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solution

You want to buy a house in 4 years and expect to need $25,000
for a down payment at that time.
Now you have $17,000 to invest?

How much interest do you have to earn (compounded annually)
to reach your goal?

Enter your answer in the following format: 0.1234

Hint: Answer is between 0.0901 and 0.1134

Question 12

Malaika has saved $20,000 already to buy a home.
In the future, she can save $6,000 per year at the end of each year
in a savings account.
The savings accout is giving her 7.25% return per year.

How many years will it take for Malaika to save $60,000
as a down payment to buy her dream house?

Question 13

Janet is 35 years old, and she has decided it is time to plan
seriously for her retirement.
Although $10,000 is the most she can save by the end of first year,
she expects her salary to
increase each year so that she will be able to increase her
retirement contribution by 5% per year.
If the retirement account earns 9% per year,

How much will Janet have saved for retirement at age
65?

Enter your answer in millions in the following format: 1.234

Hint: Answer is between 1.968 and 2.505

Enter your answer in yearsin the
following format: 1.23

Hint: Answer is between 4.13 and 5.12

Question 14

Suppose you want to endow (fund) an annual graduation party at
CSUDH.
You want the event to be a memorable one, so you budget 40,000 per
year for the party that will go on every year, forever.
If the university earns 8% per year on its investments, and if the
first party is in one year’s time,

How much will you need to donate to the university today to
endow the party?

Enter your answer in the following format: 123456.78

Hint: Answer is between 445000 and 545000

Question 15

You are considering investing in a savings account. You have
$15,000 now and you do not anticipate needing that money for 10
years.
Banks are paying 7.5% interest rate per year.

If you invest, How much money will you have after
10-years?

Enter your answer in the following format: 12345.67

Hint: Answer is between 27514.77 and 34625.33

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