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What is amount of the payments that Henry Winslow must make

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Question - Using the appropriate interest table, provide the solution to each of the following four questions by computing the unknowns.

What is the amount of the payments that Henry Winslow must make at the end of each of 9 years to accumulate a fund of $87,300 by the end of the 9th year, if the fund earns 9% interest, compounded annually?

Morgan Hitchcock is 42 years old today and he wishes to accumulate $536,000 by his 66th birthday so he can retire to his summer place on Lake Hopatcong. He wishes to accumulate this amount by making equal deposits on his 42nd through his 65th birthdays. What annual deposit must Morgan make if the fund will earn 9% interest compounded annually?

Stacy Ross has $21,000 to invest today at 10% to pay a debt of $59,916. How many years will it take her to accumulate enough to liquidate the debt?

Julia Houston has a $27,500 debt that she wishes to repay 4 years from today; she has $18,783 that she intends to invest for the 4 years. What rate of interest will she need to earn annually in order to accumulate enough to pay the debt?

Reference no: EM132613998

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