question 1:Hazel needs $7000 for her first year tuition at Lake head University when she graduates in 2 years. She plans to make deposits into an account that earns 6.5% per year, compounded bi-weekly. How much should she deposit bi-weekly to meet her target amount.
question2: Edosa borrowed some money at 9.6%/a compounded monthly. Two years later, he paid $2000 toward the principal and the interest. After another, year, he paid another $2000. After another three years, he paid the remainder of the principal and the interest, which totaled $3000. How much money did he original borrow?
question 3: Bernard opens a savings account and invested $3196.88. How many years would Bernard need to keep his money in the savings account if the interest rate is 5.75%/a, compounded semi-annually, if he wants to make $5000?
question4: Filmon is putting his summer earnings into an annuity from which he can draw living expenses while he is at university. He will need to withdraw $900 per month for 8 months. Interest is earned at a rate of 6% compounded monthly. How much does Filmon need to invest at the beginning of the school year to finance the annuity.
question 1:Hazel needs $7000 for her first year tuition at Lake head University when she graduates in 2 years. She plans to make deposits into an account that earns 6.5% per year, compounded bi-weekly. How much should she deposit bi-weekly to meet her target amount.
question2: Edosa borrowed some money at 9.6%/a compounded monthly. Two years later, he paid $2000 toward the principal and the interest. After another, year, he paid another $2000. After another three years, he paid the remainder of the principal and the interest, which totaled $3000. How much money did he original borrow?
question 3: Bernard opens a savings account and invested $3196.88. How many years would Bernard need to keep his money in the savings account if the interest rate is 5.75%/a, compounded semi-annually, if he wants to make $5000?
question4: Filmon is putting his summer earnings into an annuity from which he can draw living expenses while he is at university. He will need to withdraw $900 per month for 8 months. Interest is earned at a rate of 6% compounded monthly. How much does Filmon need to invest at the beginning of the school year to finance the annuity.
