The following situations should be considered independently. (fv of $1, pv of $1, fva of $1, pva of $1, fvad of $1 and pvad of $1) (use appropriate factor(s) from the tables provided.) 1. john jamison wants to accumulate $64,307 for a down payment on a small business. he will invest $30,000 today in a bank account paying 10% interest compounded annually. approximately how long will it take john to reach his goal? 2. the jasmine tea company purchased merchandise from a supplier for $33,494. payment was a noninterest-bearing note requiring jasmine to make seven annual payments of $6,000 beginning one year from the date of purchase. what is the interest rate implicit in this agreement? 3. sam robinson borrowed $15,000 from a friend and promised to pay the loan in 11 equal annual installments beginning one year from the date of the loan. sam’s friend would like to be reimbursed for the time value of money at an 11% annual rate. what is the annual payment sam must make to pay back his friend?

1. John Jamison Approximately how long will it take John to reach his goal?

8.

2. Jasmine Company What is the interest rate implicit in this agreement?

8,77%

3. Sam Robinson What is the annual payment Sam must make to pay back his friend?

2416,815107

Explanation:

                          PV          xInt Ratex+int.rateNy    y*PV  

1. John Jamison30000110%          110%82,143 64307,664364307

2.Jasmine CompanyNMonthlyprincipalinterestNet value    

   33.494    

16.0003.0622.93730.432    

26.0003.3312.66927.101    

36.0003.6232.37723.477    

46.0003.9412.05919.536    

56.0004.2871.71315.250    

66.0004.6621.33710.587    

76.0005.0719295.516    

86.0005.5164840    

Loan33494      

Monthly:8      

Interest:8,77%      

Monthly payment6.000      

3. Sam RobinsonNMonthlyprincipalinterestNet value    

                                                       15000    

12416,815107766,8151071650         14233,18489    

22416,815107851,16476871565,65033813382,02012    

32416,815107944,79289331472,02221412437,22723    

42416,8151071048,7201121368,09499511388,50712    

52416,8151071164,0793241252,73578310224,4278    

62416,8151071292,1280491124,6870588932,299746    

72416,8151071434,262135982,55297217498,037611    

82416,8151071592,03097824,78413725906,006641    

92416,8151071767,154376649,66073064138,852265    

102416,8151071961,541358455,27374922177,310907    

112416,8151072177,310907239,50419980    

m

explanation:

answer; proclamation of 1763;