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Home Question Bank Economics Archive 2024 December 08

Economics Questions from Dec 08,2024

Browse the Economics Q&A Archive for Dec 08,2024, featuring a collection of homework questions and answers from this day. Find detailed solutions to enhance your understanding.

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Question Natasha invests at age 18 from the signing bonus of her new job. She hopes the investment will be worth when she turns 40 . If the interest compounds continuously, approximately what rate of growth will she need to achieve her goal? Round to the nearest tenth of a percent. Provide your answer below: Question Danielle invests in an account that compounds interest continuously and earns . How long will it take for her money to triple? Round to the nearest tenth of a year. Starting at age 30, you deposit a year into an IRA account for retirement. Treat the yearly deposits into the account as a continuous income strearm. If money in the account earns , compounded continuously, how much will be in the account 35 years later, when you retire at age 65 ? How much of the final amount is interest? What is the value of the IRA when you turn 65 ? (Round to the nearest dollar as needed.) How much of the future value is interest? (Round to the nearest dollar as needed.) Question 27 Based on historical data, an insurance company estimates that a particular customer has a 3.1\% likelihood of having an accident in the next year, with the average insurance payout being . If the company charges this customer an annual premium of , what is the company's expected value of this insurance policy? Starting at age 30, you deposit a year into an IRA account for retirement. Treat the yearly deposits into the account as a continuous income stream. If money in the account earns , compounded continuously, how much will be in the account 35 years later, when you retire at age 65 ? How much of the final amount is interest? What is the value of the IRA when you turn 65 ? (Round to the nearest dollar as needed.) Goran received a bonus. He decided to invest it in a 5 -year certificate of deposit (CD) with an annual interest rate of compounded annually, Answer the queations balow. Do not round any intermediate computations, and round your final answers to the nearest cent. If necessary, refer to the list of financial formulas. (b) How much interest is earned on Goran's investment after 5 years? \begin{tabular}{l} Suppose that \( \$ 9000 \) is placed in an account that pays \( 6 \% \) interest compounded each year \\ Assume that no withdrawals are made from the account. \\ Follow the instructions below. Do not do any rounding. \\ (a) Find the amount in the account at the end of 1 year. \\ \( \$ 9540 \) \\ \hline (b) Find the amount in the account at the end of 2 years. \\ \( \$ 10112.4 \)\end{tabular} A restaurant borrows from a local bank for 4 months. The local bank charges simple interest at an annual rate of for this loan., Assume each month is of a year. Answer each part below. Do not round any intermediate computations, and round your final answers to the nearest cent. If necessary, refer to the list of financial formulas. (a) Find the interest that will be owed after 4 months. (b) Assuming the restaurant doesn't make any payments, find the amount owed after 4 months. Find the Elasticity function Find the Elasticity of Demand at a price of At this price, we would say the demand is: Inelastic Unitary Elastic Based on this, to increase revenue we should: Raise Prices Lower Prices Lena opened a savings account with and was paid simple interest at an annual rate of . When Lena closed the account, she was paid in interest. How long was the account open for, in years? If necessary, refer to the list of financial formulas.
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