Question 6 of 8 -/15 View Policies Current Attempt in Progress Fishing Designs has arranged to borrow $10,000 today at 13% interest. The loan is to be repaid with end-of-year payments of $3,000 at the end of years 1 through 4. At the end of year 5, the remainder will be paid. What is the year 5 payment? $ Round entry to the nearest dollar. Tolerance is ±4. Click here to access the TVM Factor Table Calculator Save for Later Attempts: 0 of 4 used Submit Answer ||| Question 7 of 8 < -/15 View Policies Current Attempt in Progress The Joshi Fish Farm (JFF), a saltwater aquarium company, is planning to expand its operations. It anticipates that an expansion will be undertaken in 4 years. In anticipation of the expansion, JFF invests money into a mutual fund that earns 6% compounded annually to finance the expansion. At the end of year 1, they invest $70,000. They increase the amount of their investment by $34,000 each year. How much will JFF have at the end of 4 years so that it can pay for the expansion? Click here to access the TVM Factor Table calculator. $ Carry all interim calculations to 5 decimal places and then round your final answer to a whole number. The tolerance is ±50. Save for Later Attempts: 0 of 4 used Submit Answer >
