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Author Question: A furniture store has a sofa on sale for 399.00, with the payment due one year from today. The store ... (Read 37 times)

Destiiny22

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on: Jul 10, 2018
A furniture store has a sofa on sale for 399.00, with the payment due one year from today. The store is willing to discount the price at an annual rate of 5 if you pay today. What is the amount if you pay today?
 
  A) 380
  B) 399
  C) 419
  D) 394

Question 2

You intend to buy a vacation home in seven years and plan to have saved 50,000 for a down payment. How much money would you have to place today into an investment that earns 8 per year to have enough for your desired down payment?
 
  A) 29,175
  B) 29,100
  C) 37,065
  D) 25,000


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blazinlyss

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Reply #1 on: Jul 10, 2018
Answer to Question 1

Answer: A
Explanation: A) PV = = = 380.00
MODE = END
INPUT 1 5 ? 0 -399
KEY N I/Y PV PMT FV
CPT 380

Answer to Question 2

Answer: A
Explanation: A) PV = = = 29, 174.52
MODE = END
INPUT 7 8 ? 0 -50,000
KEY N I/Y PV PMT FV
CPT 29,174.52


Destiiny22

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Reply 2 on: Jul 10, 2018
Thanks for the timely response, appreciate it

strudel15

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Reply 3 on: Yesterday
YES! Correct, THANKS for helping me on my review

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