10. You placed $8,798 in a savings account today that earns an annual interest r

Question

10. You placed $8,798 in a savings account today that earns an annual interest rate of 3.28 percent, compunded semiannually. HOw much will you have in this account at the end of 20 years? Assume that all interest received at the end of the period is reinvested the next period.
Round the answer to two decimal places

11. Stephen plans to purchase a car 8 years from now. The car will cost $58,198 at that time. Assume that Stephen can earn 9.26 perecent (compounded monthly) on his money. HOw much should he set asisde today for the purchase?
Round the answer to two decimal places.

12. What is the accumulated sum of the following stream of payments?
$2,306 every year at the end of the year for 15 years at 9 percent compounded annually.
Round the answer to two decimal places.

Explanation / Answer

10, $13000

11, $21000

12, $35000

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