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Friday, May 2, 2008
Personal Finance Blog Assignment 1a
Reply to the question below in the comments to this post. You must include your first name when you publish your reply. If you wish, you may instead choose to answer the problem published as Personal Finance Blog Assignment 1b
You MAY NOT COPY a response published by a student before you. Be creative and create a new or different scenario of your own.
If necessary, click on the image to enlarge it.
You MAY NOT COPY a response published by a student before you. Be creative and create a new or different scenario of your own.
If necessary, click on the image to enlarge it.
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8 comments:
Theodore plans to go on a trip to las vegas. he decides to put away $275/month for the next 2 years. his bank is giving him an interest rate of 8% compounded semi-annually. After 2 years, how much has he saved?
Buford decides to save money for his university tuition. He decides to contribute $275.00 each month. His bank's interest rate is 8%, and is compounded semiannually. How much will Buford have acculated in two years?
Joshua's uncle left him a letter saying he would give him $275 a month as he has went more in-depth with his work for 2 years. What Joshua decides to do is save up his month and decides to invest the $275.00 each month. The bank gives Joshua an interest rate of 8% compounded semi-annually. How much money will Joshua have saved by the end of 2 years?
Goerge wants to buy a car before he gets his full license. If he invests $275.00 each month at a bank that will give him an interest rate of 8% compounded semi-annually, how much money will be be able to spend on a car after two years?
Chunky is trying to save up for a trip to Tokyo, but due to his reputation as being a "bar star" he can barely save to pay rent; so his friend Michelle Wie devises a plan to help him save money for his trip. Michelle tells Chunky that he has to put away $275/month for the next 2 years to be able to save enough money for the trip. Michelle contacts one of her friends from Royal Bank to give Chunky a 7.4 % interest rate; but being a valued customer at Scotia Bank, the manager gives Chunky an interest rate of 8% compounded sem-annually.
a) How much will Chunky save in 2 years?
b) Will Chunky be able to go to Tokyo?
Ironm@n decides to fund his corporation by investing $275/month. He decides he wants to go 2 years and hassles the bank to give him an 8% interest rate compounded yearly, but he doesn't think thats good enough so he hassles the bank to compound it semi-annually. Being the superhero that he is, He forgets all about his money. After two years how much money did he accumulate?
In today's world people in the less wealthy country like the Philippines, their economy is drastically going down due to war and starvation. Brock Lee would like to help them by saving up some of his salary and use them to buy foods and clothes for the people in the Philippines. So, he went to President's Choice Bank(PC) since they have high interest in savings accounts.
He invested $5000 to start with an annual interest of 8% and compounded monthly for 2 years. How much would he save if the bank gave him an extra $226.14 because of his generosity for his country?
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