Homework Answers
First,
Convert interest rate of 4.58% compounded monthly to annual compounding
Interest rate with annual compounding = (1 + 0.0458/12)12 -1
Interest rate = 4.677%
Period = 48 months
Future value = $12,555
Using TVM calculation,
PMT = [PV = 0, FV = 12555, R = 4.677, T = 48]
PMT = $238.37
So, $238.37 invested monthly for 4 years will result in $12,555 after 4 years.
Add Answer to:
(1 point) How much do you need to invest monthly into an ordinary annuity earning an...
(4 points) If you make monthly payments of $468.00 into an ordinary annuity earning an annual...
(4 points) If you make monthly payments of $468.00 into an ordinary annuity earning an annual interest rate of 5.46% compounded monthly, how much will you have in the account after 5 years? After 8 years? After 5 years? After 8 years? (Note: Your answers are a dollar amount and should include dollar signs)
(5 points) How much do you need to invest in an account earning an annual interest...
(5 points) How much do you need to invest in an account earning an annual interest rate of 5.904% compounded weekly, so that your money will grow to $7,120.00 in 43 weeks? The amount you need to invest is (Note: Your answers should include a dollar sign and be accurate to two decimal places)
(1 point) If you invest $1,890.54 in an account earning an annual interest rate of 3.389%...
(1 point) If you invest $1,890.54 in an account earning an annual interest rate of 3.389% compounded semiannually, how much will be in your account after 2 years? After 10 years? After 2 years: (Note: Your answer should include a dollar sign and be accurate to two decimal places) After 10 years: (Note: Your answer should include a dollar sign and be accurate to two decimal places) (1 point) If you invest $1,890.54 in an account earning an annual interest...
(1 point) Suppose you invest $18,495.00 into an account earning an interest rate of 2.715% compounded...
(1 point) Suppose you invest $18,495.00 into an account earning an interest rate of 2.715% compounded continuously for 3 year(s) and thereafter earning an interest rate of 4.051% compounded monthly. How much money is in the account after 10 years? The amount in the account is (Note: Your answer should have a dollar sign and be accurate to two decimal places)
(1 point) If you invest $2,766.13 in an account earning an annual interest rate of 2.921%...
(1 point) If you invest $2,766.13 in an account earning an annual interest rate of 2.921% compounded weekly, how much will be in your account after 5 years? After 11 years? After 5 years: (Note: Your answer should include a dollar sign and be accurate to two decimal places) After 11 years: (Note: Your answer should include a dollar sign and be accurate to two decimal places)
(1 point) Suppose you invest $18,820.00 into an account earning an interest rate of 2.823% compounded...
(1 point) Suppose you invest $18,820.00 into an account earning an interest rate of 2.823% compounded continuously for 1 year(s) and thereafter earning an interest rate of 3.315% compounded daily. How much money is in the account after 8 years? The amount in the account is (Note: Your answer should have a dollar sign and be accurate to two decimal places)
Suppose that for retirement purposes, over the course of 20 years, you make monthly deposits of $350.00$350.00 into an ordinary annuity that pays an annual interest rate of 7.898%7.898% compounded mon...
Suppose that for retirement purposes, over the course of 20 years, you make monthly deposits of $350.00$350.00 into an ordinary annuity that pays an annual interest rate of 7.898%7.898% compounded monthly. After those 20 years, you then want to make monthly withdrawals for 22 years, reducing the balance in the account to zero dollars. a) Find the amount of money you have accumulated in the annuity over the first 20 years: b) How much should you withdrawing monthly from your...
Suppose payments were made at the end of each month into an ordinary annuity earning interest...
Suppose payments were made at the end of each month into an ordinary annuity earning interest at the rate of 8%/year compounded monthly. If the future value of the annuity after 14 yr is $70,000, what was the size of each payment? (Round your answer to the nearest cent.) $ Need Help? Read Talk to Tuter 5. (-/0.1 Points) DETAILS TANAPMATH5 4.3.018. MY NOTES PRACTICE ANOTHER Suppose payments will be made for 4 years at the end of each month...
1- In the following ordinary annuity, the interest is compounded with each payment, and the payment...
