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What was the purchase price of the refrigerator

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1]Sabina plans to invest $160 at the end of every month for the next 8.25 years.

What will her investment be worth at the end of the 8.25 year period if she earns 4.2% compounded monthly?

2]Mary and Steve are both exactly 20 years old. Mary will deposit $1100 at the end of every year for the next 40 years, until age 60, into her retirement fund. Steve is going to wait until age 40 to begin his savings. In order to try to catch up to Mary, Steve will deposit $2200 at the end of every year from age 40 to 60. Note that by age 60, both Mary and Steve will have contributed $44,000 into their respective funds.

Calculate how much Mary and Steve will each have at age 60 if they each earn 4.1% compounded annually on their investments

b]As a percentage of Steve's total, what percentage more does Mary have in her retirement fund at age 60?

3] Government of Canada bond will pay $90 at the end of every six months for the next 15 years, and an additional $2400 lump payment at the end of the 15 years. What is the appropriate price to pay if you require a rate of return of 5.8% compounded semiannually?

4]A loan contract will provide Lixin with payments of $5200 at the end of every six months. The contract has eight years to run. Lixin wants to sell the contract.

How much will an investor pay for this loan contract if she wants to "build in" a rate of return of 7.2% compounded monthly?

5]Monarch Distributing Ltd. plans to accumulate funds for the purchase of a larger warehouse seven years from now. If Monarch contributes $19,000 at the beginning of each month to an investment account earning 4.5% compounded semiannually, what amount will Monarch accumulate by the end of the seven years?

6]Carmella purchased a refrigerator under a conditional sale contract that required 32 monthly payments of $60.56 with the first payment due on the purchase date. The interest rate on the outstanding balance was 18% compounded monthly

a. What was the purchase price of the refrigerator?

b. How much interest did Carmella pay during the entire contract?

Reference no: EM132864557

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