ScholarMatic: Explanation & Answer
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this is the math 1118 of finance . Please help me quick.
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Mathematics of Finance Assignment 3F220 MarksWork in groups.Name(s):#W :Show all work. Circle your final answer1. (3 Marks) What sum of money must be set aside at a child’s birth to provide for 9 annual payments ofW$20,000 to pay for the child’s post-secondary education? The first payment comes on the child’s 19thbirthday. The interest rate is 6% compounded annually.A = 20 000 / 1 – ( 4 + 0.06 ) = 236 633, 8455SThe sum of money need to set aside equal :”156035, 8455 -(1 + 0 06) 18 -= 47658. 61Z2. (3 Marks) You would like to open a business in 3 years. This business will require $500,000 to startup. Howmuch should you deposit at the end of each month for the next three years into an account so that you willtionconhave the required $500,000 at the end of three years. This account already has $100,000 in it. The interestrate is 6% compounded monthly.3. (3 Marks) Jill deposits $100 at the beginning of each month into an account paying 6% compoundedmonthly. She makes these monthly deposits for 5 years. How much money is in her account at the end of 5years.(3 Marks) $10,000 is borrowed today at an interest rate of 6% compounded annually. The loan is to berepaid with 6 annual payments, with the first payment coming at the end of 3 years. What is the size of theannual payment?
ScholarMatic: Explanation & Answer
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