Acc211 Exercise Chapter 6

ACC211 Exercise chapter 6  


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Brief Exercise 6-1

Chris Spear invested $17,840 today in a fund that earns 8% compounded annually. (Use the tables below.)







Brief Exercise 6-2

Your answer is correct.
Tony Bautista needs $23,990 in 3 years. (Use the tables below.)





Solution
Brief Exercise 6-2












Brief Exercise 6-8

Your answer is correct.

John Fillmore’s lifelong dream is to own his own fishing boat to use in his retirement. John has recently come into an inheritance of $417,900. He estimates that the boat he wants will cost $331,800 when he retires in 4 years. (Use the tables below.)
Brief Exercise 6-8
With quarterly compounding, there will be 16 quarterly compounding periods, at 1/4 the interest rate:
Brief Exercise 6-9

Your answer is correct.
Brief Exercise 6-11

Your answer is correct.

Leon Tyler’s VISA balance is $647.01. He may pay it off in 12 equal end-of-month payments of $65 each
What interest rate is Leon paying?
Exercise 6-1

Your answer is correct.
For each of the following cases, indicate (a) to what rate columns, and (b) to what number of periods you would refer in looking up the interest factor.


Exercise 6-3
Using the appropriate interest table, answer each of the following questions. (Each case is independent of the others.)



Solution
Exercise 6-4





Your answer is correct.
(


Your answer is correct.
(Use the table below.)



Solution
Exercise 6-4