A person inherited $84000 and invests it immediately at 11% compounded monthly. The person decides to...
A person inherited $84000 and invests it immediately at 11%
compounded monthly. The person decides to quit his/her job and
withdraws $1400 at the end of each month for as long as
possible.
a. How many full withdrawals of $1400 can be made?
full withdrawals
b. What is the amount of the smaller concluding withdrawal at the
end of the next month?
$
Homework Answers
Add Answer to:
A person inherited $84000 and invests it immediately at 11%
compounded monthly. The person decides to...
The college invests $450,000 into an account earning 5% interest compounded monthly. If the college withdraws...
The college invests $450,000 into an account earning 5% interest compounded monthly. If the college withdraws $1,800 from this account every month to provide emergency financial assistance to students, how long will it take for the college to deplete all the money of the account? Explain. Please show your work if possible and label answer. Thank you.
3. a) b) Victoria invested her savings in a bank at 2.75% compounded monthly. How much...
3.
a)
b)
Victoria invested her savings in a bank at 2.75% compounded monthly. How much money did she invest to enable withdrawals of $3,000 at the beginning of every 6 months from the investment for 8 years, if the first withdrawal is to be made in 12 years? Round to the nearest cent How much would a business have to invest in a fund to receive $13,000 at the end of every month for 5 years? The fund has...
Compounded monthly. 5. Amir decides to set aside AED6000 at the end of each month for...
Compounded monthly. 5. Amir decides to set aside AED6000 at the end of each month for his daughter's marriage. If the daughter were to be born today, how much will be available for her marriage when she turns 20 years old? Assume an interest rate of 8% compounded quarterly.
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 How much can be withdrawn each month?
A man decides to pay $250 per month at 5%/a compounded monthly to pay off a...
A man decides to pay $250 per month at 5%/a compounded monthly to pay off a $25 000 loan. After 2 years, he is making a bit more money and decides to increase the monthly payment. If he pays $50 extra per month at the end of each 2-year period, how long will it take him to pay off the loan?
How long will $500,000, in an investment account that earns 3.25% compounded monthly, sustain month-end withdrawals...
How long will $500,000, in an investment account that earns 3.25% compounded monthly, sustain month-end withdrawals of $3000? (Do not round intermediate calculations and round up the number of payments, n, to the next whole number.)
Suppose an individual makes an initial investment of $1,400 in an account that earns 8.4%, compounded...
Suppose an individual makes an initial investment of $1,400 in an account that earns 8.4%, compounded monthly, and makes additional contributions of $100 at the end of each month for a period of 12 years. After these 12 years, this individual wants to make withdrawals at the end of each month for the next 5 years (so that the account balance will be reduced to $0). (Round your answers to the nearest cent.) (a) How much is in the account...
Suppose an individual makes an initial investment of $2,400 in an account that earns 7.2%, compounded...
Suppose an individual makes an initial investment of $2,400 in an account that earns 7.2%, compounded monthly, and makes additional contributions of $100 at the end of each month for a period of 12 years. After these 12 years, this individual wants to make withdrawals at the end of each month for the next 5 years (so that the account balance will be reduced to $0). (Round your answers to the nearest cent.) (a) How much is in the account...
Ted borrowed $4,100 at 6.0% compounded monthly to purchase a used car. Payments of $485 will...
Ted borrowed $4,100 at 6.0% compounded monthly to purchase a used car. Payments of $485 will be made at the end of every month. There will also be a final, smaller payment. Construct the full amortization schedule for the loan. How much interest will be paid over the life of the loan? (Do not round the intermediate calculations. Round your answers to 2 decimal places. Leave no cells blank - be certain to enter "0" wherever required.) Payment number Payment...
Ted borrowed $5,000 at 2.4% compounded monthly to purchase a used car. Payments of $575 will...
