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Chapter 8: Problem 39
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Risky Credit Arrangements Group members should present a report on the characteristics and financial risks associated with payday lending, tax refund loans, and pawn shops.
In Exercises 1-10, a. Find the value of each annuity. Round to the nearest dollar b. Find the interest. $$ \begin{array}{|l|l|l|} \hline \begin{array}{l} \$ 150 \text { at the end of } \\ \text { every six months } \end{array} & \begin{array}{l} 6.5 \% \text { compounded } \\ \text { semiannually } \end{array} & 25 \text { years } \\ \hline \end{array} $$
Suppose that you earned a bachelor's degree and now you're teaching high school. The school district offers teachers the opportunity to take a year off to earn a master's degree. To achieve this goal, you deposit \(\$ 2500\) at the end of each year in an annuity that pays \(6.25 \%\) compounded annually. a. How much will you have saved at the end of 5 years? b. Find the 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? $$ \begin{array}{|l|l|l|l|} \hline \text { Periodic Deposit } & \text { Rate } & \text { Time } & \text { Financial Goal } \\ \hline \$ ? \text { at the end of each year } & 6 \% \text { compounded annually } & 18 \text { years } & \$ 140,000 \\ \hline \end{array} $$
How much should you deposit at the end of each month in an IRA that pays \(8 \%\) compounded monthly to earn \(\$ 60,000\) per year from interest alone, while leaving the principal untouched, when you retire in 30 years?
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