Reference no: EM133051013
1. Victoria saved ?$371 every six months for seven years. What nominal rate of interest compounded annually is earned if the savings account amounts to $7480 in seven years?
The nominal annual rate of interest is _______?% compounded annually. ?(Round to two decimal places as? needed.)
2. At? Petruske's Warehouse, the forklift needs major repair. A new forklift can be purchased at a current cost of $29,000. If the new forklift is? purchased, month-end payments of ?$643 would start in two? years, and continue for five years. Interest for the first two years is charged at 11.0?% compounded annually. What is the monthly compounded interest rate for the payment? period?
The monthly compounded interest rate is _______%.
?(Round to two decimal places as? needed.)
3. Find the future value and the present value for the following annuity due.
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Periodic Payment
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Payment Interval
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Term
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Interest Rate
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Conversion Period
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?$155
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1 month
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11 years
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11.5?%
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monthly
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The future value of the annuity due ?$________.
?(Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as? needed.)
The present value of the annuity due is ?$________.
?(Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as? needed.)
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: 1. Victoria saved ?$371 every six months for seven years. What nominal rate of interest compounded annually is earned if the savings account amounts to $7480 in
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