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Chapter 8: Problem 20
In Exercises 11-20, express each decimal as a percent. 95
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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?
Exercises 19 and 20 refer to the stock tables for Goodyear (the tire d. How many shares of this company's stock were traded company) and Dow Chemical given below. In each exercise, use yesterday? the stock table to answer the following questions. Where necessary, e. What were the high and low prices for a share yesterday? round dollar amounts to the nearest cent. f. What was the price at which a share last traded when the stock a. What were the high and low prices for a share for the past exchange closed yesterday? b. If you owned 700 shares of this stock last year, what dividend g. What was the change in price for a share of stock from the did you receive? h. Compute the company's annual earnings per share using c. What is the annual return for the dividends alone? How does Annual earnings per share this compare to a bank offering a \(3 \%\) interest rate? $$ =\frac{\text { Yesterday's closing price per share }}{P E \text { ratio }} . $$ $$ \begin{array}{|c|c|c|c|c|c|c|c|c|c|c|c|} \hline \text { 52-Week High } & \text { 52-Week Low } & \text { Stock } & \text { SYM } & \text { Div } & \text { Yld \% } & \text { PE } & \text { Vol 100s } & \text { Hi } & \text { Lo } & \text { Close } & \text { Net Chg } \\ \hline 73.25 & 45.44 & \text { Goodyear } & \text { GT } & 1.20 & 2.2 & 17 & 5915 & 56.38 & 54.38 & 55.50 & +1.25 \\ \hline \end{array} $$
To offer scholarships to children of employees, a company invests \(\$ 10,000\) at the end of every three months in an annuity that pays \(10.5 \%\) compounded quarterly. a. How much will the company have in scholarship funds at the end of 10 years? b. Find the interest.
Solve for \(P\) : $$ A=\frac{P\left[\left(1+\frac{r}{n}\right)^{n t}-1\right]}{\left(\frac{r}{n}\right)} . $$ What does the resulting formula describe?
The price of a condominium is \(\$ 180,000\). The bank requires a \(5 \%\) down payment and one point at the time of closing. The cost of the condominium is financed with a 30 -year fixed-rate mortgage at \(8 \%\). a. Find the required down payment. b. Find the amount of the mortgage. c. How much must be paid for the one point at closing? d. Find the monthly payment (excluding escrowed taxes and insurance). e. Find the total cost of interest over 30 years.
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