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Ch. 13 Extra Practice

# 6 how much will you need to invest now to receive

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Unformatted text preview: ceive \$900 annually for 4 years, at 6% interest. How much is needed to invest now to receive this annuity? 6. How much will you need to invest now to receive \$15,000, quarterly, for 4 years at 8%? 7. You want to have \$25,000 in 6 years, with quarterly payments at 8% interest. How much are your payments for each period? 8. I want to have \$15,000 by investing annually, for 8 years at 8% interest. How much will my payments be? 9. Mr. T deposits \$600 at the end of each quarter at 8% compounded quarterly. After 7 years, he quits making deposits What will the account’s balance be in 4 years after the last deposit? 10. You need \$60,000 for you to retire. You invest \$800, at 9% semi ­annually. After 10 years, you quit making deposits. What is the account’s balance 10 years after the last deposit?...
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