3. Consider the following cash flows: $1000 today, $500 at the end of one year, Y at
the end of two years and 4000 at the end of year 3. If in three years from today, they
will have a future value of $6,547.82, and the annual interest rate is 6%, what is the
value of Y?
A)
$708.00
B)
$750.00
C)
$795.00
D) $1,047.00
4. You decide to deposit $100 at the end of each month for the first year, $200 at the
end of each month during the second year, and $300 at the end of each month for
the third year. The interest rate is 12% compounded monthly, and deposits will begin
in one month from today. How much money can you accumulate in three years?
A)
$6,500.00
B)
$7,200.00
C)
$7,793.28
D) $8,273.28
5. In order to buy a $30,000 car making $600 monthly payments for 48 months, at an
APR of 6%, how much will you have to pay today as a down payment? (Assume
payments are made at the end of each month and round your answer to the nearest
dollar)
A)
$2,459
B)
$3,440
C)
$4,452
D) $5,249
6. Your retirement fund's balance is $50,000 right now. You want to retire in 30 years
with $1,000,000. You add $6,000 annually at the end of each year. What interest
rate do you need to earn in order to reach your goal?
A)