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nstructor-created question Queston Help What lump sum of money must be deposited into a bank account...
What lump sum of money must be deposited into a bank account at the present time...
What lump sum of money must be deposited into a bank account at the present time so that $600 per month can be withdrawn for five years, with the first withdrawal scheduled for six years from today? The interest rate is 1/4% per month (Hint: Monthly withdrawals begin at the end of the month 72.) The lump sum of money should be s (Round to the nearest dollar.)
What lump sum of money must be deposited into a bank account at the present time...
What lump sum of money must be deposited into a bank account at the present time so that $400 per month can be withdrawn for four years, with the first withdrawal scheduled for five years from today? The interest rate is 3/4% per month. (Hint: Monthly withdrawals begin at the end of the month 60.)
$5,000 is deposited today into a bank account. The account earns 3.2% per annum compounded half...
$5,000 is deposited today into a bank account. The account earns 3.2% per annum compounded half yearly for the first 7 years, then 8.2% per annum compounded quarterly thereafter. Assuming no further deposits or withdrawals are made, (d) Calculate the account balance 10 years from today. A loan of $100,000 is made today. The borrower will make equal repayments of $3800.75 per month with the first payment being exactly one month from today. The interest being charged on this loan...
Chapter 02, Problem 139 You decide to open a retirement account at your local bank that...
Chapter 02, Problem 139 You decide to open a retirement account at your local bank that pays 10%/year/month (10% per year compounded monthly). For the next 20 years, you will deposit $600 per month into the account, with all deposits and withdrawals occurring at month's end. On the day of the last deposit, you will retire. Your expenses during the first year of retirement will be covered by your company's retirement plan. As such, your first withdrawal from your retirement...
20 pm andmother would like to pay your first two years of rent while you're in...
20 pm andmother would like to pay your first two years of rent while you're in college by giving you the money you'll need in one lump sum. You share an apartment with another student and currently spend 300 per month on your share of the rent. Assume you receive the lump sum today, and you will raw 5300 per month, starting one month from today and continuing every month thereafter for two years. (PIA, 170, 24) a (o points)...
1. Seven years ago, you put $500 in a bank account earning 6%/year. What is the...
1. Seven years ago, you put $500 in a bank account earning 6%/year. What is the bank account balance today? 2. You want to double your money in 5 years. What rate of return do your need to earn? 3. At 4% per year, how long does it take for $500 to grow to $750? 4. What is the present value of an annuity due that pays $1000 per month for two years if the interest rate is 6%/year compounded...
You agree to deposit $500 at the beginning of each month into a bank account for...
You agree to deposit $500 at the beginning of each month into a
bank account for the next 24 months. At the end of the 24th month,
you will have $13,000 in your account. If the bank compounds
interest monthly, what annual interest rate will you have
earned?
Note: Only use the formula listed and show the steps of how you
reached the answer, I don't need to know just the answer, I'm
trying to learn. Thank you. Don't use...
You agree to deposit $500 at the beginning of each month into a bank account for...
You agree to deposit $500 at the beginning of each month into a
bank account for the next 24 months. At the end of the 24th month,
you will have $13,000 in your account. If the bank compounds
interest monthly, what annual interest rate will you have
earned?
Note: Please post the formula used to solve the question and
list the steps taken to reach the answer, please don't use excel. I
provided a list of formulas, please state the...
please show your work for 19-21 Problems with a little twist (1-6% unless otherwise stated) 16....
please show your work for 19-21
Problems with a little twist (1-6% unless otherwise stated) 16. If $10000 is deposited today with annual interest rate of 6% and each month is desired to withdraw from this account $100, how many times this monthly withdrawals can be done before the money runs out? 17. If we deposit $100 a month for the next 5 years into an account and at the end of 5 years the account has accumulated $10,000 what...
d. 12% nominal rate, monthly compounding 2. You plan to invest an amount of money in...
d. 12% nominal rate, monthly compounding 2. You plan to invest an amount of money in five-year certificate of deposit (CD) at your bank. The stated interest rate applied to the CD is 12 percent, compounded annually. How much must you invest if you want the balance in the CD account to be $8,500 in five years? 3. You deposited $1,000 in a savings account that pays 8 percent interest, compounded annually, planning to use it to finish your last...
What lump sum of money must be deposited into a bank account at the present time so that $600 per month can be withdrawn for five years, with the first withdrawal scheduled for six years from today? The interest rate is 1/4% per month (Hint: Monthly withdrawals begin at the end of the month 72.) The lump sum of money should be s (Round to the nearest dollar.)
Chapter 02, Problem 139 You decide to open a retirement account at your local bank that pays 10%/year/month (10% per year compounded monthly). For the next 20 years, you will deposit $600 per month into the account, with all deposits and withdrawals occurring at month's end. On the day of the last deposit, you will retire. Your expenses during the first year of retirement will be covered by your company's retirement plan. As such, your first withdrawal from your retirement...
20 pm andmother would like to pay your first two years of rent while you're in college by giving you the money you'll need in one lump sum. You share an apartment with another student and currently spend 300 per month on your share of the rent. Assume you receive the lump sum today, and you will raw 5300 per month, starting one month from today and continuing every month thereafter for two years. (PIA, 170, 24) a (o points)...
You agree to deposit $500 at the beginning of each month into a
bank account for the next 24 months. At the end of the 24th month,
you will have $13,000 in your account. If the bank compounds
interest monthly, what annual interest rate will you have
earned?
Note: Only use the formula listed and show the steps of how you
reached the answer, I don't need to know just the answer, I'm
trying to learn. Thank you. Don't use...
You agree to deposit $500 at the beginning of each month into a
bank account for the next 24 months. At the end of the 24th month,
you will have $13,000 in your account. If the bank compounds
interest monthly, what annual interest rate will you have
earned?
Note: Please post the formula used to solve the question and
list the steps taken to reach the answer, please don't use excel. I
provided a list of formulas, please state the...
please show your work for 19-21
Problems with a little twist (1-6% unless otherwise stated) 16. If $10000 is deposited today with annual interest rate of 6% and each month is desired to withdraw from this account $100, how many times this monthly withdrawals can be done before the money runs out? 17. If we deposit $100 a month for the next 5 years into an account and at the end of 5 years the account has accumulated $10,000 what...
d. 12% nominal rate, monthly compounding 2. You plan to invest an amount of money in five-year certificate of deposit (CD) at your bank. The stated interest rate applied to the CD is 12 percent, compounded annually. How much must you invest if you want the balance in the CD account to be $8,500 in five years? 3. You deposited $1,000 in a savings account that pays 8 percent interest, compounded annually, planning to use it to finish your last...
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