A = P[(1+i)^n -1][1+i] / i
i = interest rate = 0.08
n = period = 25
500,000 = P*(1.0.8^25 - 1)*(1.08 / 0.08)
P = $6,333
Annual deposit = $6,333
Your answer is incorrect. Try again. Robert Hitchcock is 40 years old today and he wishes...
Leon Hitchcock is 36 years old today and he wishes to accumulate $538,000 by his 59th birthday so he can retire to his summer place on Lake Hopatcong. He wishes to accumulate this amount by making equal deposits on his 36th through his 58th birthdays. What annual deposit must Leon make if the fund will earn 8% interest compounded annually?
Henry Hitchcock is 37 years old today and he wishes to accumulate $543,000 by his 58th birthday so he can retire to his summer place on Lake Hopatcong. He wishes to accumulate this amount by making equal deposits on his 37th through his 57th birthdays. What annual deposit must Henry make if the fund will earn 8% interest compounded annually?
Problem 6-2 Using the appropriate interest table, provide the solution to each of the following four questions by computing the unknowns. Click here to view factor tables x Your answer is incorrect. Try again. What is the amount of the payments that John Winslow must make at the end of each of 8 years to accumulate a fund of $96,300 by the end of the 8th year, if the fund earns 8% interest, compounded annually? (Round factor values to 5...
Andrea is 40 years old today and she wishes to accumulate $2,000,000 by her 65th birthday so she can retire to a beach in Florida. She wishes to accumulate this amount by making equal deposits on her fortieth through her sixty fourth birthdays. Compute the annual deposit Andrea must make if the fund will earn 6% interest compounded annually. (Round factor values to 5 decimal places and final answer to 0 decimal places). Annual deposit: $
What is the future value of $8,650 at the end of 7 periods at 8% compounded interest? (Round factor values to 5 decimal places, e.g. 1.25124 and final answer to 0 decimal places, e.g. 458,581.) The future value $ Click here to view factor tables What is the present value of $8,650 due 8 periods hence, discounted at 6%? (Round factor values to 5 decimal places, e.g. 1.25124 and final answer to 0 decimal places, e.g. 458,581.) The present value...
A: What is the amount of the payments that Henry Winslow must make at the end of each of 8 years to accumulate a fund of $86,200 by the end of the 8th year, if the fund earns 8% interest, compounded annually? B: Morgan Hitchcock is 39 years old today and he wishes to accumulate $513,000 by his 63rd birthday so he can retire to his summer place on Lake Hopatcong. He wishes to accumulate this amount by making equal...
A: What is the amount of the payments that Henry Winslow must make at the end of each of 8 years to accumulate a fund of $86,200 by the end of the 8th year, if the fund earns 8% interest, compounded annually? B: Morgan Hitchcock is 39 years old today and he wishes to accumulate $513,000 by his 63rd birthday so he can retire to his summer place on Lake Hopatcong. He wishes to accumulate this amount by making equal...
Maria is 40 years old today and she wishes to accumulate $1,840,000 by her sixty-fifth birthday so she can retire to a beach in Florida. She wishes to accumulate this amount by making equal deposits on her fortieth through her sixty-fourth birthdays. Compute the annual deposit Maria must make if the fund will earn 4% interest compounded annually. Annual deposit $_______________
Andrea is 40 years old today and she wishes to accumulate $2,000,000 by her sixty fifth birthday so she can retire to a beach in Florida. She wishes to accumulate this amount by making equal deposits on her fortieth through her sixty fourth birthdays. Compute the annual deposit Andrea must make if the fund will earn 6% interest compounded annually.
x Your answer is incorrect. Try again. Novak Inc. loans money to John Kruk Corporation in the amount of $944,000. Novak accepts an 8% note due in 7 years with interest payable semiannually. After 2 years (and receipt of interest for 2 years), Novak needs money and therefore sells the note to Chicago National Bank, which demands interest on the note of 10% compounded semiannually. What is the amount Novak will receive on the sale of the note? (Round factor...