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I need the following questions answered: You have just received $165,000 from the estate of a long-lost rich uncle. If you invest all your...
I need the following questions answered:
16. You have just received $165,000 from the estate of a long-lost rich uncle. If you invest all your inheritance in a tax-free bond fund earning 6.9% compounded quarterly, how long do you have to wait to become a millionaire? (Round your answer to two decimal places.)
23. Find the amount of time needed for the sinking fund to reach the given accumulated amount. (Round your answer to two decimal places.)$285 monthly at 5.3% to accumulate $25,000.
25. How much must you invest each month in a mutual fund yielding 11.7% compounded monthly to become a millionaire in 10 years? (Round your answer to the nearest cent.)
27. You and your new spouse each bring home $1600 each month after taxes and other payroll deductions. By living frugally, you intend to live on just one paycheck and save the other in a mutual fund yielding 7.94% compounded monthly. How long will it take to have enough for a 20% down payment on a $155,000 condo in the city? (Round your answer to two decimal places.)
32. The super prize in a contest is $10 million. This prize will be paid out in equal yearly payments over the next 20 years. If the prize money is guaranteed by AAA bonds yielding 4% and is placed into an escrow account when the contest is announced 1 year before the first payment, how much do the contest sponsors have to deposit in the escrow account? (Round your answer to the nearest cent.)
34. A MasterCard statement shows a balance of $540 at 13.4% compounded monthly. What monthly payment will pay off this debt in 1 year 6 months? (Round your answer to the nearest cent.)
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