You are a well-paid engineer with a well-established international corporation. In planning for your retirement, you are optimistic and expect to make an investment of 10,000 in year 1 and increase this amount by 10% each year. How long will it take for your account to have a future worth of 2,000,000 at a rate of return of 7% per year?

Payment of $883 due 2 months ago and $435 due today are to be repaid by a payment of $400 one month from today and the balance in 11 months from now. If money is worth 6% compounded monthly, and the agreed focal date is 11 months from today. What is the size of the final payment?

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An oil and gas producing company owns 49,000 acres of land in a southeastern state. It operates 650 wells which produce 19,000 barrels of oil per year and 1.5 million cubic feet of natural gas per year. The revenue from the oil is $1,900,000 per year and for natural gas the annual revenue is $583,000 per year. What bid should be made to purchase this property if the potential buyer is hoping to make 17% per year on his investment over a period of 9 years. Click the icon to view the interest and annuity table for discrete compounding when i = 17% per year. $ million or less should be offered for the property. (Round to two decimal places.)