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How much must he invest today

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Questions -

Q1. Spencer wants to withdraw $30,000 each year for 10 years from a fund that earns 8% interest.

Required -

(a) How much must he invest today if the first withdrawal is at year-end?

(b) How much must he invest today if the first withdrawal takes place immediately?

Q2. Tayler's VISA balance is $793.15. He may pay it off in 12 equal end-of-month payments of $75 each.

Required - What interest rate is Leon paying?

Reference no: EM132896736

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