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FIN 515 Managerial Finance Week 2 Time Value of Money Quiz Answer

FIN 515 Managerial Finance Week 2 Time Value of Money Quiz Answer

FIN 515 Managerial Finance Week 2 Time Value of Money Quiz Answer

Week 2 Quiz

Question 1. 1. (TCO B) Your daughter has just given birth to your first grandchild. You decide to start a college fund for the child. You want the fund to have $300,000 in it when the child turns 18. You think you can get a return of 10% per year on your investment. How much should you deposit in the fund?

Question 2. 2. (TCO B) You want to buy a car. To do so, you will need to take out a loan in the amount of $22,000. The longest you are willing to pay on the loan is five years. The interest rate on this type of loan is 5.0% per year.
How much will the equal monthly payments be?

Question 3. 3. (TCO B) You have been diligently saving to buy a boat. For the last 10 years, you have been putting $50 per month into a secret savings account paying .5% interest per year. You started with $0. You just discovered that your spouse knew about the account the whole time and has been withdrawing $45 each month for the last 10 years. How much money do you have in the account?

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FIN 515 Managerial Finance Week 2 Time Value of Money Quiz Answer

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