Amount= A= d[(1+i)^n - 1]/i
Where i= 8%/12= 0.08/12= 0.007
n= 12*10= 120
A= 10000[(1+0.007)^120 - 1]/0.007
= 1831291.6435
Problem 2.6 Annual deposits earning monthly interest Given: You deposit $10,000 each year at a monthly...
Given: You put away S10,000 at the end of each year for an anticipated future worth of $74420 in 5 years. Find: The annual interest rate. Problem 2.6 Annual deposits earning monthly interest Given: You deposit $10,000 each year at a monthly interest of 8%. Find: The amount you have in 10 years.
Problem 2.7 Annual deposits earning monthly interest Given: You wish to buy a building with monthly payments of $1500 and a $20,000 downpayment. The bank offers a 30-year loan at 5.75% interest compounded monthly. Find: The maximum building price that you can afford
1) You plan to deposit $200 each month into an IRA earning 0.25% interest monthly. How much will you have in your account in 10 years? 2) You just graduated from college and landed your first "real" job, which pays $68,000 a year. In 9 years how much will you need to earn to maintain the same purchasing power if inflation is 0.75% per year? 3) Calculate the future value of $13,000 earning 9% for 35 years. 4) You have...
Problem 2.7 Annual deposits caming monthly interest Given: You wish to buy a building with monthly payments of $1500 and a $20,000 downpayment. The bank offers a 30-year loan at 5.75% interest compounded monthly. Find: The maximum building price that you can afford.
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