# solution

A company wants to have \$600,000 for office renovations. It can deposit \$30,000 at the beginning of each quarter into an account that earns 4.5% compounded quarterly.
The number of years it will take the company to reach its goal is …… Round answer to one decimal place.

\$4,000 is deposited in an annuity every six months for 5 years at 6% compounded semiannually.
(a) If the deposit is made at the end of each payment period, the future value will be
\$ …. Round answer to the nearest dollar. No comma or space.
(b) The amount of interest earned is
\$ …. Use the answer in part (a) to find the amount. No comma or space.
(c) If the deposit is made at the beginning of each period, the future value will be
\$ …. Round answer to the nearest dollar. No comma or space.

Find the present value of of this ordinary annuity.
Payments of \$1,000 each year for 9 years at 8% compounded annually.
\$ …. Round answer to the nearest dollar. No comma or space.

The Johnson family buys a house for \$400,000 with a 20% down payment. If the interest rate is 3.35%,
(a) The amount of monthly payment needed to amortize the loan if they take out a 20-year mortgage is
\$ …. Round answer to the nearest dollar. No comma, no space.
(b) Use the answer in part (a) to find the total interest paid at the end of the 20 years.
\$ …. No comma or space.
(c) The amount of monthly payment needed to amortize the loan if they take out a 30-year mortgage is
\$ …. Round answer to the nearest dollar. No comma or space.

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