Calculate the following questions. Please show the steps and formula. 6. If you desire...
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Accounting
Calculate the following questions. Please show the steps and formula.
6. If you desire to have $85,000 for a down payment for a house in 8 years, what amount would you need to deposit each year for these 8 years? Assume that your money will earn 9 percent per year.
7. The amount that a person would have to deposit today in order to be able to take out $85000 every year for college tuition for 4 years from an account earning 8 percent per year.
8. A family spends $25000 a year for living expenses. If prices increase by 5 percent a year for the next 11 years, what amount will the family need for its living expenses?
9.If you save $6000 today, the interest is 5.6% per year. If the interest is compounded semi-annually, how much will you have in 12 years?
10.If you save $6000 today, the interest is 5.6% per year. If the interest is compounded quarterly, how much will you have in 12 years?
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