CNU Business Finance Calculating Annuity Future Values & Interest Rates Exercise Professor requires all work done in Exel. Please review attached questions

CNU Business Finance Calculating Annuity Future Values & Interest Rates Exercise Professor requires all work done in Exel. Please review attached questions. Answers can be on word document. Assignment #3
Please solve the following problems. I will need to see your calculations; answers alone do not
receive credit. All work done in Exel.
(20 Points Total)
Chapter 5 – Questions and Problems Section
Problem #24 (Page 157)
Calculating Annuity Future Values. You are to make monthly deposits of $500 into
a retirement account that pays an APR of 9.8 percent compounded monthly. If your first
deposit will be made one month from now, how large will your retirement account be in
35 years?
Problem #34 (page 159)
Calculating Annuity Interest Rates. Although you may know William
Shakespeare from his classic literature, what is not well-known is that he was an astute
investor. In 1604, when he was 40 and writing King Lear, Shakespeare grew worried
about his eventual retirement. Afraid that he would become like King Lear in his
retirement and beg hospitality from his children, he purchased grain “tithes,” or shares
in farm output, for 440 pounds. The tithes paid him 60 pounds per year for 31 years.
Even though he died at the age of 52, his children received the remaining payments.
What interest rate did the Bard of Avon receive on this investment?
Problem #37
Calculating Rates of Return. You’re trying to choose between two different
investments, both of which have up-front costs of $39,000. Investment G returns
$75,000 in six years. Investment H returns $105,000 in 9 years. Which of these
investments has the higher return?
Problem #55 (I want to see the amortization schedule – it will be worth points!)
Amortization with Equal Payments. Prepare an amortization schedule for a threeyear loan of $54,000. The interest rate is 8 percent per year, and the loan calls for equal
annual payments. How much interest is paid in the third year? How much total interest
is paid over the life of the loan?
Submission Instructions: Submit your assignment in Blackboard.

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