Brooke wants to open her first savings account, in order to save money for college tuition....
Brooke wants to open her first savings account, in order to save money for college tuition. She goes to the bank and opens an account that pays 8% interest compounded annually. She deposits $3,000 initially into the account. How much money will she have in 5 years, when she will be entering college?
Homework Answers
Add Answer to:
Brooke wants to open her first savings account, in order to save
money for college tuition....
Scenario : Mrs. Martin wants to set aside money for her daughter’s future college education. She...
Scenario : Mrs. Martin wants to set aside money for her daughter’s future college education. She will deposit money into an education-specific savings account (529 Plan) that she expects to pay 8% per year, compounded annually. Mrs. Martin plans to deposit $1,000 one year from now, $1,500 two years from now, $2,000 three years from now, and this pattern will continue for a total of 18 years (and 18 deposits). This is an example of a linear gradient where A...
Julio is planning to save for his newborn daughter's college tuition, to be paid in 18...
Julio is planning to save for his newborn daughter's college tuition, to be paid in 18 years. The amount he wishes to have by that time is $65,000. He plans to deposit $2,500 in a bank account every year for 18 years, starting next year. Suppose the account pays 2% interest on deposits, compounded annually. How much would he need to deposit right now, to make up the remaining amount necessary by the end of 18 years?
As of today, Angela has $ 37937. She wants to save this money until her daughter...
As of today, Angela has $ 37937. She wants to save this money until her daughter goes to college. If she can earn an average of 3.5%, compounded annually, she will have saved $ x when her daughter enters college 9 years from now.
Olivia deposited $800 at her local credit union in a savings account at the rate of...
Olivia deposited $800 at her local credit union in a savings account at the rate of 6.2% paid as simple interest. She will earn Interest once a year for the next 7 years. If she were to make no additional deposits or withdrawals, how much money would the credit union owe Olivia in 7 years? O $1,218.88 $852.68 $1,147.20 $149.60 Now, assume that Olivia's credit union pays a compound interest rate of 6.2% compounded annually. All other things being equal,...
College Problem ther and mother are planning a savings program to put their daughter through college....
College Problem ther and mother are planning a savings program to put their daughter through college. Their mer is now 4 years old. She plans to enroll at the university when she is 18 and it should take her 4 years to complete her education. Currently, the cost per year (for tuition, etc.) is $12,000, but a 370 ation rate in these costs is forecasted. The cost for each year of college will be withdrawn when she turns 18, 19,...
1) Meg wants to open an account that will allow her to accumulate $1,000,000 in the...
1) Meg wants to open an account that will allow her to accumulate $1,000,000 in the next 25 years. If the account pays 5.2% compounded monthly, what size monthly payments will Meg need to make? How much interest will the account earn? (7 marks) 2) Peter wants to start a Tax Free Savings Account by making semi-monthly deposits of $250. If the TFSA is paying 3.9% compounded monthly, what will be the value of Peter's account in 3 years and...
4. Juan deposits of $1,000 in a savings account that pays 8% compounded annually. Exactly 2...
4. Juan deposits of $1,000 in a savings account that pays 8% compounded annually. Exactly 2 years later he deposits $3,000; 2 years later he deposits $4,000; and 4 years later he withdraws all of the interest earned to date and transfers it to a fund that pays 10%compounded annually. How much money will be in each fund 4 years after the transfer?
Use Future Value and Present Value Tables 1.Cathy Lumbattis inherited $140,000 from an aunt. If Cathy...
Use Future Value and Present Value Tables 1.Cathy Lumbattis inherited $140,000 from an aunt. If Cathy decides not to spend her inheritance but to leave the money in her saving account until she retires in 15 years, how much money will she have, assuming an annual interest rate of 8% compounded semiannually. 2. LuAnn Bean will receive $7,000 in 7 years. What is the present value at 7% compounded annually? 3. Ed Walker wants to save some money so...
Rachel still wants that new camera that costs $3800 for her photography business. Her savings account earns .89% compou...
