# Hw11 - Math 1313 Homework 11 Section 5.2 Use the following...

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Math 1313 Homework 11 Section 5.2 1 Use the following problem to answer questions 1 and 2. Corrie bought a new flat screen 60 inch television and a speaker system from a local electronics store on credit. The store will charge 18% per year compounded monthly. Their monthly payments are \$248.80 for 3 years. What is the cash price of her purchase? 1. Identify the type of problem. a. Future Value with compound interest b. Present Value with compound interest c. Future Value of an Annuity d. Present Value of an Annuity e. Future Value with simple interest f. None of the above 2. Answer the question in the problem. a. \$6,881.98 b. \$7,442.31 c. \$8,956.80 d. \$11,762.26 e. \$7,700.00 f. None of the above Use the following problem to answer questions 3 and 4. Parents would like to have the funds to send their child to college in 14 years. They decide to deposit \$270 each month in an account earning 5% per year compounded monthly. How much will be in this account in 14 years? 3.

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Hw11 - Math 1313 Homework 11 Section 5.2 Use the following...

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