Compound annually to purchase new machinery

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Reference no: EM131527186

Big Brothers Ins borrows $368,349 from the bank at 18.67 percent per year,compound annually to purchase new machinery. This loan is to be repaid in equal annual installments at the end of each year over the next 4 years. How much will each annual payment be? Round answer to two decimal places.Debbie is trying to decide to go to college or not. If she goes to college, she will spend $15,000 on education per year for 4 years. Then as a college graduate, she will earn $55,000 per year for the next 40 years. If she does not go to college, she will earn $40,000 per year for the next 44 years. If the interest rate is % 5 per year, which path Debbie will choose?

Reference no: EM131527186

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