DEVRY FIN 515 Week 2 Quiz

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DEVRY FIN 515 Week 2 Quiz

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• FIN 515 Week 2 Quiz
• Question 1
• (TCO B) You are a trust fund baby. Your trust
  fund is currently worth 1,234,000. The problem
  is the terms of the trust dont allow you to
  receive any of the money until you are 27. You
  are now 21. The fund is earning 7.7 per year.
  How much will the fund be worth when you are 27
  and too old to enjoy it?Ignore taxes. Show your
  work. If you use Excel, show the formula with the
  parameters, and the answer. If you use a formula,
  provide the standard formula, the formula with
  terms substituted, and the answer. If you use a
  calculator, show the inputs and the answer.

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FIN 515 Week 2 QuizQuestion 1(TCO B) You are a
trust fund baby. Your trust fund is currently
worth 1,234,000. The problem is the terms of the
trust dont allow you to receive any of the money
until you are 27. You are now 21. The fund is
earning 7.7 per year. How much will the fund be
worth when you are 27 and too old to enjoy
it?Ignore taxes. Show your work. If you use
Excel, show the formula with the parameters, and
the answer. If you use a formula, provide the
standard formula, the formula with terms
substituted, and the answer. If you use a
calculator, show the inputs and the
answer. Question 2(TCO B) You have a student
loan of 75,000. The interest rate is 8.6 per
year. You have been out of school for 6 months
and are ready to start making payments. You want
to use the maximum allowed of 10 years to pay off
the loan by making equal monthly payments. How
much are the monthly payments?Ignore taxes.
Show your work. If you use Excel, show the
formula with the parameters, and the answer. If
you use a formula, provide the standard formula,
the formula with terms substituted, and the
answer. If you use a calculator, show the inputs
and the answer. Question 3(TCO B) You want to
have 1,000,000 in 30 years. You already have
50,000. You think you can get a 7 annual return
on your money. How much per year will you have to
save to get to 1,000,000?Ignore taxes. Show
your work. If you use Excel, show the formula
with the parameters, and the answer. If you use a
formula, provide the standard formula, the
formula with terms substituted, and the answer.
If you use a calculator, show the inputs and the
answer.