26 Jun FINANCE-What is the future value of $2,400 in 17 years assuming an interest rate of 7.9%
Question
1. What is the future value of $2,400 in 17 years assuming an interest rate of 7.9% compounded compounded semiannually?
2. An investment will pay you $65,000 in 10 years. If the appropriate discount rate in 7% compounded daily, what is the present value?
3. Big Dom’s Pawn Shop charges in interest rate of 32% per month on loans to its customers. Like all lenders, Big Dom must report an APR to consumers. What rate should the shop report? What is the effective annual rate?
4. If the appropriate discount rate for the following cash flows in 9% compounded quarterly, what is the present value of the cash flows?
Year Cash flow
1 $790
2 $860
3 $0
4 $1,340
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