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# Acc211 Exercise Chapter 6

• Date Submitted: 08/04/2016 07:51 PM
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ACC211 Exercise chapter 6

http://hwcampus.com/shop/acc211-exercise-chapter-6/

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

Tony Bautista needs \$23,990 in 3 years. (Use the tables below.)

Solution
Brief Exercise 6-2

Brief Exercise 6-8

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

Brief Exercise 6-11

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

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

(

(Use the table below.)

Solution
Exercise 6-4