Question

If Patricia Johnson invests $6,109.98 now and she will receive $19,300 at the end of 17 years, what annual rate of interest will Patricia earn on her investment? (Hint: Use Table 3.) (Round answer to 0 decimal places, e.g. 25%.)

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(For calculation purposes, use 5 decimal places as displayed in the factor table provided.)

Annual rate of interest

Gary King invests $9,527.27 now for a series of $1,400 annual returns beginning one year from now. Gary will earn a return of 9% on the initial investment.

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(For calculation purposes, use 5 decimal places as displayed in the factor table provided.)

How many annual payments of $1,400 will Gary receive? (Hint: Use Table 4.) (Round answer to 0 decimal places, e.g. 25.)

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Daniel and Nancy Garfield invested $6,700 in a savings account paying 4% annual interest when their daughter, Angela, was born. They also deposited $1,500 on each of her birthdays until she was 14 (including her 14th birthday).

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(For calculation purposes, use 5 decimal places as displayed in the factor table provided.)

How much was in the savings account on her 14th birthday (after the last deposit)? (Round answer to 2 decimal places, e.g. 25.25.)

Amount on 14th birthday		$enter a dollar amount rounded to 2 decimal places

Answer 1

1. Rate of interest= 7%

2. No. Of payments= 11

3. Amount=$39040.11