Finance homework

1. In 4 years from today, Dru plans to invest 8,600 dollars in an account that is expected to earn 5.27 percent per year.  In 3 year(s), Dru plans to invest 8,700 dollars in the same account.  In 8 years from today, how much money will Dru have in his account?

 

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2. In 4 years from today, Steph plans to invest 7,200 dollars in an account that is expected to earn 6.28 percent per year.  She also expects to make an investment of X in the same account in 3 year(s) from today.  What is X if Steph expects to have 27,000 dollars in her account in 11 years from today and the expected return for the account is 6.28 percent per year?

 

3. Piotr plans to make regular savings contributions of 8,400 dollars per year to his retirement account for 7 years.  His first regular contribution to his retirement account is expected in 1 year.  In addition, he also plans to make a one-time, special contribution of 14,000 dollars to his retirement account in 3 years from today.  Piotr expects to earn 13.83 percent per year in his retirement account and he plans to retire in 7 years.  How much money does Piotr expect to have in his account when he retires, immediately after making his last contribution?

 

4. Fei has 13,900 dollars in his retirement account.  In addition, he plans to save 8,500 dollars per year in his account for 7 years.  His first contribution to his account is expected immediately and his last contribution is expected in 6 years.  Fei expects to earn 17.6  percent per year in his account.  Fei plans to retire in 7 years.  How much money does Fei expect to have in his account when he retires?

 

5. April wants to create a scholarship fund by making annual savings donations to the fund for several years before the fund starts making annual scholarship payments forever.  She plans to save 19,300 dollars per year in the trust fund for 4 years.  Her first savings donation to the trust fund is expected later today.  How much can the trust fund be expected to provide each year for scholarships if the fund is expected to earn 8.98 percent per year, make equal, fixed scholarship payments forever, and make its first scholarship payment in 5 years from today?

 

6. Mel plans to save 10,900 dollars per year in his retirement account for 3 years.  His first savings contribution to his account is expected in 1 year.  Mel expects to earn 6.78 percent per year in his account.  He plans to retire in 3 years.  In retirement, Mel plans to withdraw 19,200 dollars per year for as long as he can.  How many payments of 19,200 dollars can Mel expect to receive in retirement if his first annual retirement payment of 19,200 dollars is received immediately after he retires?

 

 

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