In the following ordinary annuity, the interest is compounded with each payment, and the payment is made at the end of the compounding period.

26

In the following ordinary annuity, the interest is compounded with each payment, and the payment is made at the end of the compounding period.

The Oseola McCarty Scholarship Fund at the University of Southern Mississippi was established by a $170,000 gift from an 87-year-old woman who had dropped out of sixth grade and worked for most of her life as a washerwoman. How much would she have had to save each week in a bank account earning 3.6% compounded weekly to have $170,000 after 75 years? (Round your answer to the nearest cent.)

$

27

In the following ordinary annuity, the interest is compounded with each payment, and the payment is made at the end of the compounding period.

You and your new spouse each bring home $1600 each month after taxes and other payroll deductions. By living frugally, you intend to live on just one paycheck and save the other in a mutual fund yielding 7.76% compounded monthly. How long will it take to have enough for a 20% down payment on a $155,000 condo in the city? (Round your answer to two decimal places.)

yr

30

Determine the payment to amortize the debt. (Round your answer to the nearest cent.) Quarterly payments on $15,500 at 3.1% for 6 years.

33

Just before his first attempt at bungee jumping, John decides to buy a life insurance policy. His annual income at age 30 is $36,000, so he figures he should get enough insurance to provide his wife and new baby with that amount each year for the next 35 years. If the long-term interest rate is 6.4%, what is the present value of John’s future annual earnings? (Round your answer to the nearest cent.)

$

 

 

Rounding up to the next $50,000, how much life insurance should he buy? (Round your original answer to the nearest $50,000.)

$

34

A MasterCard statement shows a balance of $570 at 13.5% compounded monthly. What monthly payment will pay off this debt in 1 year 3 months? (Round your answer to the nearest cent.)

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