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Chapter 8: Problem 15
In Exercises 11-20, express each decimal as a percent. \(2.87\)
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Suppose that at age 25 , you decide to save for retirement by depositing \(\$ 50\) at the end of each month in an IRA that pays \(5.5 \%\) compounded monthly. a. How much will you have from the IRA when you retire at age 65 ? b. Find the interest.
What is a mutual fund?
In Exercises 31-34, round up to the nearest dollar. You would like to have \(\$ 3500\) in four years for a special vacation following college graduation by making deposits at the end of every six months in an annuity that pays \(5 \%\) compounded semiannually. a. How much should you deposit at the end of every six months? b. How much of the \(\$ 3500\) comes from deposits and how much comes from interest?
In Exercises 11-18, a. Determine the periodic deposit. Round up to the nearest dollar. b. How much of the financial goal comes from deposits and how much comes from interest? $$ \begin{array}{|l|l|l|l|} \hline \$ ? \text { at the end of every three months } & 4.5 \% \text { compounded quarterly } & 5 \text { years } & \$ 25,000 \\ \hline \end{array} $$
In Exercises 1-10, a. Find the value of each annuity. Round to the nearest dollar b. Find the interest.$$ \begin{array}{|l|l|l|} \hline \begin{array}{l} \$ 50 \text { at the end of } \\ \text { each month } \end{array} & \begin{array}{l} 6 \% \text { compounded } \\ \text { monthly } \end{array} & 30 \text { years } \\ \hline \end{array} $$
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