Math 101 Chapter 5 Worksheet Solutions

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Unformatted text preview: from interest. 7. As the prize in a contest, you are offered $27,000 now or $39,500 in 7 years. If today the money can be invested at 7% compounded annually, which prize is worth more in 7 years? 8. Find the accumulated value of an IRA account into which $750 is invested at the end of each quarter at an interest rate of 2.4% compounded quarterly if you start the IRA at age 30 and retire at age 60. 9. Find the present value of an ordinary annuity which has payments of $600 per year for 19 years at 7% compounded annually. 10....
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This note was uploaded on 02/13/2014 for the course MATH 101 taught by Professor Tba during the Fall '08 term at Drexel.

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