ou have just won a lottery prize of ​$2,500,000 collectible in 10 yearly installments of ​$250,000 starting today. The total present worth of the prize is ​$1,663,173. Suppose that you have a large mortgage you want to pay off now. You propose an alternative but equivalent payment scheme. You would like ​$290,000 today and the balance of the prize in eight years when you intend to purchase a large piece of waterfront property. How much will the payment be in eight ​years? Assume that annual interest is 10 ​percent compounded monthly

Steve promises to pay Amanda $2,000 in four years and another $3,000 four years later  for a  loan of $2,000 from Sandy today.  What is the interest rate that Sandy is getting? Assume interest is compounded monthly.

Kelsey purchases a retirement annuity that will pay her $1,500 at the end of every six months for the first ten years and $700 at the end of every month for the next six years. The annuity earns interest at a rate of 3.6 % compounded quarterly. Question 5 of 6 a. What was the purchase price of the annuity? Round to the nearest cent b. How much interest did Kelsey receive from the annuity? Round to the nearest cent

Please use simple interest formula

3.2 Compare the interest earned by $1,000 for five years at 8% simple interest with that earned by the same amount for five years at 8% compounded annually. 3.3 You are considering investing $3,000 at an interest rate of 8% compounded annu- ally for five years or investing the $3,000 at 9% per year simple interest for five years. Which option is better?

Many persons prepare for retirement by making monthly contributions to a savings program. Suppose that ​$2,600 is set aside each year and invested in a savings account that pays 10​% interest per​ year, compounded continuously. a. Determine the accumulated savings in this account at the end of 23 years.  b. In Part​ (a), suppose that an annuity will be withdrawn from savings that have been accumulated at the EOY 23. The annuity will extend from the EOY 24 to the EOY 33. What is the value of this annuity if the interest rate and compounding frequency in Part​ (a) do not​ change? The accumulated savings amount at the end of 23 years will be ​$

Now that young King Solomon has inherited the kingdom of Israel, and a massive amount of wealth that he can invest, he wants to plan for his "retirement." Since he doesn't know how long he'll live, and data on life expectancy is scarce, he reasons that he just wants a regular "cash flow" over the course of his life. With that in mind, how many shekels would he need to deposit at 20 percent interest compounded every year in order to be able to withdraw 50 shekels at the end of every year for seventy years?

Melissa agrees to contribute $500 to the alumni fund at the end of each year for the next 4 years. Shannon wants to match Melissa's gift, but he wants to make a lump-sum contribution. If the current interest rate is 2.5% compounded annually, how much should Shannon cortribute to equal Melissa's gift? (Round your answer to the nearest cent.)

You borrowed $10,000 from a local bank, with the agreement that you will pay back the loan according to a graduated payment plan. If your first payment is set at $1,500, what would the remaining payment look like at a borrowing rate of 7% over five years? (the value of G approximately is...) $10,000 0 $1.500 20 30 4G

Please answer everything in the photos including the graph.