Suppose you currently have $5,000 in your Savings Account and plan to save $670 a month forthe ﬁrst 5 years {saved dollars are available at the
end of each month} and $12,225 a year {saved dollars are available at the end of each year] for the next 5 year
As a winner of a competition. you can choose from one ofthe I'ollowing prizes:
a. sioopoo now
h.$1&D.DC-D at the end ol'ﬁye years
c. 10 end-of—ﬂte-year receipts oftBJZiCl-D each
d. B oeginning—of-HEyear receipts ot't'étjﬁ each
ll'the interest rate is 12%.
Suppose you currently have $5,0DCII in your bani: aooount and plan to save $570 a month {sari-ed dollars are ayailable at the end of each month] for
the ﬁrst 5 years and $12,225 a year [say-ed dollars are available atthe end ofeach year] for the next 5 ye
You are out shopping fora new car. ‘u'ou have found a Toyota Sienna priced at 34.455. The dealer has told you that lfyou can come up with a down
payment of sac-c. he would be willing to ﬁnance the balance at an EAR of 5.55% for 4 years. ‘t'bu come haclr h
< Question 1 {of 5] V >
1 . Award: 10 out 0f10.00 points
Suppose you currently have $5,000 in your Savings Account and plan to save $6?0 a month for the ﬁrst 5 years {saved dollars are available at the
end of each month} and 512.225 a year [saved dollars
1. Award: 10 out of10.00 points
9 You received (:redit for this question in a previous attempt
Suppose you currently have $5,000 in your Savings Account and plan to save $670 a month for the ﬁrst 5 years {saved dollars are available at the
end of ea
Suppose you currently have $5.000 in your Savings Account and plan to save $670 a month for the ﬁrst 5 years {saved dollars are available at the
end of each month} and 512.225 a year {saved dollars are available atthe end of each year] forthe next 5 years
HW #1
1. Suppose you currently have $5,000 in your Savings Account and plan to save $670 a
month for the first 5 years (saved dollars are available at the end of each month) and
$12,225 a year (saved dollars are available at the end of each year) for the