Step-by-step explanation:
Marie has decided to start saving for a down payment on her home. If she puts $1,000 every quarter for five years into a GIC earning 6% compounded monthly she will have $20,979.12. She will make her first deposit three months from now.
Laroquette Holdings needs a new $10 million warehouse. Starting today the company will put aside $139,239.72 every month for five years into an annuity earning 7% compounded semi-annually.
Brenda will lease a $25,000 car at 3.9%
