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On the next 10questions, express monetary answers to the nearest whole dollar andpercentages to thenearest hundredth. Round months to the nearest tenth on Question20.For example, $1,234,567 (don’t include the cents) is appropriatefor a monetary answer. For percentages, anappropriate example is 12.34%. Do not round 12.34% to 12.3% or12%15. Charles wants toretire in 20 years and he has $124,650 in his retirement accounttoday. His retirementaccount compounds quarterly. His Uncle Stan and Aunt Claudia haveestablished a trust fund for him that willpay $165,000 to him in 15 years. Stan and Claudia have locked in aninterest rate of 7.84 percent,compounded quarterly, that will continue after Charles receives the$165,000. He wants the sum of the trustand his retirement account to equal $975,000 upon retirement in 20years. What annual rate will Charles needto earn on the retirement account to achieve this goal?16. Compute the combined present value of $6,000 paid in five yearsand $4,500 paid in seven years using thefollowing discount rates: 6.25 percent in years 1 and 2, 5.85percent in years 3 and 4, 4.82 percent in years 5and 6 and 4.36 percent in year 7.17. What annual rate of return is earned on a $39,450 investmentthat grows to $72,864 in eight years if theaccount is compounded quarterly?