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How much of a down payment will he be able to make

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Question 1 - What will be the present value of $25,000 to be received in ten years from now if the annual rate is 7.0%?

Question 2 - Peter Chan has deposited $20,000 in a guaranteed investment account with a promised rate of 5% compounded annually. He plans to leave it there for 10 full years when he will make a down payment on a car after graduation. How much of a down payment will he be able to make?

Question 3 - Mr. Fish wants to build a house in 5 years. He estimates that the total cost will be $250,000. If he can put aside $40,000 at the end of each year (i.e., t=1, 2, 3, 4, and 5), what rate of return must he earn in order to have the amount needed?

Reference no: EM133175749

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