Please answer these questions, I need help. e. Suppose California's population is 36.3...
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Please answer these questions, I need help.
e. Suppose California's population is 36.3 million people, and its population is expected to grow by 3% annually. How long will it take for the population to double? Round your answer to the nearest whole number.
f. Find the PV of an ordinary annuity that pays $1,000 each of the next 5 years if the interest rate is 18%. Then find the FV of that same annuity. Round your answers to the nearest cent.
PV of ordinary annuity: $ fill in the blank FV of ordinary annuity: $ fill in the blank
g. How will the PV and FV of the annuity in part f change if it is an annuity due rather than an ordinary annuity? Round your answers to the nearest cent.
PV of annuity due: $ fill in the blank FV of annuity due: $ fill in the blank
h. What will the FV and the PV for parts a and c be if the interest rate is 12% with semiannual compounding rather than 12% with annual compounding? Round your answers to the nearest cent.
FV with semiannual compounding: $ fill in the blank 29 PV with semiannual compounding: $ fill in the blank 30
i. Find the annual payments for an ordinary annuity and an annuity due for 10 years with a PV of $1,000 and an interest rate of 11%. Round your answers to the nearest cent.
Annual payment for ordinary annuity:
$ fill in the blank 31
Annual payment for annuity due:
$ fill in the blank 32
j. Find the PV and the FV of an investment that makes the following end-of-year payments. The interest rate is 11%.
Year
Payment
1
$200
2
$400
3
$500
Round your answers to the nearest cent.
PV of investment: $ fill in the blank FV of investment: $ fill in the blank
k. Five banks offer nominal rates of 10% on deposits, but A pays interest annually, B pays semiannually, C pays quarterly, D pays monthly, and E pays daily. Assume 365 days in a year.
What effective annual rate does each bank pay? If you deposit $4,500 in each bank today, how much will you have in each bank at the end of 1 year? 2 years? Round your answers to two decimal places.
A
B
C
D
E
EAR
fill in the blank
%
fill in the blank
%
fill in the blank
%
fill in the blank
%
fill in the blank
%
FV after 1 year
$ fill in the blank
$ fill in the blank
$ fill in the blank
$ fill in the blank
$ fill in the blank
FV after 2 years
$ fill in the blank
$ fill in the blank
$ fill in the blank
$ fill in the blank
$ fill in the blank
If the TVM is the only consideration, what nominal rate will cause all of the banks to provide the same effective annual rate as Bank A? Round your answers to two decimal places.
B
C
D
E
Nominal rate
fill in the blank
%
fill in the blank
%
fill in the blank
%
fill in the blank
%
Suppose you don't have the $4,500 but need it at the end of 1 year. You plan to make a series of deposits annually for A, semiannually for B, quarterly for C, monthly for D, and daily for E with payments beginning today. How large must the payments be to each bank? Round your answers to the nearest cent.
A
B
C
D
E
Payment
$ fill in the blank
$ fill in the blank
$ fill in the blank
$ fill in the blank
$ fill in the blank
l. Suppose you borrow $15,000. The interest rate is 11%, and it requires 4 equal end-of-year payments. Set up an amortization schedule that shows the annual payments, interest payments, principal repayments, and beginning and ending loan balances. Round your answers to the nearest cent. If your answer is zero, enter "0".
Beginning
Repayment
Ending
Year
Balance
Payment
Interest
of Principal
Balance
1
$ fill in the blank
$ fill in the blank
$ fill in the blank
$ fill in the blank
$ fill in the blank
2
$ fill in the blank
$ fill in the blank
$ fill in the blank
$ fill in the blank
$ fill in the blank
3
$ fill in the blank
$ fill in the blank
$ fill in the blank
$ fill in the blank
$ fill in the blank
4
$ fill in the blank
$ fill in the blank
$ fill in the blank
$ fill in the blank
$ fill in the blank
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