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- *99 Cents for 1 Math Problem
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Statistics Help

**Question: **hi, i just saw in your website that you solve business math problems for free? i am not sure if i misunderstood it or not? anyways i have some business math problems and if you could solve within 5hours that will be great. its very important as i am having my exam tomorrow. My business math problem regarding annuity are

1. What amount will be required to purchase a 20-year annuity paying $3200 at the end of each month, if the annuity provides a return of 3.75% compounded annually?

2 . Apex Company is advertising chest freezers for six monthly payments of $250, including a payment on the date of purchase. What cash price should Apex accept if it would otherwise sell the conditional sale agreement to a finance company to yield 17.25% compounded monthly?

3. Stacey has $600,000 in her RRSP and wishes to retire. She is thinking of using the funds to purchase an annuity that earns 5% compounded annually and pays her $3500 at the end of each month. If she buys the annuity, for how long will she receive payments?

4. Roseline has already accumulated $150,000 in her RRSP. She intends to continue to grow her RRSP by making contributions of $500 at the beginning of every month. How much will her RRSP be worth 15 years from now if the RRSP earns 8% compounded annually?

5. David wants to structure a 20-year annuity so that its end-of-quarter payments are $2000 for the first 10 years and $2500 for the next 10 years. Manulife Insurance Co offers to sell this annuity with a 4.8% compounded monthly rate of return to the annuitant. What amount must David pay to Manulife for the annuity?

6.

The interest rate on a $200,000 loan is 8% compounded quarterly

(a) What payments at the end of every quarter will reduce the balance to $150,000 after 3.5 years?

(b) If the same payments continue, what will be the balance seven years after the date that the loan was received?

(c) How much interest will be paid during the first seven years?

7. The MRSP for a BMW 528i is $58,499. The monthly payment on a 48-month lease at 1.9% compounded monthly is $697. The residual value at the end of the lease is $21,000. Rounded to the nearest dollar, what down payment was used in the lease calculation?

If you could solve these problems with 5 hours that would be great. Thank you so much in advance. Edit

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