# Financial Proces Essay

Below is a free essay on "Financial Proces" from Anti Essays, your source for free research papers, essays, and term paper examples.

CHAPTER 1 FINANCIAL PLANNING PROBLEMS

1. Ben Collins plans to buy a house for \$220,000. If that real estate property is expected to increase in value 3 percent each year, what would its approximate value be seven years from now?

\$220,000 x 1.230= \$270,600 Total value

5. What would be the yearly earnings for a person with \$8,000 in savings at an annual interest rate of 2.5 percent?
\$8000 x 0.7445= 5952+8000= \$13,952 Total yearly earnings
6. Using time value of money tables, calculate the following:
a. The future value of \$450 six years from now at 7 percent.
\$450 x 1.501=\$675.45
b. The future value of \$800 saved each year for 10 years at 8 percent.
\$800 x 14.487=\$11,589.60
c. The amount that a person would have to deposit today (present value) at a 6 percent interest rate in order to have \$1,000 five years from now.
\$1000 x .747=\$747.26
d. The amount that a person would have to deposit today in order to be able to take out \$500 a year for 10 years from an account earning 8 percent.
\$500 x 6.710=\$3,355.00 would need to be deposited
10.   Carla Lopez deposits \$3000 a year into her retirement account. If these funds have an average earning of 9% over the 40 years until her retirement, what would be the value of her retirement account?
\$3000 x 337.890=1,013,670

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