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# In order to save \$57,000 in five years, John will start saving money next month

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Question:Below are 5 Questions that I need the answers checked to. I also need the way you check/solve them listed out either hand written or on the computer typed so I can "show my work". If there is an incorrect answer, please let me know.

1. In order to save \$57,000 in five years, John will start saving money next month. He already has \$10,000 in his account. The account is paying him 0.1 percent interest per month. In order to have \$57,000 in five years, how much will he have to deposit into that account each month?

\$750.46

2. Total Inc. recently purchased a new office building costing \$15 million. The firm financed

this purchase at 6 percent APR with quarterly compounding. Quarterly payments starting from next quarter will be \$400,000. How many years will it take the firm to pay off this debt?

13.88 Years

3. I can borrow from two different banks. One of them is charging me 6.75% APR compounded monthly and the other one charges me 6.65% APR compounded weekly. What is the effective annual rates for each one and which one should I choose?

6.96% =6.87% (Which one should I choose?)

4. What is the present value of the following cash flows if I can earn 10% per year: A payment of \$10 million today, \$11 million one year from today, \$12 million two years from today, and then for two years no cash flow, and then -\$5 million in the final year. \$26,812,748.76

5. I have \$5,000 and want to triple my money in 10 years. I am depositing money into my account every month. The bank pays me 1.2% APR with monthly compounding. How much should I deposit each month (starting from next month) into this account? \$73.47

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## [Solved] In order to save \$57,000 in five years, John will start saving money next month

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### In order to save \$57,000 in five years, John will start saving money next month

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### In order to save \$57,000 in five years, John will start saving money next month

In order to save \$57,000 in five years, John will start saving money...

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