Posted: March 22nd, 2020

Math125 unit 2 individual project

MATH125: Unit 2 Specific individual Problem

Amount Sense, Estimation, and Finanacial Computations

Ensure you current ALL of your work particulars.  Submit your options in a Phrase doc throughout the Unit 2 IP Submissions house.

Question 1:  CONSUMER CREDIT

 

For big purchases, many retailers provide a deferred billing alternative (buy now, pay later) thatallows clients to buy points now with out paying the bill at checkout.

 

1.       Assume you bought new house tools to your newly renovated residence.  Primarily based totally on the first letter of your closing title, choose the general value of the house tools that you’ve purchased. This may be denoted by P. It would not primarily must be a complete amount.

 

First letter of your closing title

Attainable values for P

A–F

$5,00zero–$5,999

G–L

$6,00zero–$6,999

M–R

$7,00zero–$7,999

S–Z

$eight,00zero–$eight,999

 

Full value of the house tools, P

$

 

2.       The store the place you bought these house tools provided you a provision that ought to you pay the bill inside 2 years, you may not be charged any curiosity to your purchases.  Nonetheless, in case you might be even a day late in paying the bill, the store will price you curiosity for the 2 years.

 

Although the annual charge of curiosity depends in your credit score rating worthiness, disregard thison this activity and as a substitute, choose an charge of curiosity between 22% and 26%. This may be denoted by r.

 

Annual Price of curiosity in decimal form, r

 

 

three.       Suppose you neglect in regards to the bill and pay it 1 day late. How lots curiosity do you pay if the store prices you straightforward curiosity?Because of it’s a buck value, spherical your reply to the closest cent. (Assume t=2 years.)

 

4.       How lots is your full bill—the general value of the house tools plus the curiosity? Spherical your reply to the closest cent.

 

5.       How lots is your full bill if, as a substitute, the store prices you curiosity that is compounded day-to-day? Use 6 digits in your intermediate calculations, and spherical your final reply to the closest cent. (Assume t=2 years.)

 

6.       How lots curiosity do you pay whether or not it’s compounded day-to-day? Spherical your reply to the closest cent.

 

7.       Primarily based totally on the outcomes of your calculations, write a summary in regards to the distinction between straightforward and compound curiosity.

 

eight.       Do you assume a deferred billing alternative is beneficial for purchasers? Make clear your reply.

 

Question 2:  Saving for Your Retirement

 

Suppose your goal is to have a lump sum you may withdraw when you retire. To carry out this, you decided to contribute a portion of your paycheck in an annuity.

 

1.       Using the AIU Library or the Internet, readabout what kind of payments you might be confronted withwhen you retire. Write a short-term summary of your evaluation.

 

Crucial: By Wednesday night at midnight, submit a Phrase doc with solely your title and your chosen value for  beneath in Half 2. Submit this throughout the Unit 2 IP submissions house. This submitted Phrase doc may be used to seek out out the Closing Day of Attendance for presidency reporting features.

 

2.       Primarily based in your evaluation, state the lump sum, in U.S. , that you just simply must have when you retire. That’s the long term value of your funding;denote it byF.

 

 

three.       State the time, in years, that you just simply plan to contribute to your retirement account. Denote this byt.

 

4.       Primarily based totally on the first letter of your closing title, choose the annual charge of curiosity to your retirement account. Denote this by r,and you may convert this to its decimal form. It would not primarily must be a complete amount.

 

First letter of your closing title

Attainable values for r

AF

6.00%7.99%

GL

eight.00%9.99%

MR

10.00%11.99%

SZ

12.00%13.99%

 

Annual charge of curiosity in decimal form, r

 

 

5.       From the desk beneath, choose what variety of events per yr that you must contribute to your retirement. Denote this by n, and this may occasionally even be your compounding interval.

Compounding Interval

n

Yearly

1

Semi-Yearly

2

Quarterly

4

Month-to-month

12

 

 

6.       Calculate the speed of curiosity per compounding interval, which you may denote by i, by dividing the annual charge of curiosity from #4by the compounding interval from #5, (i.e.,

. Spherical your reply to 6 decimal places.

 

Price of curiosity per compounding interval,i

 

 

7.       Your contribution per interval, which you may denote by C, to this retirement account is calculated using the following system:

 

Using the values that you’ve chosen for F, i, n, and t, calculate your contribution per interval. Use six decimal places to your intermediate calculations, and spherical your final reply to the closest cent.

 

NOTE: Make certain that to judge exponents and the order of operations from College Math Chapter 1.

 

eight.       Calculate your full contribution to this retirement account, which you may denote by TC, by using the system TC = C x n xt.

 

9.       What can you say in regards to the distinction in value between your full contribution (TC) and the lump sum (F) that you’re going to acquire? Primarily based totally on what you have bought found on this unit, is there a time interval that is usedfor this distinction?

 

10.   Summarize the outcomes of your calculations, and make clear why it is vitally necessary put collectively to your retirement.

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