volora
Feb 21, 2009, 07:01 PM
I used the BAII PLUS Financial calculator to figure out the following answers and I want to make sure if it's right or not. Please check for me. Any feedback would greatly appreciated.
1. Assume Bill Jones invested $3,137.84 into an account exactly one year ago. The account has an interest of 8.4% p.a. How much does Bill have in his account today (that is, exactly one year after the initial deposit)? (Round your answer to the nearest cent)
Answer: 340.41
2. Assume Jed Gerbil invested $12,617 into an account exactly two years ago. The account has an interest of 11.4% p.a. How much does Jed have in his account today (that is, exactly two years after the initial deposit)?
Answer: 15,657.65
3. Assume Sheryl Jenkins wants to accumulate $532.15 in two years. She currently has $465.09 to invest. What interest rate must she earn on her investment (that is, if she deposits $465.09 today) to have $532.15 exactly two years from today?
Answers: 1.15
4. Your neighbor is asking you to invest in a venture that will double your money in 3 year(s). Compute the return the he is promising you?
Answers: 648.18
5. You want to withdraw $39,616 from your account at the end of one year and $50,997 at the end of the second year. How much should you deposit in your account today so that you can make these withdrawals? Your account pays 7 percent p.a.
Answers: 53,307.29
1. Assume Bill Jones invested $3,137.84 into an account exactly one year ago. The account has an interest of 8.4% p.a. How much does Bill have in his account today (that is, exactly one year after the initial deposit)? (Round your answer to the nearest cent)
Answer: 340.41
2. Assume Jed Gerbil invested $12,617 into an account exactly two years ago. The account has an interest of 11.4% p.a. How much does Jed have in his account today (that is, exactly two years after the initial deposit)?
Answer: 15,657.65
3. Assume Sheryl Jenkins wants to accumulate $532.15 in two years. She currently has $465.09 to invest. What interest rate must she earn on her investment (that is, if she deposits $465.09 today) to have $532.15 exactly two years from today?
Answers: 1.15
4. Your neighbor is asking you to invest in a venture that will double your money in 3 year(s). Compute the return the he is promising you?
Answers: 648.18
5. You want to withdraw $39,616 from your account at the end of one year and $50,997 at the end of the second year. How much should you deposit in your account today so that you can make these withdrawals? Your account pays 7 percent p.a.
Answers: 53,307.29