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MA373 S10 Quiz 3 Solutions

# MA373 S10 Quiz 3 Solutions - 1 QUIZ 3 Math 373 Spring 2010...

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Unformatted text preview: 1. QUIZ 3 Math 373 Spring 2010 John wants to establish a John'Purdue scholarship that will pay 8000 each year forever with the first payment made immediately. If an he can invest money in an account earning an annual effective rate of 5%, how much must he invest now to fund the scholarship. @000 @000 Q0520 W 2. Kelli is repaying a loan of 100,000 with ten level annual payments. The interest rate on the loan is 8% compounded quarterly. Calculate the outstanding loan balance immediately after the 4th payment. ngm L'q3:.08 M0in 5a ‘lul'tll \ v4 ~= ,09143L/(é ‘; a“! I e: [‘02, Ha (H 9) 9 b l. 5 00 00C). (Ram ” O Qzl/‘DELM ‘l Vim I/y : 9., nqaz/b ' "PV 5 mo, 06(3) 6P7“ Wm e: bio-tug! W '2qu W021" a lib/Deﬁes W = ‘% P274 0L6“; 6 am d/ / cuff] 5 l ’9 EAL"? MW 27 , game I o b ,Mg/ / ’5' ,ongut 4/ 0 cent —: (p§‘//¢/d warv§éertnb¢ | 0 4'0 ' T’Q W N951?) Todd wants to buy a house in five years. He needs a down payment of 35,000 at the end of five years. Todd deposits X into an account at the beginning of each month for the next five years. The account earns 9% compounded monthly. Calculate X so that Todd will have 35,000 at the end of 5 years. CLPT' Pm 7") [490: 5‘7 ...
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