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1) Meg wants to open an account that will allow her to accumulate $1,000,000 in the...
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?
**PLEASE USE yn=(b/1-a)+(yo-b/1-a)(a^n) a. Sharon wants to retire in 30 years time, and so decides to...
**PLEASE USE yn=(b/1-a)+(yo-b/1-a)(a^n) a. Sharon wants to retire in 30 years time, and so decides to start a new retirement savings account. She wants to accumulate 250000 dollars by the time she retires. Initially, Sharon deposits 2000 dollars into the account. She will make further deposits at the end of each month. The account will earn interest at annual rate 8 percent, compounded monthly. How much will she have to deposit into the account each month in order to reach...
1. In order to accumulate enough money for a down payment on a house, a couple deposits $507 per month into an account...
1. In order to accumulate enough money for a down payment on a house, a couple deposits $507 per month into an account paying 3% compounded monthly. If payments are made at the end of each period, how much money will be in the account in 5 years? 2. A company estimates that it will need $125,000 in 16 years to replace a computer. If it establishes a sinking fund by making fixed monthly payments into an account paying 3.3%...
Jessica wants to accumulate $10,000 by the end of 6 years in a special bank account,...
Jessica wants to accumulate $10,000 by the end of 6 years in a special bank account, which she had opened for this purpose. To achieve this goal, Jessica plans to deposit a fixed sum of money into the account at the end of the month over the 6-year period. If the bank pays interest at the rate of 6% per year compounded monthly, how much does she have to deposit each month into her account? (Round your answer to the...
del 5629 per month into an account paying In order to accumulate enough money for a...
del 5629 per month into an account paying In order to accumulate enough money for a down payment on a house, a couple deposits $629 per month into an account paying 3% compounded monthly. If payments are made at the end of each period, how much money will be in the account in 6 years? What is the amount in the account after 6 years? in 6 years $07 Round to the nearest cent as needed.)
1. You would like to save $70 000 in 10 years. To accumulate this amount, you...
1. You would like to save $70 000 in 10 years. To accumulate this amount, you plan to make a regular deposit with an equal amount of cash into a saving account at the end of each year. This account will earn 6% p.a interest compounded annually. Your first payment will be made at the end of this year. a. How much must you deposit annually to accumulate this amount in 10 years? b. If you decide to make a...
Jean receives annuity payments at the end of every six months. If she deposits these payments...
Jean receives annuity payments at the end of every six months. If she deposits these payments in an account earning interest at 9% compounded monthly, what is the equivalent semi-annually compounded rate of interest? What sum of money must be deposited at the end of every 3 months into an account paying 6% compounded monthly to accumulate to $25,000 in 10 years? Irina deposited $150 in a savings account at the end of each month for 60 months. If the...
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,...
how do you solve question 7? grade 11 math, please show your work 6) 7) Beth...
how
do you solve question 7?
grade 11 math, please show your work
6) 7) Beth invests $1000 into an account paying 6% / compounded monthly for 4 years. Determine the amount of interest she earns Determine the interest rate to the nearest percent) required for money to double in 5 years if the interest rate is compounded semi-annually. (Trial and error®, make your first guess 12% and remember to divide by 2) Boris wants to have $1,000,000 when he...
1. Compute the Future Value of a 20-year annuity that pays $15,000 per year. Assume an...
1. Compute the Future Value of a 20-year annuity that pays $15,000 per year. Assume an interest rate of 10.00 percent. Puck currently has $10,000 in his bank account which pays 4.00 %, compounded monthly. How much must Puck save every month, if he wants to accumulate a total of $15,000 in 5 years? 3. Assume that Schuester Bancorp is paying 3.50 percent, compounded weekly, on new deposits. How many years will it take for an initial deposit to triple...
del 5629 per month into an account paying In order to accumulate enough money for a down payment on a house, a couple deposits $629 per month into an account paying 3% compounded monthly. If payments are made at the end of each period, how much money will be in the account in 6 years? What is the amount in the account after 6 years? in 6 years $07 Round to the nearest cent as needed.)
1. You would like to save $70 000 in 10 years. To accumulate this amount, you plan to make a regular deposit with an equal amount of cash into a saving account at the end of each year. This account will earn 6% p.a interest compounded annually. Your first payment will be made at the end of this year. a. How much must you deposit annually to accumulate this amount in 10 years? b. If you decide to make a...
Jean receives annuity payments at the end of every six months. If she deposits these payments in an account earning interest at 9% compounded monthly, what is the equivalent semi-annually compounded rate of interest? What sum of money must be deposited at the end of every 3 months into an account paying 6% compounded monthly to accumulate to $25,000 in 10 years? Irina deposited $150 in a savings account at the end of each month for 60 months. If the...
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,...
how
do you solve question 7?
grade 11 math, please show your work
6) 7) Beth invests $1000 into an account paying 6% / compounded monthly for 4 years. Determine the amount of interest she earns Determine the interest rate to the nearest percent) required for money to double in 5 years if the interest rate is compounded semi-annually. (Trial and error®, make your first guess 12% and remember to divide by 2) Boris wants to have $1,000,000 when he...
1. Compute the Future Value of a 20-year annuity that pays $15,000 per year. Assume an interest rate of 10.00 percent. Puck currently has $10,000 in his bank account which pays 4.00 %, compounded monthly. How much must Puck save every month, if he wants to accumulate a total of $15,000 in 5 years? 3. Assume that Schuester Bancorp is paying 3.50 percent, compounded weekly, on new deposits. How many years will it take for an initial deposit to triple...
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