Question

Part A. You and your new spouse each bring home $1400 each month after taxes and...

Part A.

You and your new spouse each bring home $1400 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 7.93% compounded monthly. How long will it take to have enough for a 20% down payment on a $175,000 condo in the city? (Round your answer to two decimal places.)

Part B.

Calculate the present value of the annuity. (Round your answer to the nearest cent.)

$1900 monthly at 6.1% for 30 years.

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