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Chapter 8: Problem 11
In Exercises 11-20, express each decimal as a percent. \(0.59\)
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In Exercises 1-10, a. Find the value of each annuity. Round to the nearest dollar b. Find the interest.$$ \begin{array}{|l|l|l|} \hline \begin{array}{l} \$ 1000 \text { at the end of } \\ \text { every three months } \end{array} & \begin{array}{l} 6.25 \% \text { compounded } \\ \text { quarterly } \end{array} & 6 \text { years } \\ \hline \end{array} $$
Describe the two ways that investors make money with stock.
What is the difference between a traditional IRA and a Roth IRA?
Exercises 1-2 involve credit cards that calculate interest using the average daily balance method. The monthly interest rate is \(1.5 \%\) of the average daily balance. Each exercise shows transactions that occurred during the March \(1-\) March 31 billing period. In each exercise, a. Find the average daily balance for the billing period. Round to the nearest cent. b. Find the interest to be paid on April 1, the next billing date. Round to the nearest cent. c. Find the balance due on April 1 . d. This credit card requires a \(\$ 10\) minimum monthly payment if the balance due at the end of the billing period is less than \(\$ 360\). Otherwise, the minimum monthly payment is \(\frac{1}{30}\) of the balance due at the end of the billing period, rounded up to the nearest whole dollar. What is the minimum monthly payment due by April 9 ? $$ \begin{array}{|ll|c|} \hline \text { Transaction Description } & \text { Transaction Amount } \\ \hline \text { Previous balance, } \$ 7150.00 & \\ \hline \text { March } 1 \quad \text { Billing date } & & \\ \hline \text { March } 4 \quad \text { Payment } & \$ 400 \text { credit } \\ \hline \text { March 6 } \quad \text { Charge: Furniture } & \$ 1200 \\ \hline \text { March } 15 \quad \text { Charge: Gas } & \$ 40 \\ \hline \text { March } 30 & \text { Charge: Groceries } & \$ 45 \\ \hline \text { March } 31 & \text { End of billing period } & \\ \hline \text { Payment Due Date: April } 9 & \\ \hline \end{array} $$
How much should you deposit at the end of each month into an IRA that pays \(8.5 \%\) compounded monthly to have \(\$ 4\) million when you retire in 45 years? How much of the \(\$ 4\) million comes from interest?
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