ࡱ> ` ~)bjbj 4`B!;$6668@6<|6$W$7$7$7$7$7888kWmWmWmWmWmWmW$Xh [\W97899W$7$7W<<<9$7$7kW<9kW<<kSU$77 Щ6:#TkWW0W;T\f[;f[0Uf[U8vy8T<8D9888WW<X888W9999$$$16$$$6$$$ Which of the following are equal to . v + v2 + v3  - 1 ( )(1 v3) i and ii only i and iii only ii and iii only All three are true The correct answer is not given by a., b., c., or d. Calculate the present value of 300 paid at the end of each year for 20 years using an annual effective interest rate of 8%. 2945 3181 3312 3561 3750 Calculate the accumulated value immediately after the last payment of a 20 year annuity due of annual payments of 500 per year. The annual effective interest rate is 7%. 19,157 20,498 21,933 23,468 25,111 Yancy has 10,000 in a bank account earning 6% compounded monthly. Calculate the amount that he can withdraw at the end of each month from the account if he wants to have zero in the account after 12 months. 857 861 865 869 873 For a given interest rate,  = 14.2068 and  = 8.3064. Calculate n. 9 10 11 12 13 Megan purchased a new car for 18,000. She finances the entire purchase over 60 months at a nominal rate of 12% compounded monthly. Calculate Megans monthly payment. 388 392 396 400 404 Megan wants to buy a car in 4 years for 18,000. She deposits X at the beginning of each month for four years into an account earning 6% compounded monthly. Calculate X. 327 329 331 333 335 Kathy wants to accumulate a sum of money at the end of 10 years to buy a house. In order to accomplish this goal, she can deposit 80 per month at the beginning of the month for the next ten years or 81 per month at the end of the month for the next ten years. Calculate the annual effective rate of interest earned by Kathy. 14.0% 14.8% 15.0% 15.8% 16.0% Jeff makes payments at the end of each year into an account for 10 years. The present value of Jeffs payments is 5,000. Ryan makes a payment equal to Jeffs payment at the beginning of each year for 11 years into the same account. The present value of Ryans payments is 5,900. Calculate the amount of Jeffs payment. 600 700 800 900 1000 If d = 0.05, calculate . 7.62 7.82 8.02 8.73 8.86 If d(12) = 12%, calculate the accumulated value of 100 paid at the end of each month for 12 months. 1265 1266 1267 1268 1269 The accumulated value of an n year annuity is four times the present value of the same annuity. Calculate the accumulated value of 100 in 2n years. 100 400 900 1600 2500 A monthly annuity immediate pays 100 per month for 12 months. Calculate the accumulated value 12 months after the last payment using a nominal rate of 4% compounded monthly. 1268 1270 1272 1274 1276 A monthly annuity due pays 100 per month for 12 months. Calculate the accumulated value 12 months after the last payment using a nominal rate of 4% compounded monthly. 1268 1270 1272 1274 1276 A monthly annuity due pays 100 per month for 12 months. Calculate the accumulated value 24 months after the first payment using a nominal rate of 4% compounded monthly. 1268 1270 1272 1274 1276 Calculate the current value at the end of 5 years of an annuity due paying annual payments of 1200 for 12 years. The annual effective interest rate is 6%. 11,982 12,702 13,463 14,271 15,127 Calculate the present value of an annuity immediate with 20 annual payments of 500 if annuity does not start until five years have passed. The annual effective interest rate is 8%. 3341 3608 3897 4209 4545 John buys a series of payments. The first payment of 50 is in six years. Annual payments of 50 are made thereafter until 14 total payments have been made. Calculate the price John should pay to realize an annual effective return of 7%. 291 312 334 358 382 Which of the following are true:   =   v3  = v2  v8  =  +  All but i. All but ii. All but iii. All The correct answer is not given by a., b., c., or d. Adam buys perpetuity immediate of 10,000 payable at the end of each year. Calculate the present value of this perpetuity using an annual effective interest rate of 5%. 200,000 210,000 220,000 230,000 240,000 Adam buys a perpetuity due of 1000 per month for 100,000. Calculate the annual effective rate of interest used to calculate the price of this perpetuity. 