ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN: 9780190931919
Author: NEWNAN
Publisher: Oxford University Press
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If you deposit dollar 10000 into a fund paying 6% interest compounded monthly. how much can you withdraw at the end of each month for 1 years.
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- The balance of an account continuously compounded was $2006 after 7 years and $6790 after 12 years. What's the balance after 14 years? dollars.arrow_forwardScott deposited $1,000 at the end of every month into an RRSP for 8 years. The interest rate earned was 4.50% compounded semi-annually for the first 4 years and changed to 4.75% compounded monthly for the next 4 years. What was the accumulated value of the RRSP at the end of 8 years?arrow_forwardPepper Roark deposits $3,000 in a savings account. The money is left on deposit earning 3.75% compounded annually. Calculate the account balance at the end of 5 years.arrow_forward
- If a person deposit 2000$ in his saving account for 10 years at interest rate of 10%. How much money he will get after 10 years, calculate the value using compound interest formula.arrow_forwardQ3arrow_forwardYou want $12,000 in your IRA in 6 years. Assuming you get 8% compounded quarterly, how much will you need to put in each quarter?arrow_forward
- Problem 9. You have $8430 in credit card debt. The interest rate on the unpaid balance is 27% compounded. You decide to pay off the debt in equal monthly payments at the end of each month. (i) What should the monthly payments be to have the account paid off at the end of 3 years? (ii) How much interest have you paid?arrow_forwardSuppose you borrow $3,000 at 6.75% interest for 8 months. What is the maturity value?arrow_forwardKen wants to remodel his basement and he wants to pay back no more than $15,000.If he gets a low interest loan at 4.5% compounded monthly and plans to repay the loanin one payment in 2 years, how much can he borrow?arrow_forward
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