1- In the following ordinary annuity, the interest is compounded with each payment, and the payment is made at the end of the compounding period. Find the amount of time needed for the sinking fund to reach the given accumulated amount. (Round your answer to two decimal places.) $275 monthly at 5.6% to accumulate $25,000. _________yr 2- Determine the amount due on the compound interest loan. (Round your answers to the nearest cent.) $18,000 at 3% for 15 years if...
Suppose payments were made at the end of each month into an ordinary annuity earning interest
Suppose payments were made at the end of each month into an ordinary annuity earning interest at the rate of 4.5%/year compounded monthly. If the future value of the annuity after 12 years is $70,000, what was the size of each payment? (Round your answer to the nearest cent.)
(4 points) If you make monthly payments of $468.00 into an ordinary annuity earning an annual interest rate of 5.46% compounded monthly, how much will you have in the account after 5 years? After 8 years? After 5 years? After 8 years? (Note: Your answers are a dollar amount and should include dollar signs)
(5 points) How much do you need to invest in an account earning an annual interest rate of 5.904% compounded weekly, so that your money will grow to $7,120.00 in 43 weeks? The amount you need to invest is (Note: Your answers should include a dollar sign and be accurate to two decimal places)
(1 point) If you invest $1,890.54 in an account earning an annual interest rate of 3.389% compounded semiannually, how much will be in your account after 2 years? After 10 years? After 2 years: (Note: Your answer should include a dollar sign and be accurate to two decimal places) After 10 years: (Note: Your answer should include a dollar sign and be accurate to two decimal places) (1 point) If you invest $1,890.54 in an account earning an annual interest...
(1 point) Suppose you invest $18,495.00 into an account earning an interest rate of 2.715% compounded continuously for 3 year(s) and thereafter earning an interest rate of 4.051% compounded monthly. How much money is in the account after 10 years? The amount in the account is (Note: Your answer should have a dollar sign and be accurate to two decimal places)
(1 point) If you invest $2,766.13 in an account earning an annual interest rate of 2.921% compounded weekly, how much will be in your account after 5 years? After 11 years? After 5 years: (Note: Your answer should include a dollar sign and be accurate to two decimal places) After 11 years: (Note: Your answer should include a dollar sign and be accurate to two decimal places)
(1 point) Suppose you invest $18,820.00 into an account earning an interest rate of 2.823% compounded continuously for 1 year(s) and thereafter earning an interest rate of 3.315% compounded daily. How much money is in the account after 8 years? The amount in the account is (Note: Your answer should have a dollar sign and be accurate to two decimal places)
Suppose payments were made at the end of each month into an ordinary annuity earning interest at the rate of 8%/year compounded monthly. If the future value of the annuity after 14 yr is $70,000, what was the size of each payment? (Round your answer to the nearest cent.) $ Need Help? Read Talk to Tuter 5. (-/0.1 Points) DETAILS TANAPMATH5 4.3.018. MY NOTES PRACTICE ANOTHER Suppose payments will be made for 4 years at the end of each month...
Most questions answered within 3 hours.
-
Two concentric current loops lie in the same plane. The smaller
loop has a radius of...
asked 5 seconds from now -
1)Which of the following is an
important difference between qualified and nonqualified retirement
plans?
a. Qualified...
asked 11 minutes ago -
What's the streaming business's problem on the
horizon?
asked 1 hour ago -
I need help with writing the conclusion for this online lab
report
Abstract
By testing the...
asked 1 hour ago -
For the reaction 1N2+3H2-----> 2NH3, would the reaction rate
trend be: delta[NH3]/ delta t = -2...
asked 1 hour ago -
Within your current/past organization, identify a problem/issue
and format a design to address same. You may...
asked 1 hour ago -
A sock stuck to the side of a clothes-dryer barrel has a
centripetal acceleration of 24...
asked 2 hours ago -
A perfect gas undergoes an isentropic process such that its
volume doubles. If the ratio of...
asked 3 hours ago -
list the elements in groups 3A to 6A in the same order as in the
periodic...
asked 3 hours ago -
Estimating effect size. Peng and Chen (2014)
evaluated effect size estimates for various tests. In their...
asked 3 hours ago -
Write a script in MySQL that creates and calls a stored
procedure name test. This procedure...
asked 3 hours ago -
If we test the following: H0: μ = 17
vs. H1: μ ≠ 17 and the...
asked 3 hours ago