Assignment 6(2)

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

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

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