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What is the amount of each payment

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Q1. If you set yourself a goal of investing X amount today, earning interest at 5%, in order to withdraw $10,000 at the end of each year for the next three years, how much is X?

$30,000

Between $25,000 and $26,000

$31,525

None of the other alternatives are correct

$27,232

Q2. Ruthy borrows $60,000 from the Mighty Bank today and the Bank requests her to repay her loan in four equal payments along with 12% interest. Each of the four payments must be paid at the end of the next four years. What is the amount of each payment?

$38,130

$38,130 plus 12% interest

$15,000 plus 12% interest

$19,754

$19,754 plus 12% interest

Reference no: EM131712970

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