1- Mr. Nailor invests $29,000 in a money market account at his local bank. He receives...
1- Mr. Nailor invests $29,000 in a money market account at his local bank. He receives annual interest of 8% for 7 years. How much return will his investment earn during this time period? Use Appendix A to calculate the answer.
-
$49,706
-
$20,706
-
$47,390
-
$16,907
2-
Carol Thomas will pay out $8,000 at the end of the year 2, $10,000 at the end of year 3, and receive $12,000 at the end of year 4. With an interest rate of 11 percent, what is the net value of the payments vs. receipts in today's dollars? Use Appendix B to calculate the answer.
-
($5,898)
-
($13,806)
-
($9,112)
-
($21,714)
Homework Answers
Answer a
Future value = Present value * (1+ rate per period)^ no. of periods
= 29000*1.08^7
= 29000*1.714
= $49706
Return earned on the investment = Future value - Present value
= 49706-29000
= $20706
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