Rachel still wants that new camera that costs $3800 for her photography business. Her savings account earns .89% compounded monthly. Rachel wants to know how long it will take her to save for the camera if she makes monthly deposits of $75. How much will she pay in the long run for the camera if she makes monthly deposits of $75?
HELP In order to save for your child's college education, you've decided to begin depositing money...
HELP
In order to save for your child's college education, you've decided to begin depositing money into the local bank which is advertising a savings rate of 6% APR. This morning you opened the savings account with a deposit of $1000. $1000 into the account one year from today. You plan to deposit another After the second deposit, you'll make no additional deposits for a few years, but then, 5 years from today, you'll resume making annual deposits. More specifically,...
Olivia deposited $800 at her local credit union in a savings account at the rate of 6.2% paid as simple interest. She will earn Interest once a year for the next 7 years. If she were to make no additional deposits or withdrawals, how much money would the credit union owe Olivia in 7 years? O $1,218.88 $852.68 $1,147.20 $149.60 Now, assume that Olivia's credit union pays a compound interest rate of 6.2% compounded annually. All other things being equal,...
College Problem ther and mother are planning a savings program to put their daughter through college. Their mer is now 4 years old. She plans to enroll at the university when she is 18 and it should take her 4 years to complete her education. Currently, the cost per year (for tuition, etc.) is $12,000, but a 370 ation rate in these costs is forecasted. The cost for each year of college will be withdrawn when she turns 18, 19,...
1) Meg wants to open an account that will allow her to accumulate $1,000,000 in the next 25 years. If the account pays 5.2% compounded monthly, what size monthly payments will Meg need to make? How much interest will the account earn? (7 marks) 2) Peter wants to start a Tax Free Savings Account by making semi-monthly deposits of $250. If the TFSA is paying 3.9% compounded monthly, what will be the value of Peter's account in 3 years and...
4. Juan deposits of $1,000 in a savings account that pays 8% compounded annually. Exactly 2 years later he deposits $3,000; 2 years later he deposits $4,000; and 4 years later he withdraws all of the interest earned to date and transfers it to a fund that pays 10%compounded annually. How much money will be in each fund 4 years after the transfer?
HELP
In order to save for your child's college education, you've decided to begin depositing money into the local bank which is advertising a savings rate of 6% APR. This morning you opened the savings account with a deposit of $1000. $1000 into the account one year from today. You plan to deposit another After the second deposit, you'll make no additional deposits for a few years, but then, 5 years from today, you'll resume making annual deposits. More specifically,...
Most questions answered within 3 hours.
-
If 5.70 g of potassium react with water, how many grams of
hydrogen gas, H2, are...
asked 4 minutes ago -
How many moles of CO2 and H2O will be
produced by combustion analysis of 0.010 mol...
asked 2 minutes ago -
Tennis champion Maria Sharapova is capable of serving a tennis
ball at 126 mph.
b) What...
asked 10 minutes ago -
The electric potential V in the space between the plates of a
given vacuum tube is...
asked 20 minutes ago -
The Hydroboration-Oxidation of an Alkene to Yield 1-Octanol.
1-octene to 1-octanol using BH3-THF
What might be...
asked 25 minutes ago -
You draw and keep a single bill from a hat that contains a
$11, $55, $20...
asked 41 minutes ago -
Write a Java program that has the following methods:
findSum - a method that takes in...
asked 43 minutes ago -
A coffee cup calorimeter initially contains 135g of water at
22.0oC. Calcium chloride (21.0g) at the...
asked 46 minutes ago -
A patient is having a magnetic resonance imaging scan (an MRI)
and has neglected to remove...
asked 48 minutes ago -
A student takes a multiple-choice test that has 10 questions.
Each question has two choices. The...
asked 1 hour ago -
Willie Keeler has a lifetime batting average of 0.341. Assume
that Willie Keeler came to bat...
asked 1 hour ago -
Which of the following has the highest boiling point?
A) 0.5m NaCl
B) 0.5m C6H12O6
C)...
asked 1 hour ago