please answer both!!! thank you Your grandfather is retiring...
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please answer both!!! thank you
Your grandfather is retiring at the end of next year. He would like to ensure that his heirs receive payments of $9,400 a year forever. starting when he retires. If he can earn 9.50 percent annually, how much does your grandfather need to invest to produce the desired cashflow? (Round answer to 2 decimal places, e.g. 15.25.) Present value of investment Kevin Hall borrowed $15,550 from a bank for three years. If the quoted rate (APR) is 6.20 percent, and the compounding is daily, what is the effective annual interest rate (EAR)? (Round answer to 2 decimal places, e.g. 15.25\%. Use 365 days for calculation.) Effective Annual interest rate \%
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