Reference no: EM131926462
Question: 1. Mary Jo wants to buy a boat that is available at two dealerships in town. The price of the boat is the same at both dealerships. Middlefield Motors would let her make quarterly payments of 3,254.1 dollars for 12 years at a quarterly interest rate of 2.95 percent. Her first payment to Middlefield Motors would be due immediately. If Fairfax Boats would let her make equal monthly payments of 2,688.19 for 3 years and if her first payment to Fairfax Boats would be in 1 month, then what is the monthly interest rate that Mary Jo is being charged by Fairfax Boats? Answer as a monthly rate in decimal format so that 12.34% would be entered as .1234 and 0.98% would be entered as .0098.
2. Siri plans to retire in 3 years from today with 414,500 dollars in her retirement account, which has an annual return of 15.93 percent. If she receives annual retirement payments of X, with her first annual retirement payment of X received in 3 years from today and her last annual retirement payment of X received in 10 years from today, then what is X, the amount of each retirement payment?
3.Sasha plans to retire in 3 years from today with 459,997 dollars in her retirement account, which has an annual return of 12.24 percent. If she receives 103,000 dollars per year from her account and she receives her first 103,000 dollar payment in 3 years from today, then how many payments of 103,000 dollars can Sasha expect to receive? Round your answer to 2 decimal places (for example, 2.89, 0.70, or 1.00).
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