Stephen plans to purchase a car 7 years from now. The car will cost $50,052 at...
Stephen plans to purchase a car 7 years from now. The car will cost $50,052 at that time. Assume that Stephen can earn 7.53 percent (compounded monthly) on his money. How much should he set aside today for the purchase?
Round the answer to two decimal places.
Homework Answers
r = 7.53%/12 = 0.6275% (monthly)
n = 7 * 12 = 84 months
$50,052 = PV * (1 + 0.006275)84
50,052 = PV * 1.691225
PV = $29,595.12
Add Answer to:
Stephen plans to purchase a car 7 years from now. The car will
cost $50,052 at...
Stephen plans to purchase a car 7 years from now. The car will cost $60,589 at...
Stephen plans to purchase a car 7 years from now. The car will cost $60,589 at that time. Assume that Stephen can earn 9.03 percent (compounded monthly) on his money. How much should he set aside today for the purchase? Round the answer to two decimal places. Your Answer:
Stephen plans to purchase a car 5 years from now. The car will cost $42,977 at...
Stephen plans to purchase a car 5 years from now. The car will cost $42,977 at that time. Assume that Stephen can earn 6.99 percent (compounded monthly) on his money. How much should he set aside today for the purchase? Round the answer to two decimal places.
Stephen plans to purchase a car 6 years from now. The car will cost $38,586 at...
Stephen plans to purchase a car 6 years from now. The car will cost $38,586 at that time. Assume that Stephen can earn 9.40 percent (compounded monthly) on his money. How much should he set aside today for the purchase? Round the answer to two decimal places.
Question 4 (1 point) Stephen plans to purchase a car 2 years from now. The car...
Question 4 (1 point) Stephen plans to purchase a car 2 years from now. The car will cost $66,054 at that time. Assume that Stephen can earn 7.35 percent (compounded monthly) on his money. How much should he set aside today for the purchase? Round the answer to two decimal places. Your Answer: Answer Page 4 of 6 Next Page Submit Quiz 3 of 6 questions saved
John plans to buy a vacation home in 3 years from now and wants to have...
John plans to buy a vacation home in 3 years from now and wants to have saved $60,518 for a down payment. How much money should he place today in a saving account that earns 7.95 percent per year (compounded daily) to accumulate money for his down payment? Round the answer to two decimal places
John plans to buy a vacation home in 11 years from now and wants to have...
John plans to buy a vacation home in 11 years from now and wants to have saved $49,349 for a down payment. How much money should he place today in a saving account that earns 9.73 percent per year (compounded daily) to accumulate money for his down payment? Round the answer to two decimal places
John plans to buy a vacation home in 10 years from now and wants to have...
John plans to buy a vacation home in 10 years from now and wants to have saved $60,326 for a down payment. How much money should he place today in a saving account that earns 9.90 percent per year (compounded daily) to accumulate money for his down payment? Round the answer to two decimal places
John plans to buy a vacation home in 5 years from now and wants to have...
John plans to buy a vacation home in 5 years from now and wants to have saved $39,868 for a down payment. How much money should he place today in a saving account that earns 9.45 percent per year (compounded daily) to accumulate money for his down payment? Round the answer to two decimal places
John plans to buy a vacation home in 10 years from now and wants to have...
John plans to buy a vacation home in 10 years from now and wants to have saved $70,778 for a down payment. How much money should he place today in a saving account that earns 9.08 percent per year (compounded daily) to accumulate money for his down payment? Round the answer to two decimal places
John plans to buy a vacation home in 3 years from now and wants to have...
John plans to buy a vacation home in 3 years from now and wants to have saved $35,776 for a down payment. How much money should he place today in a saving account that earns 4.63 percent per year (compounded daily) to accumulate money for his down payment? Round the answer to two decimal places. Thank you.
Stephen plans to purchase a car 7 years from now. The car will cost $60,589 at that time. Assume that Stephen can earn 9.03 percent (compounded monthly) on his money. How much should he set aside today for the purchase? Round the answer to two decimal places. Your Answer:
Question 4 (1 point) Stephen plans to purchase a car 2 years from now. The car will cost $66,054 at that time. Assume that Stephen can earn 7.35 percent (compounded monthly) on his money. How much should he set aside today for the purchase? Round the answer to two decimal places. Your Answer: Answer Page 4 of 6 Next Page Submit Quiz 3 of 6 questions saved
John plans to buy a vacation home in 3 years from now and wants to have saved $60,518 for a down payment. How much money should he place today in a saving account that earns 7.95 percent per year (compounded daily) to accumulate money for his down payment? Round the answer to two decimal places
Most questions answered within 3 hours.
-
List and compare different forms of passive transport and active
transport.
asked 6 minutes ago -
In Netherland Dwarf rabbits, dwarf size is determined by allele
N, and normal-size by allele n....
asked 12 minutes ago -
During Heaton Company’s first two years of operations, it
reported absorption costing net operating income as...
asked 27 minutes ago -
Consider testing the
hypotheses:
H0: p = 0.56
H1: p > 0.56
where p is
the...
asked 30 minutes ago -
In a two-factor analysis of variance a main effect is defined as
____.
a. the unique...
asked 37 minutes ago -
A bank's loan officer rates applicants for credit. The ratings
are normally distributed with a mean...
asked 38 minutes ago -
Fill in the following information for Adipic Acid: molecular
weight, g or ml, mole, melting point,...
asked 43 minutes ago -
how
to use a for loop to iterate over the string below and print each
character...
asked 45 minutes ago -
Please type answer, Thanks.
Respond to the following in a minimum of 175
words:
Research industry...
asked 45 minutes ago -
Assume that all interest rates in the economy increase from 9
percent to 10 percent. Which...
asked 55 minutes ago -
Describe the function of a Change Control Board.
When calculating Planned Value (PV), what is the...
asked 1 hour ago -
The customer help center in your company receives calls from
customers who need help with some...
asked 1 hour ago