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Question 5 (5 points) Ahmad has decided to purchase a house instead of renting an apartment. He has $6000 to use as a present down payment for the house and agreed with the bank to pay monthly payments of $2000 starting one month from now. If the nominalDinterest rate of the loan is 12% peryear compounded monthly and the loan will be paid in 7 years, how much will Ahmad pay for this house in total at the end of...
You wish to deposit a sum of money now into an account that earns 8% to pay for the next 5 years of out-of-state tuition in order to obtain a combined bachelors and masters degree. The annual expenses are currently $22,000. The inflation rate is 5% per year. Calculate how much you need to deposit now in actual and real dollars.
3. How much money will Mr. & Mrs. Ahmad have to deposit per month to allow Abdullah to attend American University? How much money will have to be deposited per month to allow Abdullah to attend the British University? (HINT: To answer this question you need to consider the costs of ALL four years.) 4. What is the relationship between the amount that must be deposited monthly by the parents and the future increases in both tuition and living expenses?...
For retirement planning, you decided to deposit $1,000 per month and increase your deposit by $100 per month. How much will you have at the end of 10 years if the bank pays 3% annually, compounded monthly?
Time for a lump sum to double If you deposit money today in an account that pays 14.5% annual interest, how long will it take to double your money? Round your answer to two decimal places.
TIME FOR A LUMP SUM TO DOUBLE If you deposit money today in an account that pays 10.5% annual interest, how long will it take to double your money? Round your answer to two decimal places.
We recently decided to pay an ISP (a substantial sum, mind) for a managed internet service up to and including the router in our head office. Part of the initial discussions made it clear that whatever solution the ISP thought was best it had to include a VPN as various members of staff are on the road a lot, coffee shops and trains and the like. The ISP delivered a VPN solution in the form of Cisco AnyConnect which keeps...
Multiple choices just the final answer
(1) Ahmad wants to deposit 4,500 in a bank account that pays 8 percent annually. How many years will it take for his investment to grow to 10,0002 (Round off to the nearest year.) (2) Essam is looking to purchase an apartment for a price of 125,000. Essam plans to put down €20,000 and will pay the rest by taking on a 12% percent two-year bank loan, what is the monthly payment on this...
You plan to make a lump-sum deposit of $6000 now into an investment account that pays 8% per year, and you plan to withdraw an equal end-of-year amount of $1000 for 6 years, starting next year. At the end of the sixth year, you plan to close your account by withdrawing the remaining money. Define the engineering economy symbols involved.
ey should be deposited each year for 13 years if you wish to withdraw $305 each year for five years, begining at the end of the 14th year? Let i-6% per year. The annual deposit amount should equal $T719 (Round to the nearest cent)