## ACCOUNTING- Solve for the unknown number of years in each of the following

4.

value:

2.00 points

Solve for the unknown

number of years in each of the following(Enter rounded answers as directed, but do not use rounded numbers

in intermediate calculations. Round your answers to 2 decimal places (e.g., 32.16)):

Present Value

Years

Interest Rate

Future Value

$

195

9

%

$

1,105

2,105

7

3,700

47,800

12

387,120

38,650

19

198,212

Hints

References

eBook & Resources

Hint #1Hint #2

6.

Your coin collection

contains 50 1952 silver dollars.

Required:

If your grandparents

purchased them for their face value when they were new, how much will your

collection be worth when you retire in 2058, assuming they appreciate at

an annual rate of 6.1 percent? (Enter rounded answer as directed, but do not use rounded numbers

in intermediate calculations. Round your answer to 2 decimal places (e.g., 32.16).)

7.

value:

2.00 points

In 1895, the first

U.S. Open Golf Championship was held. The winnerâs prize money was $150. In

2011, the winnerâs check was $1,440,000.

Requirement 1:

What was the annual

percentage increase in the winnerâs check over this period?(Enter rounded answer as directed, but do not

use rounded numbers in intermediate calculations. Enter your answer as a

percent rounded to 2 decimal places (e.g., 32.16).)

Annual

percentage

%

Requirement 2:

If the winnerâs prize

increases at the same rate, what will it be in 2045? (Enter your answer in dollars, not millions

of dollars (e.g., 1,234,567). Enter rounded answer as directed, but do

not use rounded numbers in intermediate calculations. Round your

answer to 2 decimal places (e.g., 32.16).)

Prize

money

$

9.

You expect to receive

$25,000 at graduation in two years. You plan on investing it at 9 percent

until you have $150,000.

Required:

How long will you wait

from now? (Enter rounded answer

as directed, but do not use rounded numbers in intermediate calculations. Round your answer to 2 decimal places (e.g.,

32.16).)

Period

years

10.

value:

2.00 points

You need $75,000 in 10

years.

Required:

If you can earn .57

percent per month, how much will you have to deposit today?(Enter rounded answer as directed, but do not

use rounded numbers in intermediate calculations. Round your answer to 2 decimal places (e.g.,

32.16).)

Amount to

deposit

$

11.

value:

10.00 points

Assume you deposit

$5,000 at the end of each year into an account paying 10.8 percent interest.

Requirement 1:

How much money will

you have in the account in 20 years? (Enter rounded answer as directed, but do not use rounded numbers

in intermediate calculations. Round your answer to 2 decimal places (e.g., 32.16).)

Annuity

future value

$

Requirement 2:

How much will you have

if you make deposits for 40 years?(Enter rounded answer as directed, but do not use rounded numbers

in intermediate calculations. Round your answer to 2 decimal places (e.g., 32.16).)

Annuity

future value

$

12.

value:

10.00 points

Curlyâs Life Insurance

Co. is trying to sell you an investment policy that will pay you and your

heirs $25,000 per year forever. Assume the required return on this investment

is 6 percent.

Required:

How much will you pay

for the policy?(Enter rounded answer as

directed, but do not use rounded numbers in intermediate calculations. Round your answer to 2 decimal places (e.g.,

32.16).)

Policy

value today

$

13.

value:

10.00 points

Find the EAR in each

of the following cases.(Enter rounded answers as directed, but do not use rounded numbers

in intermediate calculations. Use 365 days in a year. Enter your answers as a percent

rounded to 2 decimal places (e.g., 32.16).)

Stated Rate (APR)

Number of Times

Compounded

Effective Rate

(EAR)

10

%

Quarterly

%

17

Monthly

%

13

Daily

%

9

Semiannually

%

14.

value:

10.00 points

Find the APR, or

stated rate, in each of the following cases. (Use 365 days in a year.Enter rounded answers

as directed, but do not use rounded numbers in intermediate calculations. Enter your answers as a percent rounded to 2

decimal places (e.g. 32.16).)

Stated Rate (APR)

Number of Times

Compounded

Effective Rate (EAR)

%

Semiannually

14

%

%

Monthly

9

%

Weekly

8

%

Daily

13

15.

value:

10.00 points

Bucher Credit Bank is

offering 4.7 percent compounded daily on its savings accounts. Assume

that you deposit $4,500 today.

Requirement 1:

How much will you have

in the account in five years? (Enter rounded answer as directed, but do not use rounded numbers

in intermediate calculations. Use 365 days in a year. Round your answer to 2 decimal places (e.g.,

32.16).)

Future

value

$

Requirement 2:

How much will you have

in the account in 10 years?(Enter rounded answer as directed, but do not use rounded numbers

in intermediate calculations. Use 365 days in a year. Round your answer to 2 decimal places (e.g.,

32.16).)

Future

value

$

Requirement 3:

How much will you have

in the account in 20 years? (Enter rounded answer as directed, but do not use rounded numbers

in intermediate calculations. Use 365 days in a year. Round your answer to 2 decimal places (e.g.,

32.16).)

Future

value

$

16.

value:

10.00 points

An investment will pay

you $75,000 in nine years. Assume the appropriate discount rate is 6 percent

compounded daily.

Required:

What is the present

value?(Enter rounded answer as

directed, but do not use rounded numbers in intermediate calculations. Use

365 days in a year. Round your answer to 2

decimal places (e.g., 32.16).)

Present

value

$

17.

value:

10.00 points

You want to buy a new

sports coupe for $68,500, and the finance office at the dealership has quoted

you a loan with an APR of 5.9 percent for 60 months to buy the car.

Requirement 1:

What will your monthly

payments be? (Enter rounded

answer as directed, but do not use rounded numbers in intermediate

calculations. Round your answer to 2 decimal places (e.g., 32.16).)

Monthly

payment

$

Requirement 2:

What is the effective

annual rate on this loan?(Enter rounded answer as directed, but do not use rounded numbers

in intermediate calculations. Enter your answer as a percent rounded to 2 decimal places

(e.g., 32.16).)

Effective

annual rate

%

18.

value:

10.00 points

One of your customers

is delinquent on his accounts payable balance. Youâve mutually agreed to a

repayment schedule of $500 per month. You will charge 1.4 percent per month

interest on the overdue balance.

Required:

If the current balance

is $17,340, how long will it take for the account to be paid off?(Do not use rounded numbers in intermediate

calculations. Round your answer to

2 decimal places (e.g., 32.16).)

Number of

months

19.

value:

10.00 points

Assume the appropriate

discount rate for the following cash flows is 7.3 percent.

Year

Cash Flow

1

$1,200

2

1,100

3

800

4

600

Required:

What is the present

value of the cash flows? (Enter rounded answer as directed, but do not use rounded

numbers in intermediate calculations. Round your answer to 2 decimal

places (e.g., 32.16).)

Present

value

$

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