Finance Solver

Jess initially invests $200 and then an additional $200 per quarter into a bank earning 3.3% p.a. interest compounded quarterly. Her investment's value after 3 years is closest to:

• $810

• $3183

• $2733

• $221

Aaron initially invests $100 and then an additional $20 per month into a bank earning 2.7% p.a. interest compounded monthly. His investment's value after 6 months is closest to:

• $222

• $624

• $665

• $246

Lachlan finally decides he wants to be a barber. He purchases a barber chair for $1500. He finds out from the ATO that it has an effective life of 15 years. If he uses flat rate depreciation what would be the recurrence relation to model the value, V_n, of the chair at the end of n years?

• V_n = V_n-1 +100, V₀=1500

• V_n = V_n-1 -100, V₀=1500

• V_n = 0.93V_n-1, V₀=1500

• V_n = V_n-1 -1500

Lachlan finally decides he wants to be a barber. He purchases a barber chair for $1500. He finds out from the ATO that it has an effective life of 15 years. If he uses reducing balance depreciation model with a scrap value at 15 years of $100, what would be the annual depreciation percentage?

• 15%

• 16.5%

• 6.67%

• 93.3%

Lachlan finally decides he wants to be a barber. He purchases a barber chair for $1500. He uses reducing balance depreciation at a rate of 16.5% p.a. to depreciate the chair. What is the value of the chair after 5 years?

• 608.87%

• -608.87

• $5401

• $608.87

Connor works a part time job earning $200 per week. He decides to put a quarter of his weekly earnings into a bank account earning 4%p.a. compounded monthly. Connor initially invests $1000. What is the value of Connor's investment after 2 years?

• $2229.26

• $5861.25

• $6494.36

• $3787.89

• $22728.01

Alex loans $5400 to buy herself a car. The interest rate on the loan is 4.5%p.a. compounded monthly. What monthly payment does Alex need to make to pay off her loan in 3 years?

• $160.63

• $5420.25

• $1813.52

• $1964.38

• $150

Malik loans $1400 to buy himself a computer. The interest rate on the loan is 6.5%p.a. compounded monthly. Malik makes monthly payments of $42.91 per month over three years. What will his final payment be so that his final balance is zero?

• $42.91

• $42.85

• $1544.76

• $128.73

• $42.97

Hannah is seeking early retirement. She starts investing $25 per week on her 17th birthday into a high return investment earning 7% p.a. compounded quarterly. Hannah will retire on the birthday after her investment reaches $1,000,000. At what age will Hannah retire?

• 377

• 58

• 75

• 2994

• 17

Robbyn starts investing $25 per week on her 17th birthday into a high return investment earning 7% p.a. compounded weekly. After 3 years Robbyn increases her payments to $75 per week, the interest rate remains at 7% p.a. Robbyn will retire on the birthday after her investment reaches $1,000,000. At what age will Robbyn retire?

• 2131

• 58

• 54

• 41

• 71