ACC 421 Week 5 Exercises E6-5 & E6-10 in Ch. 6 and E23-11 & E23-12

May 8th, 2015
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ACC 421 Week 5 Exercises E6-5 & E6-10 in Ch. 6 and E23-11 & E23-12

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E6-5 (Computation of Present Value) Using the appropriate interest table, compute the present values of the followiamounts due at the end of the designated periods.(a) $30,000 receivable at the end of each period for 8 periods compounded at 12%.(b) $30,000 payments to be made at the end of each period for 16 periods at 9%.A.$30,000 * 4.96764= $149,029.20B.$30,000 * 8.31256 = $249,376.80C.$30,000 * 3.03735 * .50663 - $46,164.38present values of the following periodicE6-10 (Unknown Periods and Unknown Interest Rate) Consider the following independent situations.(a) Mike Finley wishes to become a millionaire. His money market fund has a balance of $92,296 and has a guarantmany years must Mike leave that balance in the fund in order to get his desired $1,000,000?(b) Assume that Serena Williams desires to accumulate $1 million in 15 years using her money market fund balancemust Serenas investment compound annually?A.Number of Interest Periods = $1,000,000 / $92,296 = 10.83471The Future Value of 1 Table reads Mike must be ableto wait 25 years to become a millionaire.B.Unknown Interest Rate = $1,000,000 / $182,696 = 5.47357The Future Value of 1 table reads 12% on the 15 yearperiod. So Venus mych earn 12% on her investmentto become a millionaire.ent situations.f $92,296 and has a guaranteed interest rate of 10%. Howmoney market fund balance of $182,696. At what interest rateE23-11 (SCFIndirect Method) Condensed financial data of Pat Met

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