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Sample of Finance Assignment Illustrations and Solutions:
Illustration: 1 Assume that a deposit is to be made at year zero into an account that
will earn 8% compounded annually. It is desired to withdraw $ 5,000 three years from
now and $ 7,000 six years from now. What is the size of the year zero deposit that will
produce these future payments.
Solution:
Let the initial deposit be sum of the present values of the two later withdrawals by using
the present value table.
PV = FV
PVF(r,n)
PV = $ 5,000
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= Annuity Amount
(,)
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PV
$ 22,01,500
= Annuity Amount (% )
= Annuity Amount (5.535)(% )
Illustration: 3 A 10-year savings annuity of $ 2,000 per year is beginning at the end
of current year. The payment of retirement annuity is to begin 16 years from now (the
first payment is to be received at the end of year 16) and will continue to provide a 20year payment annuity. If this plan is arranged through a savings bank that pays interest
@ 7% per year on the deposited funds, what is the size of the yearly retirement annuity
that will result.
Solution :
Obtain the compounded amount of the 10-payment savings annuity of $ 2,000
corresponding to 10 payments and 7%
FV = Annuity Amount
(,)
FV = $ 2,000 CVA(7%10)
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FV = 2,000 (13.816)
FV = $ 27,632
The amount of $ 27,632 is available immediately after the last payment. Now, compound
the amount of $ 27,632 for 5 years as a single payment at 7%. This will give the total
cumulative value in the beginning of year 16.
FV = PV CV(,)
FV = PV CV(7% 5)
FV = 27,632 (1,403)
FV = $ 38.768
Finally, obtain the size of the equal retirement annuity payment by using the amount of
$ 38,768 as the present value of the retirement annuity, Substitute the values
corresponding to 20 payments and 7% as follows :
PV
= Annuity Amount
(,)
PV
= Annuity Amount
(7%,5)
$ 38.768
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