You just purchased a used car from your local dealership. The dealership has off
ID: 2627254 • Letter: Y
Question
You just purchased a used car from your local dealership. The dealership has offered you 3 possible payment options described in the table. If the discount rate is 7.0%, which of the assertions is true?
Option Terms of payment (amount and timing)
from you to the dealership
A $11,000 today
B $12,000 in 1 years from today
C $15,000 in 5 years from today
You just purchased a used car from your local dealership. The dealership has offered you 3 possible payment options described in the table. If the discount rate is 7.0%, which of the assertions is true?
Option Terms of payment (amount and timing)
from you to the dealership
A $11,000 today
B $12,000 in 1 years from today
C $15,000 in 5 years from today
Sally and Kate both have $15,000 in their investment accounts after making an initial investment 5 years ago. Sally earned 7% on her initial investment, and Kate earned 8% on her initial investment.
How much more did Sally have to invest than Kate in order to have the same amount after 5 years?
Assume that interest compounded is annually, and that both Sally and Kate only made one deposit at the beginning of the investment.
Miranda and Elias both have $7,600 in their account today. Both earned 6% interest on their investment; however,
Miranda made her only deposit 5 years ago and Elias made his only deposit 2 years ago.
How much more did Elias have to deposit to earn the same amount as Miranda today?
Assume that interest compounded is annually, and that both Miranda and Elias only made one deposit at the beginning of the investment.
Explanation / Answer
What would be these answers?!
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