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3 years ago

7

Money creation occurs when: a person puts cash in a bank. a person deposits a payroll check in their checking account. banks mak

e loans to borrowers. the federal reserve increases the reserve requirement.

1 answer:

saw5 [17]3 years ago

7 0

Is this a paper you have write or do they have Any answer choices

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How much would you have to invest today in the bank at an interest rate of 10% to have an annuity of $5600 per year for 7 years,

Shtirlitz [24]

Answer:

PV = $27,263.15

It will be needed to deposit the lump sum of $27,263.15

Explanation:

The question is asking for how much will you need to deposit in a lump sum today to withdraw for seven years the sum of $5,600 with an interest rate of 10%

In other words it is asking us for the preset value of an annuity of $5,600 with interest of 10%

Using the present value of an annuity formula of $1 we can solve for the present value of that annuity, which is the amount needed to generate this annuity

$C * \frac{1-(1+r)^{-time} }{rate}= PV\\$

We post our knows value and solve it:

$5,600 * \frac{1-(1+0.10)^{-7} }{0.10}= PV\\$

PV = $27,263.15

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Ne4ueva [31]

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huh?no one's got time to write an essay for you

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