MT/217 MT217 MT 217 Unit 6 Lab assignment

MT 217 Unit 6 Lab assignment 

Question 3

What is the future value of a 5 minus year ordinary annuity with annual payments of​ $200, evaluated at a​ 15% interest​ rate?

Question 4

Tony plans to deposit​ $1,000 at the end of each of the next three years. If his funds earn​ 5% compounded​ annually, how much will he have at the end of three​ years?

Question 5

Joe expects to start working immediately after graduation and he is already planning to retire. He wants to retire in twenty minus five years and hopes that he will be able to do so comfortably by investing​ $2,000 at the end of each year throughout this period. If he earns​ 5% compounded​ annually, how much will be in his retirement fund in

Twenty minus five years?

Question 6

You just won the Sweepstakes and have decided to take your winning in 15 equal payments of​ $35,000. You decide to save all of this money for your retirement and deposit it into an account that earns​ 11% per year. What is the amount of your retirement nest​ egg? (Round to the nearest whole​ dollar)

Question 7

Jacquie plans to deposit​ $3,500 into her savings account for each of the next 5​ years, and then​ $2,000 per year for 5 years after that​ (all at year​ end). She anticipates interest rates to be​ 6% for the next 3 years and then​ 9% thereafter. How much will she have in the account after the 10​ years?

Question 8

You are 30 years old and you want to retire at age 60 with​ $1.5 million. You are going to make equal annual deposits into your savings account at the end of each year in order to save up this money. Your savings account pays​ 8% interest. What amount must you deposit each​ year?

Question 9

Margaret plans to deposit​ $500 on the first day of each of the next five​ years, beginning today. If she earns​ 4% compounded​ annually, how much will she have at the end of five​ years?

Question 10

To pay for her college​ education, Gina is saving​ $2,000 at the beginning of each year for the next eight years in a bank account paying 12 percent interest. How much will Gina have in that account at the end of 8th​ year? (Round up to the nearest whole dollar​ amount)