Reference no: EM133052185
1. How much must be deposited into an account to accumulate to ?$32,000 at? 7% compounded? semi-annually
?(a) at the beginning of each month for twenty? years?
(b) at the end of each year for fifteen? years?
The amount of the periodic payment is $_________.
?(Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as? needed.)
The amount of the periodic payment is $__________.
?(Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as? needed.)
2. One month from? now, Kelly will make her first monthly contribution of $250 to a? Tax-Free Savings Account? (TFSA). She expects to earn 8?% compounded annually. How long will it take for the contributions and accrued earnings to reach ?$55,000??
It will take ________ months to reach ?$55,000.
?(Round the final answer up to the nearest month as needed. Round all intermediate values to six decimal places as? needed.)
3. A property was purchased for $8982.00 down and payments of $935.00 at the end of every three months for 9 years. Interest is 6% per annum compounded monthly. What was the purchase price of the? property? How much is the cost of? financing?
The purchase price of the property was ?$________.
?(Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as? needed.)
The cost of financing is $__________.
?(Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as? needed.)