Questions from College Mathematics

Q: USG Annuity and Life offered an annuity that pays 7.25

USG Annuity and Life offered an annuity that pays 7.25% compounded monthly. If $1,000 is deposited into this annuity every month, how much is in the account after 15 years? How much of this is interes...

Q: A self-employed person has a Keogh retirement plan. (

A self-employed person has a Keogh retirement plan. (This type of plan is free of taxes until money is withdrawn.) If deposits of $7,500 are made each year into an account paying 8% compounded annuall...

Q: The Hartford offered an annuity that pays 5.5% compounded

The Hartford offered an annuity that pays 5.5% compounded monthly. What equal monthly deposit should be made into this annuity in order to have $100,000 in 10 years?

Q: Parents have set up a sinking fund in order to have $

Parents have set up a sinking fund in order to have $120,000 in 15 years for their children’s college education. How much should be paid semiannually into an account paying 6.8% compounded semiannuall...

Q: If $2,000 is deposited at the end of each

If $2,000 is deposited at the end of each quarter for 2 years into an ordinary annuity earning 7.9% compounded quarterly, construct a balance sheet showing the interest earned during each quarter and...

Q: If $500 is deposited each quarter into an account paying 8

If $500 is deposited each quarter into an account paying 8% compounded quarterly for 3 years, find the interest earned during each of the 3 years

Q: Nine cards are numbered with the digits from 1 to 9.

Nine cards are numbered with the digits from 1 to 9. A 3-card hand is dealt, 1 card at a time. How many hands are possible in which? (A) Order is taken into consideration? (B) Order is not taken int...

Q: Refer to Problem 39. John procrastinates and does not make his

Refer to Problem 39. John procrastinates and does not make his first $1,000 deposit into an IRA until he is 36, but then he continues to deposit $1,000 each year until he is 65 (30 deposits in all). I...

Q: Refer to Problems 39 and 40. Suppose that Bob decides to

Refer to Problems 39 and 40. Suppose that Bob decides to continue to make $1,000 deposits into his IRA every year until his 65th birthday. If John still waits until he is 36 to start his IRA, how much...

Q: American Express’s online banking division offered a money market account with an

American Express’s online banking division offered a money market account with an APY of 2.243%. (A) If interest is compounded monthly, what is the equivalent annual nominal rate? (B) If a company w...