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How large will your retirement account be in years

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Q1) You are to make monthly deposits of $400 into a retirement account that pays 10.9 percent interest compounded monthly. If your first deposit will be made one month from now, how large will your retirement account be in 34 years?

Q2) Give an amortization schedule for a three-year loan of $114,000. The interest rate is 11 percent per year, and the loan calls for equal annual payments. How much total interest is paid over the life of the loan?

Q3) Suppose 2 athletes sign 10-year contracts for $80 million. In one case, we're told that the $80 million will be paid in 10 equal instalments. In the other case, we're told that the $80 million will be paid in 10 instalments, but the instalments will increase by 5% per year. Who got a better deal and why?

Reference no: EM132822009

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