ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN: 9780190931919
Author: NEWNAN
Publisher: Oxford University Press
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- Please give me the exact solution of problem below You have $25,000 in an account that pays 6% interest compounded annually. You want to make equal annual withdrawals so that the money lasts 8 years exactly. (i) Find the amount of each withdrawal. (ii) Find the amount of each withdrawal if the money must last 12 years.arrow_forwardHelp ( economics) not financearrow_forwardFind the periodic payments PMT necessary to accumulate the given amount in an annuity account. (Assume end-of-period deposits and compounding at the same intervals as deposits. Round your answer to the nearest cent.) $80,000 in a fund paying 3% per year, with monthly payments for 10 years PMT = $ Need Help? Watch It Read Itarrow_forward
- Suppose that $4000 is placed in a bank account at the end of each quarter over the next 10 years. What is the future worth at the end of 10 years when the interest rate is 9% compounded at the given intervals? a. Quarterly b. Monthly c. Continuously There are a couple solutions out there but they are either not complete or wrong. Please take you time to complete a-c and explain what every aspect is please. Thanks!!arrow_forwardYou borrow $6,000 for 90 days at 6.5% interest. The lender uses a 365-day year. You make a payment of $1,400 on day 36 (36 days after getting the loan). Calculate your balance after the $1,400 payment is applied.arrow_forwardYou buy a car for $27000. You get a loan at 7% interest compounded yearly. You will have 60 equal monthly payments of 5543.63 each month. How much total interest will you have payed on the car loan once all of your payments are complete..arrow_forward
- Find the amount accumulated FV in the given annuity account. HINT [See Quick Example 1 and Example 1.] (Assume end-of-period deposits and compounding at the same intervals as deposits. Round your answer to the nearest cent.) $150 is deposited monthly for 11 years at 2% per year FV = $ Need Help? Read It Submit Answerarrow_forwardPlease solve complete in hand writtenarrow_forward
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