# In the previous problem if someone gives you 20000 in

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Chapter 5 / Exercise 56
Mathematics: A Practical Odyssey
Johnson/Mowry
Expert Verified
12. In the previous problem, if someone gives you \$20,000 in 15 years and it earns 10% as well, how much can you withdraw at the end of each year during retirement?A.\$ 36,863B.\$ 37,423 C.\$ 38,795 D.\$ 39,982 E.\$ 40,538
##### We have textbook solutions for you!
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Chapter 5 / Exercise 56
Mathematics: A Practical Odyssey
Johnson/Mowry
Expert Verified
13. Many IRA funds argue that investors should invest at the beginningof the year rather than at the end. What is the difference to an investor’s retirement account if she invests \$3,000 per year at 10 percent over a30-year period?
14. If you earn 0.5% per month, what is your Effective Annual Rate?
15. You buy a boat today for \$26,000. If you finance it with a 6% APR, 4year loan, what will your monthly payments be?
16. A real estate firm sold 14 houses last month. Assume their sales increases 2% per month, how many houses will they be selling per month in 4 years?A. 28 B. 31 C. 36 D. 41 E. 46
17. You have \$2,900 today. If you earn 2% per month how much will you have in 3 years?
18. An insurance policy will pay you or your heirs \$2500 a year forever. If the first payment is received 18 years from today and the discount rate is 8%, what is the total value of the policy today?