Incorrect Your answer is incorrect. The Barnes family wants to save money to travel the world. They purchase an annuity with a yearly payment of $590 that earns 4% interest, compound annually. Payments will be made at the end of each year. Find the total value of the annuity in 13 years. Do not round any intermediate computations, and round your final answer to the nearest cent. If necessary, refer to the list of financial formulas $9809.80

Incorrect Your answer is incorrect. The Barnes family wants to save money to travel the world. They purchase an annuity with a yearly payment of $590 that earns 4% interest, compound annually. Payments will be made at the end of each year. Find the total value of the annuity in 13 years. Do not round any intermediate computations, and round your final answer to the nearest cent. If necessary, refer to the list of financial formulas $9809.80

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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The Jenkins family wants to save money to travel the world. They purchase an annuity with a quarterly payment of $188 that earns 4% interest, compounded quarterly. Payments will be made at the end of each quarter. Find the total value of the annuity in 11 years. Do not round any intermediate computations, and round your final answer to the nearest cent. If necessary, refer to the list of financial formulas.
C. D. Rom has just given an insurance company $32,500. In return, he will receive an annuity of $3,800 for 20 years. At what rate of return must the insurance company invest this $32,500 in order to make the annual payments? Use Appendix D for an approximate answer, but calculate your final answer using the financial calculator method. (Do not round intermediate calculations. Round your final answer to 2 decimal places.) Rate of return %
The Hughes family wants to save money to travel the world. They purchase an annuity with a quarterly payment of $143 that earns 4.5% interest, compounded quarterly. Payments will be made at the end of each quarter. Find the total value of the annuity in 13 years. Do not round any intermediate computations, and round your final answer to the nearest cent. If necessary, refer to the list of financial formulas.
An investor wants to save money to purchase real estate. She buys an annuity with yearly payments that earn 5.1% interest, compounded annually. Payments will be made at the end of each year. Find the total value of the annuity in 16 years if each yearly payment is $719. Do not round any intermediate computations, and round your final answer to the nearest cent. If necessary, refer to the list of financial formulas.
Your insurance agent is trying to sell you an annuity that costs $50,000 today. By buying this annuity, your agent promises that you will receive payments of $260 a month for the next 25 years. What is the rate of return on this investment? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.)
The Lee family wants to save money to travel the world. They plan to invest in an ordinary annuity that earns 5.4% interest, compounded quarterly. Payments will be made at the end of each quarter. How much money do they need to pay into the annuity each quarter for the annuity to have a total value of $14,000 after 11 years? Do not round intermediate computations, and round your final answer to the nearest cent. If necessary, refer to the list of financial formulas.
Saved Mark Ventura has just purchased an annuity to begin payment two years from today. The annuity is for $30,000 per year and is designed to last 8 years. If the interest rate for this problem calculation is 9 percent, what is the most he should have paid for the annuity? Use Appendix B and Appendix D for an approximate answer, but calculate your final answer using the formula and financial calculator methods. (Do not round intermediate calculations. Round your final answer to 2 decimal places.) Maximum payment 139,756.40
Rita wants to save money to open a tutoring center. She buys an annuity with a monthly payment of $16 that pays 3% interest, compounded monthly. Payments will be made at the end of each month. Find the total value of the annuity in 10 years. Do not round any intermediate computations, and round your final answer to the nearest cent. If necessary, refer to the list of financial formulas.
To help with a down payment on a home, Elsa is going to invest. Assuming an interest rate of 1.73% compounded annually, how much would she have to invest to have $36,800 after 7 years? Do not round any intermediate computations, and round your final answer to the nearest dollar. If necessary, refer to the list of financial formulas. $0 S oo E D
You believe you will need to have saved $593,000 by the time you retire in 30 years in order to live comfortably. You also believe that you will inherit $113,000 in 5 years. (Do not round intermediate calculations. Leave no cells blank - be certain to enter "0" wherever required. Round your answers to 2 decimal places.) If the interest rate is 7% per year, what is the future value of your inheritance at retirement? How much additional money must you save to meet your retirement goal, assuming you save your entire inheritance?
Chris wants to save money to purchase a car. He buys an annuity with quarterly payments that earn 2% interest, compounded quarterly. Payments will be made at the end of each quarter. Find the total value of the annuity in 3 years if each quarterly payment is $1432. Do not round any intermediate computations, and round your final answer to the nearest cent. If necessary, refer to the list of financial formulas.
Suppose a woman has decided to retire as soon as she has saved $800,000. Her plan is to put $950 each month into an ordinary annuity that pays an annual interest rate of 2.4%. In how many years will she be able to retire? She will be able to retire in approximately years. (Round to the nearest year as needed.) Enter your answer in the answer box and then click Check Answer. All parts showing Clear All Check Answer To see what to study next, go to your Study Plan. 99+ a 近

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