ACC211 Exercise chapter 6
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Brief Exercise 6-1
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Brief Exercise 6-2
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Your answer is correct.
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Tony Bautista needs $23,990 in 3 years. (Use
the tables below.)
Solution
Brief
Exercise 6-2
Brief Exercise 6-8
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Your answer is correct.
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John Fillmore’s lifelong dream is to own his own fishing
boat to use in his retirement. John has recently come into an inheritance of
$417,900. He estimates that the boat he wants will cost $331,800 when he
retires in 4 years. (Use the tables below.)
Brief
Exercise 6-8
With quarterly compounding, there will
be 16 quarterly compounding periods, at 1/4 the interest rate:
Brief Exercise 6-9
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Your answer is correct.
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Brief Exercise 6-11
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Your answer is correct.
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Leon Tyler’s VISA balance is $647.01. He may pay it off
in 12 equal end-of-month payments of $65 each
What interest rate is Leon paying?
Exercise 6-1
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Your answer is correct.
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For each of the following cases, indicate (a) to what rate
columns, and (b) to what number of periods you would refer in looking up the
interest factor.
Exercise 6-3
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Using
the appropriate interest table, answer each of the following questions. (Each
case is independent of the others.)
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Your answer is correct.
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(Use the table below.)
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Solution
Exercise
6-4
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