her retirement account. If these funds have an average eaning of 6 percent over the 40 years until her retirement, what will be the value of her retirement account?
