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9. You wish to establish an endowment fund that will provide student financial aid awards every...
Proud parents wish to establish a college savings fund for their newly born child. Monthly deposits...
Proud parents wish to establish a college savings fund for their newly born child. Monthly deposits will be made into an investment account that provides an annual rate of return of 4.5% compounded monthly. Four withdrawals from the savings fund will be made to help pay for college expenses. The estimated need is $28,000 when the child turns 18 years old, $30,000 at 19 years, $34,000 at 20 years, and $38,000 at age 21. The last monthly payment to the...
5. We wish to accumulate a fund of $60,000 by making regular deposits of $1,525 at...
5. We wish to accumulate a fund of $60,000 by making regular deposits of $1,525 at the end of each month for as long as is necessary. If the annual rate of interest is 6% compounded monthly, how many regular deposits will be necessary and find the final deposit to be made one month after the last regular deposit.
Today is your 25th birthday (Happy Bday!). You plan on retiring 35 years from today. Every...
Today is your 25th birthday (Happy Bday!). You plan on retiring 35 years from today. Every month you work, starting today (t=0), you wish to put an equal amount of money into a savings account with your last deposit on the day you retire. After you retire, you will need to withdraw $10,000 a month with your last withdrawal on your 80th birthday (first withdrawal is one month after you retire). Also when you turn 80, you plan on giving...
Taylor has a retirement account that pays 4% per year compounded monthly. Every month for 20...
Taylor has a retirement account that pays 4% per year compounded monthly. Every month for 20 years, Taylor deposits $444, with the first deposit at the end of month 1 The day the last deposit is made, the interest rate increases to 6% per year compounded monthly. During retirement, Taylor plans to make equal monthly withdrawals for 15 years, thus depleting the account. The first withdrawal occurs one month after the last deposit. How much can be withdrawn each month?
You are considering two different strategies for a savings account that you intend to close exactly...
You are considering two different strategies for a savings account that you intend to close exactly 30 years from today. For Strategy 1, deposit $200 per month for 5 years (first deposit today; last one exactly 5 years from today); no new deposits will be made after the end of the deposit period, but interest continues to accrue until the account is closed. For Strategy 2, you’ll make your first monthly deposit exactly 5 years from today, each monthly deposit...
1. You won $100 000 in a lottery and you want to set some of that...
1. You won $100 000 in a lottery and you want to set some of that sum aside for 10 years. After 10 years, you would like to receive $2400 at the end of every 3 months for 8 years. How much of your winnings must you set aside if interest is 5.5% compounded quarterly? 2. A sum of money is deposited at the end of every month for 10 years at 7.5% compounded monthly. After the last deposit, interest...
4-30 A man wants to help provide a college education for A his young daughter. He...
4-30 A man wants to help provide a college education for A his young daughter. He can afford to invest $600/yr for the next 4 years, beginning on the girl's 4th birthday. He wishes to give his daughter $4000 on her 18th, 1gth, 20th, and 21st birthdays, for a total of $16,000. Assuming 5% interest, what uniform annual investment will he have to make on the girl's 8th through 17th birthdays? Tameshia deposits $5500 in her retirement account every year....
please answer all of the following questions 21. Suppose you deposit $5,000 into an account earning...
please answer all of the following questions
21. Suppose you deposit $5,000 into an account earning 4 percent interest, compounded monthly and you also make monthly contributions of $50 (first monthly contribution made one month after the initial deposit is made). How many years (rounded to one decimal place --for example, 32.1843 year = 32.2) will it take for the account to grow to $7,500 in this case? 22. Assume that I am trying to borrow money from you to...
Show how to enter into EXCEL 1. You have decided to place $153 in equal deposits...
Show how to enter into EXCEL 1. You have decided to place $153 in equal deposits every month at the beginning of the month into a savings account earning 4.69 percent per year, compounded monthly for the next 15 years. The first deposit is made today. How much money will be in the account at the end of that time period? Round the answer to two decimal places 2. What is the present value of the following annuity? $4,765 every...
4-6 A man buys a ear for $18,000 with no money down. He pays for the...
4-6 A man buys a ear for $18,000 with no money down. He pays for the car in 30 equal monthly pay- ments with interest at 12% per annum, compounded monthly. What is his monthly loan payment? 4-1 Rose recently graduated in engineering. Her employer will give her a raise of $6500 per year if she passes the FE exam (Fundamentals of Engineering). (a) Over a career of 45 years, what is the present worth of the raise ifthe interest...
5. We wish to accumulate a fund of $60,000 by making regular deposits of $1,525 at the end of each month for as long as is necessary. If the annual rate of interest is 6% compounded monthly, how many regular deposits will be necessary and find the final deposit to be made one month after the last regular deposit.
1. You won $100 000 in a lottery and you want to set some of that sum aside for 10 years. After 10 years, you would like to receive $2400 at the end of every 3 months for 8 years. How much of your winnings must you set aside if interest is 5.5% compounded quarterly? 2. A sum of money is deposited at the end of every month for 10 years at 7.5% compounded monthly. After the last deposit, interest...
4-30 A man wants to help provide a college education for A his young daughter. He can afford to invest $600/yr for the next 4 years, beginning on the girl's 4th birthday. He wishes to give his daughter $4000 on her 18th, 1gth, 20th, and 21st birthdays, for a total of $16,000. Assuming 5% interest, what uniform annual investment will he have to make on the girl's 8th through 17th birthdays? Tameshia deposits $5500 in her retirement account every year....
please answer all of the following questions
21. Suppose you deposit $5,000 into an account earning 4 percent interest, compounded monthly and you also make monthly contributions of $50 (first monthly contribution made one month after the initial deposit is made). How many years (rounded to one decimal place --for example, 32.1843 year = 32.2) will it take for the account to grow to $7,500 in this case? 22. Assume that I am trying to borrow money from you to...
4-6 A man buys a ear for $18,000 with no money down. He pays for the car in 30 equal monthly pay- ments with interest at 12% per annum, compounded monthly. What is his monthly loan payment? 4-1 Rose recently graduated in engineering. Her employer will give her a raise of $6500 per year if she passes the FE exam (Fundamentals of Engineering). (a) Over a career of 45 years, what is the present worth of the raise ifthe interest...
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