Question
Answered step-by-stepAsked by CountClover5285 on coursehero.com
1) Parker has a rare sculpture that is supposed to be worth $10,000...
1) Parker has a rare sculpture that is supposed to be worth $10,000 sometime in the future. Parker was just offered $4,500 for the sculpture today (PV). Based on an interest rate (discount rate) of 11.5% per year, how many years would Parker have had to wait to get the $10,000 value in the future?
2) Jack has an investment that he hopes will be worth $1,500. Jack invested a total of $150 in the investment today. The investment is earning 9.75% annually. How long will it take (in years) until Jack has his $1,500?
3) Brandon has $3,800 that he wants to invest today to grow into $16,000. He finds an investment that earns 9.5% with monthly compounds. How many months will he wait till he has the $16,000?
4) A PV of $100,000 will become a FV of $200,000. Assuming a rate of return of 10% per year, how long (NPER) will this take?
5) Colton has $3,000 that he wants to invest today to grow into $21,000. He finds an investment that earns 7.5% with monthly compounds. How many months will he wait till he has the $21,000?
6) A FV of $1,000,000 is worth a PV of $50,000 today. Assuming a rate of return of 12.5% per year, with monthly compounding, how many years were involved in the calculation (NPER) of the PV?
7) Josie has some old artwork that she hopes to sell for $15,600 in the future (FV). She was just offered $6,000 for all of the artwork (PV). At a discount rate of 7% with quarterly compounding, how many years would Josie have to wait if she wanted to sell for the $15,600?
8) Erik has a famous painting that he hopes to sell for $24,000 in the future (FV). He was just offered $19,000 for the painting. At a discount rate of 6.5% with quarterly compounding, how many years would Erik have to wait if he wanted to sell for the $24,000?
9) A FV of $600,000 is worth a PV of $80,000 today. Assuming a rate of return of 8% per year, how many years were involved in the calculation (NPER) of the PV?
10) Becca has $5,500 that she wants to invest today to grow into $20,000. She finds an investment that earns 13.5% with monthly compounding. How many years will she wait till she has the $20,000?
Answer & Explanation
Solved by verified expertAnswered by franceayeager on coursehero.com
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