1.) Hector and Yolanda want to establish a fund for their grandson’s college education. What lump sum must they deposit at an 8.5% annual interest rate, compounded annually in order to have $40,000 in the fund at the end of 10 years? They need to deposit $__ now. Round up to next dollar. 2.) Jacksons property tax is $693.79 and is due April 5. He does not pay until July 30. The county adds a penalty of 9.9% simple interest on unpaid tax. Find the penalty Jackson will pay. (Assume there are 365 days in a year.) Jacks penalty will be $__. Round to the nearest cent.
1.) Hector and Yolanda want to establish a fund for
their grandson’s college education. What lump sum must they deposit at an 8.5% annual interest rate, compounded annually in order to have $40,000 in the fund at the end of 10 years? They need to deposit $__ now. Round up to next dollar.
2.) Jacksons property tax is $693.79 and is due April 5. He does not pay until July 30. The county adds a penalty of 9.9% simple interest on unpaid tax. Find the penalty Jackson will pay. (Assume there are 365 days in a year.) Jacks penalty will be $__. Round to the nearest cent.
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