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August 21, 2014

Homework Help: matttth help please

Posted by Maame on Saturday, May 26, 2012 at 9:19pm.

1. Mike wants to invest money every month for 40 years. He would like to have
$1 000 000 at the end of the 40 years. For each investment option, how
much does he need to invest each month?
a) 10.2%/a compounded monthly
b) 5.1%/a compounded monthly

2. Kenny wants to invest $250 every three months at 5.2%/a compounded
quarterly. He would like to have at least $6500 at the end of his investment.How long will he need to make regular payments?

8.4 Annuities: Future Value

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