Reference no: EM132752704
Questions -
Q1. Pat had made regular equal deposits into a savings account at the end of every month for 4 years. The investments were earning 5.10% compounded quarterly and grew to $14,250 at the end of 4 years.
a. Calculate the size of the month-end deposits.
b. How long will it take for the $14,250 to accumulate to $30,520 if the interest rate remained the same and he continued making the same month-end deposits throughout the term?
Q2. Egan wanted to ensure that he had $65,000 for his child's university education. As soon as his child was born, he started saving $1,225 every 6 months in an investment fund. If he achieved his investment target on his child's 16th birthday, and he made no deposit on the child's 16th birthday, calculate the following:
a. The nominal interest rate for the investment, compounded quarterly.
b. Calculate the effective interest rate for this investment
Q3. Nich Inc. took a loan of $1,200,000 to build a new office. Calculate the quarterly compounding interest rate charged on the loan if $32,701.50 was repaid at the beginning of every 6 months and the loan was paid off in 23 years.
Q4. Lon made payments of $143.53 at the end of every month into a retirement fund which accumulated to $37,000 over 18 years.
a. At what interest rate compounded monthly was the fund growing? (Assume that the interest rate remained constant throughout the term.)
b. At what interest rate would he have been able to accumulate the same $37,000 in only 12 years?
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