Logo
Home Study Material Contact Search
AI Chat FREE
  1. mathematics
  2. advance math
  3. this assignment covers the material in: 2.1 simple

This assignment covers the material in: 2.1 Simple Interest 2.2 Compound Interest 2.3 Annuities 2.4 Amortization 33A....

80.2K

Verified Solution

Question

Advance Math

This assignment covers the material in: 2.1 Simple Interest 2.2Compound Interest 2.3 Annuities 2.4 Amortization

33A. Just before his first attempt at bungee jumping, Johndecides to buy a life insurance policy. His annual income at age 30is $35,000, so he figures he should get enough insurance to providehis wife and new baby with that amount each year for the next 35years. If the long-term interest rate is 6.6%, what is the presentvalue of John's future annual earnings? (Round your answer to thenearest cent.)
_______$

Rounding up to the next $50,000, how much life insurance should hebuy? (Round your original answer to the nearest $50,000).

_______$

B. A MasterCard statement shows a balance of $540 at 13.6%compounded monthly. What monthly payment will pay off this debt in1 year 9 months? (Round your answer to the nearest cent.)______$

Answer & Explanation Solved by verified expert
3.6 Ratings (624 Votes)
    See Answer
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

Physics
1.2K views

A pitched baseball (m=0.3 kg) reaches a catcher’s glove travelling at a velocity of 28 m/s....

Electrical Engineering
1.2K views

Consider a finite state machine with a control input called mode. When mode = 0, the...

Accounting
1.2K views

Please answer the following questions: a) What is confidentiality and privacy controls in accounting information system? b) How...

Physics
1.2K views

A 22.6-kilogram child emerges from the end of a tall playground slide at a speed...

Physics
1.2K views

Q 2 A short straight object of length lies along the central axis of a...

Calculus
1.2K views

40 Given that f x sin t 5 dt find f r 2

Calculus
1.2K views

a y y y 4 x x x 1 25 cos 2 x 11 b...

Calculus
1.2K views

Given 1i is a root of polynomial P x x 5x x 5 find the...

Accounting
1.2K views

(d) Watanabe Wonders Containers (WWC) is suffering declining sales of its principal product, non- biodegradeable...

Accounting
1.2K views

Can some one help me solve my mistakes ? Required...

Accounting
1.2K views

Can you show how you got the costs incurred during march and the ending WIP?

Finance
1.2K views

Ronald's Fast Food just paid their annual dividend of $1.05 a share. The stock has...