rate positively ..
We have to compute the present value of the future investment value | ||||
Put in financial calculator | ||||
FV | 1,007,500 | |||
PMT | 0 | |||
I | 9.00% | |||
N | 8 | |||
Compute PV | (505,630) | |||
A | Therefore total investment required = | 505,630 | ||
B | Already money with the client = | 303,000 | ||
C=A-B | therefore additional deposit required = | 202,630 | ||
ans = | 202,630 |
You are a financial adviser working with a client who wants to retire in eight years....
You are a financial adviser working with a client who wants to retire in eight years. The client has a savings account with a local bank that pays 9% annual interest. The client wants to deposit an amount that will provide her with $1,006,000 when she retires. Currently she has $302,400 in the account. (FV of $1. PV of $1. FVA of $1, and PVA of $1) (Use the appropriate factor(s) from the tables provided.) How much additional money should...
You are a financial adviser working with a client who wants to retire in eight years. The client has a savings account with a local bank that pays 8% annual interest. The client wants to deposit an amount that will provide her with $1,008,000 when she retires. Currently, she has $303,200 in the account. (FV of $1, PV of $1, FVA of $1, and PVA of $1) (Use the appropriate factor(s) from the tables provided.) How much additional money should...
You are a financial adviser working with a client who wants to retire in eight years. The client has a savings account with a local bank that pays 7% annual interest. The client wants to deposit an amount that will provide her with $1,005,500 when she retires. Currently, she has $302,200 in the account. (FV of $1, PV of $1, FVA of $1, and PVA of $1) (Use the appropriate factor(s) from the tables provided.) How much additional money should...
Help You are a financial adviser working with a client who wants to retire in eight years. The client has a savings account with a local bank chat pays 9% annual interest. The client wants to deposit an amount that will provide her with $1,004,500 when she retires. Currently she has $301,800 in the account. (FV of $1. PV of $1. FVA of $1, and PVA of $1) (Use the appropriate factor(s) from the tables provided.) How much additional money...
You are a financial adviser working with a client who wants to retire in eight years. The client has a savings account with a local bank that pays 8% annual interest. The client wants to deposit an amount that will provide her with $1,002,000 when she retires. Currently, she has $300,800 in the account. (FV of $1. PV of $1, EVA of $1, and PVA of $1 (Use the appropriate factor(s) from the tables provided.) How much additional money should...
Judge Drago has decided to set up an educational fund for his favorite granddaughter, Emma, who will start college in one year. The judge plans to deposit an amount in a savings account that pays 7% annual interest. He wants to deposit an amount that is sufficient to permit Emma to withdraw $20,500 for tuition starting in one year and continuing each year for a total of four years. (FV of $1, PV of $1 FVA of $1, and PVA...
Judge Drago has decided to set up an educational fund for his favorite granddaughter, Emma, who will start college in one year. The judge plans to deposit an amount in a savings account that pays 7% annual interest. He wants to deposit an amount that is sufficient to permit Emma to withdraw $21,100 for tuition starting in one year and continuing each year for a total of four years. (FV of $1, PV of $1, FVA of $1, and PVA...
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