1. How much does Tom Aquinas have to deposit today so that beginning 14...
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Finance
1.
How much does Tom Aquinas have to deposit today so that beginning 14 years from now he can withdraw $10,000 a year for the next six years (periods 14 through 19) plus an additional amount of $25,000 in that last year (period 19)? Assume an interest rate of 8 percent.
2.
The school district needs to pass a bond levy for funding to remodel existing schools and to build new schools. Expenditures for the new and remodeled buildings will begin 18 months after passage of the bond. If the school district receives all funding immediately after the passage of the bond and can invest the funds at a rate of 4% per year, how large must the bond be for the district to have $45,000,000 at the start of construction?
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