How much must be invested at the beginning of each year at 8%, compounded annually, to...

Question

Question

How much must be invested at the beginning of each year at 8%, compounded annually, to pay off a debt of $20,000 in 6 years?

Jake Werkheiter decides to invest $4000 in an IRA at the end of each year for the next year. If he makes these investments, a

Parents agree to invest $600 (at. Compounded semiannually) for their son on the December 31 or June 30 following each semeste

math Advanced-Math

Add a comment Improve this question Transcribed image text

Answer 1

Answer #1

I solved 1 question as by HOMEWORKLIB RULES.....i i hope it will help you...

Add a comment

Answer 2

Similar Homework Help Questions

Parents agree to invest $600 (at 6%, compounded semiannually) for their son on the December 31...

Parents agree to invest $600 (at 6%, compounded semiannually) for their son on the December 31 or June 30 following each semester that he makes the dean's list during his 4 years in college. If he makes the dean's list in each of the 3 semesters, how much money will his parents have to give him when he graduates? (a) State whether the problem relates to an ordinary annuity or an annuity due ordinary annuity O annuity due (6) Solve...
How much must be invested at the beginning of each year at 8%, compounded annually, to...

How much must be invested at the beginning of each year at 8%, compounded annually, to pay off a debt of $20,000 in 6 years? (a) State whether the problem relates to an ordinary annuity or an annuity due. O ordinary annuity annuity dhe (b) Solve the problem. (Round your answer to the nearest cent.) $ 2550 X Grandparents plan to open an account on the grandchild's birthday and contribute each month until she goes to college. How much must...
How much must be invested at the beginning of each year at 8%, compounded annually, to...

How much must be invested at the beginning of each year at 8%, compounded annually, to pay off a debt of $20,000 in 6 years? (a) State whether the problem relates to an ordinary annuity or an annuity due. O ordinary annuity annuity due (b) solve the problem. (Round your answer to the nearest cent.) $4005.84 X A house is rented for 56,600 per quarter, with each rent payable due at the beginning of each quarter. If money is worth...

How much must be invested at the beginning of each year at 8%, compounded annually, to...

How much must be invested at the beginning of each year at 8%, compounded annually, to pay off a debt of $20,000 in 6 years? (a) State whether the problem relates to an ordinary annuity or an antity due. O ordinary annuity annuity due (b) Solve the problem. (Round your answer to the nearest cont.) $ 252430 X
A state lottery pays $10,000 at the beginning of each month for 20 years. How much...

A state lottery pays $10,000 at the beginning of each month for 20 years. How much money must the state actually have in hand to set up the payments for this prize if money is worth 8.2%, compounded monthly (a) Decide whether the problem relates to an ordinary annuity or an annuity due. annuity due O ordinary annuity () Solve the problem. (Round your awer to the nearest cont.) $ Recent sales of some real estate and record profits make...
As the contestant with the longest winning streak in the history of ropardy, Ken Jennings won...

As the contestant with the longest winning streak in the history of ropardy, Ken Jennings won more than $2.5 million. Suppose he invested $1.6 million in an ordinary annuity that earned 4.8%, compounded monthly. How much would he receive at the end of each month for the next 25 years? (a) Decide whether the problem relates to an ordinary annuity or an annuity due ordinary annuity O annuity due (b) Selve the problem. (Round your answer to the nearest cent.)...

A year end bonus of $22,000 will generate how much money at the beginning of each...

A year end bonus of $22,000 will generate how much money at the beginning of each month for the next year, if it can be invested at 6.27%, compounded monthly? (Round your answer to the rest ont.) $ Need Help? Tektor An insurance settlement of $1 milion must replace Trinde Eden's income for the next 35 years. What income will this settlement provide at the end of each month if it is invested in an annuky that ears 5,3%, compounded...
years. If an annuity is set up for this purpose, how much must be invested now...

years. If an annuity is set up for this purpose, how much must be invested now if the annuity A company wants to have $40,000 at the beginning of each 6-month period for the next cars 6.62%, compounded semiannually? (a) Decide whether the problem relates to an ordinary annuity or an annuity due O ordinary annuity annuity due (b) solve the problem. (Round your answer to the nearest cont.) $282409.50 An insurance settlement of $1 milion must replace Trixie Eden's...
Mr. Gordon plans to invest $200 at the end of each month in an account that...

Mr. Gordon plans to invest $200 at the end of each month in an account that pays 12%, compounded monthly. After how many months will the account be worth $50,0007 (a) state whether the problem relates to an ordinary annuity or an annuity due O ordinary annuity annuity due (6) Solve the problem. (Round your answer up to the nearest month.) months Sam deposits $900 at the end of every month in an account that pays 7%, compounded monthly. How...

need corrections please ty answers only please A sinking fund is established by a working couple...

need corrections please ty answers only please A sinking fund is established by a working couple so that they will have $60,000 to pay for part of their daughter's education when she enters college. If they make deposits at the end of each 3-month period for 16 years, and interest is paid at 14%, compounded quarterly, what sie deposits must they make? (a) State whether the problem relates to an ordinary annuity or an annuity dur. ordinary annuity annuity due...

How much must be invested at the beginning of each year at 8%, compounded annually, to...

Homework Answers