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nignag [31]
3 years ago
5

you need to have $32000 in 7 years. you can earn an annual interest rate of 3 percent for the first 4 years, and 3.6 percent for

the next 3 years. How much do you have to deposit today?
Business
1 answer:
katrin2010 [14]3 years ago
8 0

Answer:

$22,569.48 is amount i must have to deposit today

Explanation:

FV = Future Value , PV = Present Value , r = rate of interest , n= no of period

PV = FV / (1 + r )n

PV = 32000 / (1 + 3%)^4*(1+3.6%)^3

PV= $32,000/ (1 + 0.03)^4*(1+0.036%)^3

PV= $32,000/ (1.03)^4*(1.036%)^3

PV= $32,000/ (1.03)^4*(1.036)^3

PV= $32,000/ 1.12550881 * 1.111934656

PV= $32,000/ 1.251492251

PV = $22,569.47514

PV = $22,569.48

$22,569.48 is amount i must have to deposit today

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3 0
1 year ago
Lee Holmes deposited $15,000 in a new savings account at 9% interest compounded semiannually. At the beginning of year 4, Lee de
zhuklara [117]

Answer:

Total sum at te end of 6 years=$ 73,138.97

Explanation:

<em>The total sum in Lee's account at the end of year would be determined as follows:</em>

FV= A × (1+r)^n

FV- Future sum?,

A- deposit amount ,

r- interest rate - 9%/2 = 4.5% per 6 months

n- number of years is 6

First deposit for  6 years

FV =  15,000× 1.045^(2×6)

 =  $25,438.22

Last 40,000 for 2 years

FV = 40,000 1.045^(2×2)

   =47,700.74403

Total sum at the end of 6 years

= $25,438.22 + $47,700.74

=$ 73,138.97

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