Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. 1.it is now january 1, 2019, and you will need $1,

1.It is now January 1, 2019, and you will need $1,000 on January 1, 2023,...

90.2K

Verified Solution

Question

Accounting

1.It is now January 1, 2019, and you will need $1,000 on January 1, 2023, in 4 years.

If you have only $750 on January 1, 2020, what interest rate, compounded annually for 3 years, must you earn to have $1,000 on January 1, 2023?

2.It is now January 1, 2019, and you will need $1,000 on January 1, 2023, in 4 years.

Suppose you can deposit only $200 each January 1 from 2020 through 2023 (4 years). What interest rate, with annual compounding, must you earn to end up with $1,000 on January 1, 2023?

3. It is now January 1, 2019, and you will need $1,000 on January 1, 2023, in 4 years.

Your father offers to give you $400 on January 1, 2020. You will then make six additional equal payments each 6 months from July 2020 through January 2023. If your bank pays 8% compounded semiannually, how large must each payment be for you to end up with $1,000 on January 1, 2023?

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students