ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN: 9780190931919
Author: NEWNAN
Publisher: Oxford University Press
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- Carissa's parents were unable to pay for her last year of college, so she obtained a student loan of $6,500. The conditions of the loan were: She would make no payments while in college, but the interest would accumulate at 3.4% compounded monthly. Upon graduation she would begin equal monthly payments that would repay the loan in 8 years. (Round your answers to the nearest cent.) (a) What was the amount of the loan when she graduated 1 year later? (b) What monthly payments will repay the loan in 8 years?arrow_forwardall subparts please thank youarrow_forwardyara is saving up for a new tesla. She has no money right now. she is going to put $6150 away in year 1, increasing by $1000 per year starting in the second year, and so on, for 12 years. Interest is 9.5% per year compounded monthly. Calculate: a. the present worth b. the future worth at the end of year 12 c. the future worth at the end of year 12 if there was zero compound interest appliedarrow_forward
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- You invest $10,000 in a fund that pays 7% per year for 5 years. How much is in the fund at the end of 5 years if (forgetting leap years and making “convenient” assumptions): a. Compounding is annual? b. Compounding is quarterly? c. Compounding is monthly? d. Compounding is daily?arrow_forwardK How much money should be deposited annually in a bank account for five years if you wish to withdraw $6,000 each year for three years, beginning five years after the last deposit? The interest rate is 2% per year. Click the icon to view the interest and annuity table for discrete compounding when i=2% per year. The annual deposit amount should equal $ per year. (Round to the nearest dollar.)arrow_forwardA retirement account has an effective interest rate is 1% per month. If they want to have $800,000 in her retirement account at the end of 24 years, how much do they need to contribute to their account each paycheck.arrow_forward
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