Homework Answers
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Someone decides to invest $13,000 in a money market fund that guarantees a 4.2% annual interest...
Someone decides to invest $15000 in a money market fund that guarantees a 4.8% annual interest rate compounded monthly...
Someone decides to invest $15000 in a money market fund that guarantees a 4.8% annual interest rate compounded monthly for 7 years. A one-time fee of $58 is charged to set up the account. In addition, there is an annual administration charge of 0.7% of the balance in the account at the end of each year. (a) How much is in the account at the end of the first year? (b) How much is in the account at the end...
Acompany has agreed to pay $4.6 million in 6 years to setle a lawsuit. How much...
Acompany has agreed to pay $4.6 million in 6 years to setle a lawsuit. How much must it invest in an account paying 6% annual interest compounded monthly to have that amount when it is due? What is the interest rate per period? (Type an integer or decimal rounded to four decimal places as needed) of inflation has been running at 2.57% per year and a new car costs $34,200 today, what would it have cost 2 years ago? A...
Find the present value (the amount that should be invested now to accumulate the following amount)...
Find the present value (the amount that should be invested now to accumulate the following amount) if the money is compounded as indicated. $9411.44 at 3.3% compounded annually for 4 years The present value is $ (Do not round until the final answer. Then round to the nearest cent as needed.) Find the present value (the amount that should be invested now to accumulate the following amount) if the money is compounded as indicated. $5600 at 4% compounded quarterly for...
Pat has a Keogh retirement plan (this type of plan is tax-deferred until money is withdrawn)....
Pat has a Keogh retirement plan (this type of plan is tax-deferred until money is withdrawn). If deposits of $10,000 are made each year into an account paying 8% compounded annually, how much will be in the account after 23 years? What will be the total amount of interest earned? The amount in the account after 2 years is $ (round to the nearest cent, as needed). The amount of interest earned is s (round to the nearest cent, as...
If you invest $6,000 today in an account at an annual interest rate of 7% compounded...
If you invest $6,000 today in an account at an annual interest rate of 7% compounded continuously, what would you have in the account at the end of 6 years? DO NOT USE DOLLAR SIGNS OR COMMAS IN YOUR ANSWER. ROUND ANSWER TO THE NEAREST CENT (2 Decimals). LIST THE NUMBER AS A POSITIVE NUMBER.
Time value Personal Finance Problem As part of your financial planning, you wish to purchase a...
Time value Personal Finance Problem As part of your financial planning, you wish to purchase a new car 6 years from today. The car you wish to purchase costs $14,000 today, and your research indicates that its price will increase by 3% to 6% per year over the next 6 years.a. Estimate the price of the car at the end of 6 years if inflation is (1) 3% per year and (2) 6% per year.b. How much more expensive will...
I can't make excel figure out the continuous interest. (#4) You plan to invest $2,100 in...
I can't make excel figure out the continuous interest. (#4)
You plan to invest $2,100 in an individual retirement arrangement (IRA) today at a nominal Compounding frequency and time value Personal Finance Problem annual rate of 8%, which is expected to apply to all future years. a. How much will you have in the account at the end of 9 years if interest is compounded (1) annually, (2) semiannually, (3) daily (assume a 365-day year), and (4) continuously? b. What...
You plan to deposit $2,000 per year for 5 years into a money market account with...
You plan to deposit $2,000 per year for 5 years into a money market account with an annual return of 3%. You plan to make your first deposit one year from today. What amount will be in your account at the end of 5 years? Do not round intermediate calculations. Round your answer to the nearest cent. $ Assume that your deposits will begin today. What amount will be in your account after 5 years? Do not round intermediate calculations....
Quantitative Problem 1: You plan to deposit $2,500 per year for 5 years into a money market account with an annual retur...
Quantitative Problem 1: You plan to deposit $2,500 per year for 5 years into a money market account with an annual return of 2%. You plan to make your first deposit one year from today. Do not round intermediate calculations. Round your answers to the nearest cent. What amount will be in your account at the end of 5 years? $ Assume that your deposits will begin today. What amount will be in your account after 5 years? $ Quantitative...
How much must be deposited today into the following account in order to have a $105,000...
How much must be deposited today into the following account in order to have a $105,000 college fund in 13 years? Assume no additional deposits are made. An account with annual compounding and an APR of 5.7% $ should be deposited today. (Do not round until the final answer. Then round to the nearest cent as needed.)
Acompany has agreed to pay $4.6 million in 6 years to setle a lawsuit. How much must it invest in an account paying 6% annual interest compounded monthly to have that amount when it is due? What is the interest rate per period? (Type an integer or decimal rounded to four decimal places as needed) of inflation has been running at 2.57% per year and a new car costs $34,200 today, what would it have cost 2 years ago? A...
Find the present value (the amount that should be invested now to accumulate the following amount) if the money is compounded as indicated. $9411.44 at 3.3% compounded annually for 4 years The present value is $ (Do not round until the final answer. Then round to the nearest cent as needed.) Find the present value (the amount that should be invested now to accumulate the following amount) if the money is compounded as indicated. $5600 at 4% compounded quarterly for...
Pat has a Keogh retirement plan (this type of plan is tax-deferred until money is withdrawn). If deposits of $10,000 are made each year into an account paying 8% compounded annually, how much will be in the account after 23 years? What will be the total amount of interest earned? The amount in the account after 2 years is $ (round to the nearest cent, as needed). The amount of interest earned is s (round to the nearest cent, as...
Time value Personal Finance Problem As part of your financial planning, you wish to purchase a new car 6 years from today. The car you wish to purchase costs $14,000 today, and your research indicates that its price will increase by 3% to 6% per year over the next 6 years.a. Estimate the price of the car at the end of 6 years if inflation is (1) 3% per year and (2) 6% per year.b. How much more expensive will...
I can't make excel figure out the continuous interest. (#4)
You plan to invest $2,100 in an individual retirement arrangement (IRA) today at a nominal Compounding frequency and time value Personal Finance Problem annual rate of 8%, which is expected to apply to all future years. a. How much will you have in the account at the end of 9 years if interest is compounded (1) annually, (2) semiannually, (3) daily (assume a 365-day year), and (4) continuously? b. What...
How much must be deposited today into the following account in order to have a $105,000 college fund in 13 years? Assume no additional deposits are made. An account with annual compounding and an APR of 5.7% $ should be deposited today. (Do not round until the final answer. Then round to the nearest cent as needed.)
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