Ted borrowed $5,000 at 2.4% compounded monthly to purchase a used car. Payments of $575 will be made at the end of every month. There will also be a final, smaller payment. Construct the full amortization schedule for the loan. How much interest will be paid over the life of the loan? (Do not round the intermediate calculations. Round your answers to 2 decimal places. Leave no cells blank - be certain to enter "0" wherever required.) Payment number Payment...
3.
a)
b)
Victoria invested her savings in a bank at 2.75% compounded monthly. How much money did she invest to enable withdrawals of $3,000 at the beginning of every 6 months from the investment for 8 years, if the first withdrawal is to be made in 12 years? Round to the nearest cent How much would a business have to invest in a fund to receive $13,000 at the end of every month for 5 years? The fund has...
Compounded monthly. 5. Amir decides to set aside AED6000 at the end of each month for his daughter's marriage. If the daughter were to be born today, how much will be available for her marriage when she turns 20 years old? Assume an interest rate of 8% compounded quarterly.
A man decides to pay $250 per month at 5%/a compounded monthly to pay off a $25 000 loan. After 2 years, he is making a bit more money and decides to increase the monthly payment. If he pays $50 extra per month at the end of each 2-year period, how long will it take him to pay off the loan?
Suppose an individual makes an initial investment of $1,400 in an account that earns 8.4%, compounded monthly, and makes additional contributions of $100 at the end of each month for a period of 12 years. After these 12 years, this individual wants to make withdrawals at the end of each month for the next 5 years (so that the account balance will be reduced to $0). (Round your answers to the nearest cent.) (a) How much is in the account...
Suppose an individual makes an initial investment of $2,400 in an account that earns 7.2%, compounded monthly, and makes additional contributions of $100 at the end of each month for a period of 12 years. After these 12 years, this individual wants to make withdrawals at the end of each month for the next 5 years (so that the account balance will be reduced to $0). (Round your answers to the nearest cent.) (a) How much is in the account...
Ted borrowed $4,100 at 6.0% compounded monthly to purchase a used car. Payments of $485 will be made at the end of every month. There will also be a final, smaller payment. Construct the full amortization schedule for the loan. How much interest will be paid over the life of the loan? (Do not round the intermediate calculations. Round your answers to 2 decimal places. Leave no cells blank - be certain to enter "0" wherever required.) Payment number Payment...
Ted borrowed $5,000 at 2.4% compounded monthly to purchase a used car. Payments of $575 will be made at the end of every month. There will also be a final, smaller payment. Construct the full amortization schedule for the loan. How much interest will be paid over the life of the loan? (Do not round the intermediate calculations. Round your answers to 2 decimal places. Leave no cells blank - be certain to enter "0" wherever required.) Payment number Payment...
Most questions answered within 3 hours.
-
Strategy is an important part of project management and business
decisions. Define strategy and describe in...
asked 1 minute from now -
Task 5.2 Numerical Analysis Using Nested Loops (13 pts)
Consider the following program:
void setup()
{...
asked 11 minutes ago -
If a lossless transformer has 1000 turns for a primary winding
and 100 turns for the...
asked 20 minutes ago -
Write the net ionic equation for the precipitation reaction that
occurs when aqueous solutions of potassium...
asked 28 minutes ago -
it
should be written in c++
Your program should take numbers from the user until the...
asked 34 minutes ago -
Buses are powered by chemical reactions. Define matter and the
four states of matter. What is...
asked 52 minutes ago -
Use conservation of energy to find the velocity of a free point
charge q1 at 22cm...
asked 59 minutes ago -
First, describe policies promoted by governments of the
political right to address economic globalization. Second, describe...
asked 1 hour ago -
M2-9 Completing T-Accounts LO2-4
Following are the transactions of Dennen, Inc., for the month of
January....
asked 1 hour ago -
Write a program using python that reads from values from a text
file and plots them...
asked 1 hour ago -
Look up the density of
the metal of the object used in parts A and B...
asked 1 hour ago -
Discuss strategic considerations that Amazon and NYC politicians
had. Analyze why the deal between Amazon and...
asked 1 hour ago