Compound Interest, Unit III Assessment help

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Please answer the following questions:

1. You have just introduced “must have” headphones
for the iPod. Sales of the product are expected to be 20,000 units this year
and are expected to increase by 16% annually in the future. What are the
expected sales in each of the next three years? If the 20,000 units were
expected to increase by 18% a year, what are the expected sales next year for
this product?

2. What is the future value of $500 a year for 9 years
compounded annually at 10%? What is the future value of $900 for nine years
compounded annually at 10%?

3. To pay for your education, you have taken out $28,000 in
student loans. If you make monthly payments over 13 years at 5% compounded
monthly, how much are your monthly student loan payments?

4. Alex Karez has taken out a loan of $180,000 with an annual
rate of 10% compounded monthly to pay off hospital bills from his wife’s
illness. If the most Alex can afford to pay is $3,500 a month, how long will it
take to pay off the loan? How long will it take to pay off the loan if he can
pay $4,000 each month? Use five decimal places for the monthly percentage rate
in your calculations. If Alex can pay $3,500 a month, how many years will it
take to pay off the loan?

5. How much do you have to deposit today so that, beginning 11
years from now, you can withdraw $9,000 a year for the next 8 years (periods 11
through 18) plus an additional amount of $18,000 in the last year (period 18)?
Assume an interest rate of 6%.

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