# fin100 week 4 assignment

In your own words, please submit your responses on one document (MS Word, MS Excel, PDF) and upload it as an attachment to Blackboard. DO NOT type your responses in the white box. Any resemblance of plagiarism will result in a zero. Your submission will be submitted to SafeAssign. Please show your work. If you don’t show your work, you will not get credit.

1. If you wish to accumulate \$140,000 in 15 years, how much must you deposit today in an account that pays an annual interest rate of 10%?
2. What will \$250 ,000 grow to be in 10 years if it is invested today in an account with an annual interest rate of 19%?
3. How many years will it take for \$145,000 to grow to be \$450,000 if it is invested in an account with an annual interest rate of 9%?
4. At what annual interest rate must \$199,000 be invested so that it will grow to be \$500,000 in 10 years?
5. If you wish to accumulate \$250,000 in 7 years , how much must you deposit today in an account that pays a quoted annual interest rate of 10% with semi-annual compounding of interest?
6. You plan to buy a car that has a total “drive-out” cost of \$25,700. You will make a down payment of \$3,598. The remainder of the car’s cost will be financed over a period of 5 years. You will repay the Joan by making equal monthly payments. Your quoted annual interest rate is 8% with monthly compounding of interest. (The first payment will be due one month after the purchase date.) What will your monthly payment be?
7. You are considering leasing a car. You notice an ad that says you can lease the car you want for\$477.00 per month. The lease term is 60 months with the first payment due at inception of the lease. You must also make an additional down payment of \$2,370. The ad also says that the residual value of the vehicle is \$20,430. After much research, you have concluded that you could buy the car for a total “drive­ out” price of \$33,800. What is the quoted annual interest rate you will pay with the lease?

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