How many years will it take to reach goal

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Reference no: EM131964454

1) You have $64,633.35 in a brokerage account, and you plan to deposit an additional $3,000 at the end of every future year until your account totals $240,000. You expect to earn 10% annually on the account. How many years will it take to reach your goal? Round your answer to two decimal places at the end of the calculations.

2) Find the interest rates earned on each of the following. Round each answer to two decimal places.

a) You borrow $51,000 and promise to pay back $60,897 at the end of 6 years.

b) You borrow $10,000 and promise to make payments of $2,504.60 at the end of each year for 5 years.

3) You borrow $100,000; the annual loan payments are $7,264.89 for 30 years. What interest rate are you being charged? Round your answer to two decimal places.

Reference no: EM131964454

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