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Morgarella [4.7K]
3 years ago
6

Linda Baer has already saved ​$3 comma 978 to buy a used vehicle. Ignoring taxes and assuming her money is invested in a money m

arket account earning 6 percent compounded​ annually, how long will it take to buy a car that costs ​$7 comma 124​?
Business
1 answer:
Mkey [24]3 years ago
7 0

Answer:

Given the currents conditions, it will take 10 years to reach the amount required.

Explanation:

Giving the following information:

Linda Baer has already saved ​$3,978 to buy a used vehicle.

The account earns 6 percent compounded​ annually.

Final value= ​$7,124

To calculate the amount of time required we need to use the following formula:

n=[ln(FV/PV)]/ln(1+r)

n= [ln(7,124/3,978)]/ln(1+0.06)

n= 0.253/0.0253

n= 10

Given the currents conditions, it will take 10 years to reach the amount required.

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Holly would like to plan for her daughter’s college education. She would like for her daughter, who was born today, to attend co
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Answer:

Holly must save $2845.81 at the end of each year

Explanation:

first calculate the value of tuition fees at n = 18

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Discounted CF formula = Cash flow ÷ (1+0.10)^{year}

               10.00%              0

Year   Cash flows   Discounted CF

0           33,799.32  33799.32

1          36,165.28  32877.52

2          38,696.84  31980.86

3          41,405.62  31108.66

FV = $129,766.37

PV = 0

N = 18

rate = 10%

using PMT function in Excel

Annual contribution = $2845.81

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Answer:

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