Essay specific features
March 10, 2015
No of pages / words:
8 / 1984
Rating of current essay:
E. Answer: 10.25
2d. Pacific Trust offers 10 percent CDs with daily compounding. What are such a CD’s effective annual rate and its value at maturity? The CD matures in 5 years.
Nom=10 C/Y=365 Cpt eff= 10.5156
N=5 i=10.5156 pv=10000 pmt=0 cpt fv= 16,486.09
4f. Suppose the payments are only $1000 each, but are made every six months, starting six months from now...
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What would be the future value if the ten payments were invested at 10 percent annual interest?
N=10 i=4.88 pv=0 pmt= -1000 cpt fv= 12,508
N=10 i=10.25/2= 5.125 pv=0 pmt= -1000 cpt fv= 12,578
6b. What payment today (year 0) would be needed to accumulate the needed $20,000? (assume that the payments for years 1 through 5 remain the same...
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