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How much will have in account at the end of years

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Question 1. Today, you earn a salary of $54,000. What will be your annual salary twelve years from now if you earn annual raises of 3.4 percent?

Question 2. You hope to buy your dream car three years from now. Today, that car costs $63,400. You expect the price to increase by an average of 3.1 percent per year over the next three years. How much will your dream car cost by the time you are ready to make the purchase?

Question 3. Your father invested a lump sum 25 years ago at 3.15 percent interest. Today, he gave you the proceeds of that investment which totalled $61,372.47. How much did your father originally invest?

Question 4. You have just received notification that you have won the $2.5 million first prize in the Georgia Lottery. However, the prize will be awarded on your 60th birthday, 45 years from now. The appropriate interest rate is 5 percent. What is the present value of your winnings?

Question 5. You are depositing $3,000 in a retirement account today and expect to earn an average return of 4.5 percent on this money. How much additional income will you earn if you leave the money invested for 35 years instead of just 30 years?

Question 6. What is the future value of $15,000 a year for 27 years at 7 percent interest?

Question 7. Bob plans on saving $3,200 a year and expects to earn an annual rate of 5.25 percent. How much will he have in his account at the end of 40 years?

Question 8. You are borrowing $28,500 to buy a car. The terms of the loan call for monthly payments for 5 years at 4.5 percent interest. What is the amount of each payment?

Question 9. Joe can afford $300 a month for 5 years for a car loan. If the interest rate is 4.65 percent, how much can he afford to borrow to purchase a car?

Question 10. The common stock of Tiffany Fabrics pays an annual dividend of $1.85 a share. The company has promised to maintain a constant dividend even though economic times are difficult. How much are you willing to pay for one share of this stock if you want to earn a 9 percent annual return?

Reference no: EM132492298

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