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Annual rate of return based problem

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a. George's grandmother promises to give him $1,000 at theend of each of the next five years. How much is the money worthtoday, assuming George could invest the money and earn a 6% annual rate of return? (Round to the nearest dollar).

b. George's grandmother promises to give him $1,000 atthe end of five years. How much is the money worth today, assumingGeorge could invest the money and earn a 6% annual rate of return?(Round to the nearest dollar).

c. How much would George have to deposit in the bank today ifhe will be earning a 6% annual rate of return and wants to have$5,000 in the bank at the end of five years? (Round to the nearestdollar).

d. How much would George have to deposit in the bank at theend of each of the next five years if he wishes to have $5,000 inthe bank at the end of that time period, assuming she will beearning 6% annual rate of return? (Round to the nearestdollar).

e. Kristen deposits $5,000 in the bank at the end of each yearfor five years. How much money will she have in the bank at the endof five years, assuming she will be earning 6% interest annually onher deposits? (Round to the nearest dollar).

Reference no: EM13258983

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