Assignment 6(2)

Assignment 6(2) - Maple T.A. - Gradebook

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
System Homepage » Class Homepage » Student Details » Student Assignment Details ActSci 231 W09 : Gradebook Welcome Po-Wei Chuang [ My Profile ] Assignment detail for Po-Wei Chuang in Assignment 6: Po-Wei Chuang Login: pchuang Email: pchuang@uwaterloo.ca Student ID: 20260696 Assignments completed: 9 Assignments active: 0 Question Grade 1 Teresa took out a loan of $10,500, to be paid back by the sinking fund method. The term of the loan is ten years, and the interest is to be repaid annually at an annual effective interest rate of 5.6%. The sinking fund account earns 3.2% annual effective interest for the first 4 years and 4% interest for the next 6 years. Teresa deposits $710 in the sinking fund account at the end of each of the first 9 years. What deposit must she make at the end of the tenth year, so that she will have the requisite $10,500? Your Answer: 2730.88 Correct Answer: 2,730.88±0.1 Comment: 10,500-710((1+0.032) 4 -1)/0.032(1+0.04) 6 -710((1+0.04) (6-1) -1)/0.04(1+0.04) = 2,730.88
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

Page1 / 2

Assignment 6(2) - Maple T.A. - Gradebook

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online