12.0% 12.1% 12.4% 12.7% 12.8% The value of a perpetuity immediate where the payment is P is 1000 less than the value of a perpetuity due where the payment if P. Calculate P. 800 900 1000 1100 1200 A trust has been established such that RJ will receive a perpetuity of 1000 a year with the first payment at the end of 5 years. Calculate the present value of the perpetuity at a discount rate of d = 8%. 8009 8124 8239 8507 8955 A perpetuity pays 1200 at the beginning of each year with the first payment being made immediately. The trust funding the perpetuity will earn an annual effective interest rate of 10% for the first 10 years, 8% for the second 10 years and 5% thereafter. Calculate the amount needed to fund the perpetuity immediately before the first payment. 13,984 15,184 15,813 15,964 19,943 Julie, Chris, and Alla will share an annual perpetuity immediate of 1200. Julie will receive the first 9 payments. Chris will receive the next 16 payments. Alla will receive all remaining payments. At an annual effective interest rate of 5%, order the value of each persons share of the perpetuity. Julie < Chris < Alla Julie < Alla < Chris Alla < Julie < Chris Alla < Chris < Julie Chris < Alla < Julie Jordan inherits 50,000. This inheritance is invested in a fund earning an annual rate of interest of 6%. He withdraws 5000 per year beginning immediately. How many withdrawals of 5000 can Jordan make. 10 12 13 14 15 Jordan inherits 50,000. This inheritance is invested in a fund earning an annual rate of interest of 6%. He withdraws 5000 per year beginning immediately. Once Jordan can no longer withdraw a full 5000, he will withdraw a final payment one year after the prior payment. Calculate the final payment. 737 1,439 1,665 2,665 3,655 Jenna is the beneficiary of a fund of 20,000 that pays her 1000 at the end of each month. The fund earns 6% compounded monthly. The final payment to exhaust the fund will be a balloon payment. Calculate the amount of the balloon payment. 1008 1013 1118 1124 1130 An annuity immediate pays 750 per year for 15 years. The accumulated value of the annuity after 15 years is 15,000. Calculate the annual effective rate of interest used to calculate the accumulated value. 3.6% 3.8% 4.0% 4.2% 4.4% An annuity which pays 200 at the end of each quarter for 5 years has a present value of 3600. Calculate the nominal rate of interest compounded quarterly. 1.0% 2.5% 4.0% 4.1% 10.0% An annuity due which pays 100 per month for 12 years has a present value of 7908. Calculate the annual effective interest rate used to determine the present value. 10.8% 11.4% 12.0% 12.7% 13.4% A deferred perpetuity pays 500 annually beginning at the end of year 5. The present value of the deferred perpetuity is 4992. Calculate the annual effective interest rate used to calculate the present value. 5.5% 6.0% 6.5% 7.0% 7.5% A fund earns 5% during the next six years and 4% during years 7 through 10. James deposits 1000 into the account now. Calculate his accumulated value after 10 years. 1564 1568 1572 1577 1582 A fund earns 5% during the next six years and 4% during years 7 through 10. James deposits 1000 into the account at the end of each year for the next ten years. Calculate his accumulated value after 10 years. 12,100 12,204 12,306 12,410 12,514 James deposits 1000 into an account at the end of each year for the next 6 years. The account earns 5% interest. James also deposits 1000 at the end of each of years 7 through 10 into another account earning 4%. Calculate the total amount James will have in both accounts at the end of ten years. 12,100 12,204 12,306 12,410 12,514 Which of the following is equal to the current value shown on the timeline?   +   +   (1+i)3 v4   + (1+i)  If  times  = 4.05, calculate i. 5% 10% 15% 20% 25% Which of the following are true:  + 1 =    = v2  ()(1+i) -1 =  All but i. All but ii. All but iii. All are true The correct answer is not given by a., b., c., or d. A perpetuity pays 1 at the beginning of every year. The present value is 10. Calculate the annual effective rate of interest earned by the perpetuity. 8.9% 9.5% 10.0% 10.5% 11.1%  = X.  = 1.25X. 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