Adriana wishes to accumulate $1,800,000 in 35 years. If 35 end-of-year deposits are made into an...

Question

Question

Adriana wishes to accumulate $1,800,000 in 35 years. If 35 end-of-year deposits are made into an...

Adriana wishes to accumulate $1,800,000 in 35 years. If 35 end-of-year deposits are made into an account that pays interest at a rate of 5% compounded annually, what size deposit is required each year to meet Adriana’s stated objective?

business economics

Add a comment Improve this question Transcribed image text

Answer 1

Answer #1

By using the equation-1, the single payment at uniform series that accumulate the size of the deposit can be calculated as fo

Add a comment

Answer 2

Similar Homework Help Questions

Jen wants to accumulate 400,000 at the end of 16 years. She deposits CX+10,000) into an...

Jen wants to accumulate 400,000 at the end of 16 years. She deposits CX+10,000) into an investment account at the end of each of the first 8 years. She then deposits X into the same account at the end of each of the final 8 years. The interest rate on the account is a 6% nominal rate compounded annually. Find X 7. 8. Keri was offered a choice of two payment options to settle her claims in a car accident...
Simpson wishes to have 1,100,000 in 35 years by making annual end-of-the-year deposits into a tax-deferred...

Simpson wishes to have 1,100,000 in 35 years by making annual end-of-the-year deposits into a tax-deferred account paying 11.75% annually. what must lisa's deposit be? the deposit must be $___. (round to the nearest cent)
Deposits are made at the end of years 1 to 7 into an account paying 5.8%/year...

Deposits are made at the end of years 1 to 7 into an account paying 5.8%/year compounded annually. The deposits start at 5000 and increase by $1000 each year. How much will be in the account after the last deposit?

1. You would like to save $70 000 in 10 years. To accumulate this amount, you...

1. You would like to save $70 000 in 10 years. To accumulate this amount, you plan to make a regular deposit with an equal amount of cash into a saving account at the end of each year. This account will earn 6% p.a interest compounded annually. Your first payment will be made at the end of this year. a. How much must you deposit annually to accumulate this amount in 10 years? b. If you decide to make a...
Jane wishes to have $20,000 available at the end of 10 years, so she deposits money...

Jane wishes to have $20,000 available at the end of 10 years, so she deposits money into an account that pays 1.14% compounded monthly. How much does she need to deposit in order to meet this goal?
What monthly deposit must be made in order to accumulate 82,228 dollars in 12 years if...

What monthly deposit must be made in order to accumulate 82,228 dollars in 12 years if a fund pays 8% per year, compounded monthly? Assume that deposits are made at the end of each month.

3. A corporate treasurer needs to accumulate $10,000,000 exactly 30 years from today. To accumulate this...

3. A corporate treasurer needs to accumulate $10,000,000 exactly 30 years from today. To accumulate this sum, he plans to make a series of biennial (every other year) deposits starting today into an account that offers a stated annual rate, r4% compounded continuously What should be the amount of these deposits if the final deposit will be made at the end of year 28? (30 points)
How much interest is earned in an account by the end of 5 years if $30,000...

How much interest is earned in an account by the end of 5 years if $30,000 is deposited and interest is 4% per year, compounded semi-annually? What is the balance in an account at the end of 10 years if $6,500 is deposited today and the account earns 3% interest compounded annually? If you wish to accumulate $50,000 in 10 years, how much must you deposit today in an account that pays annual interest rate of 8%, with semi-annual compounding...
2. How much interest is earned in an account by the end of 8 years...

2. How much interest is earned in an account by the end of 8 years if $24,000 is deposited at the beginning of year 1 and interest is 4.4% per year, compounded semi-annually? 3. If you wish to accumulate $53,000 in 7 years, how much must you deposit today in an account that pays annual interest rate of 8%, with quarterly compounding of interest? 4. If you deposit $9,000 at the end of each year for 9...

1. Andrea, a self-employed individual, wishes to accumulate a retirement fund of $250,000. How much should...

1. Andrea, a self-employed individual, wishes to accumulate a retirement fund of $250,000. How much should she deposit each month into her retirement account, which pays interest at a rate of 2.5%/year compounded monthly, to reach her goal upon retirement 35 years from now? (Round your answer to the nearest cent.) 2. Joe secured a loan of $13,000 five years ago from a bank for use toward his college expenses. The bank charges interest at the rate of 3%/year compounded...

Adriana wishes to accumulate $1,800,000 in 35 years. If 35 end-of-year deposits are made into an...

Homework Answers

Add Answer to:
Adriana wishes to accumulate $1,800,000 in 35 years. If 35 end-of-year deposits are made into an...

Post as a guest

Earn Coins

Jen wants to accumulate 400,000 at the end of 16 years. She deposits CX+10,000) into an...

Simpson wishes to have 1,100,000 in 35 years by making annual end-of-the-year deposits into a tax-deferred...

Deposits are made at the end of years 1 to 7 into an account paying 5.8%/year...

1. You would like to save $70 000 in 10 years. To accumulate this amount, you...

Jane wishes to have $20,000 available at the end of 10 years, so she deposits money...

What monthly deposit must be made in order to accumulate 82,228 dollars in 12 years if...

3. A corporate treasurer needs to accumulate $10,000,000 exactly 30 years from today. To accumulate this...

How much interest is earned in an account by the end of 5 years if $30,000...

2. How much interest is earned in an account by the end of 8 years...

1. Andrea, a self-employed individual, wishes to accumulate a retirement fund of $250,000. How much should...

Adriana wishes to accumulate $1,800,000 in 35 years. If 35 end-of-year deposits are made into an...

Homework Answers

Add Answer to: Adriana wishes to accumulate $1,800,000 in 35 years. If 35 end-of-year deposits are made into an...

Post as a guest

Earn Coins

Add Answer to:
Adriana wishes to accumulate $1,800,000 in 35 years. If 35 end-of-year deposits are made into an...