Suppose you want to invest $1,000 and have it grow to $5,000 after 5 years. What...
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Suppose you want to invest $1,000 and have it grow to $5,000 after
5 years. What...
Suppose that you want to have a $100,000 retirement fund after 30 years. How much will...
Suppose that you want to have a $100,000 retirement fund after 30 years. How much will you need to deposit now if you can obtain an APR of 5%, compounded daily? Assume that no additional deposits are to be made to the account.
8.3-8.6. Using the Finance Formulas potage 2 of 21 15. Suppose you invest $5,000 in a...
8.3-8.6. Using the Finance Formulas potage 2 of 21 15. Suppose you invest $5,000 in a savings account that pays an annual interest rate of 4%. If the interest is compounded monthly, what is the balance in the account after 10 years? 16. You invest $5000 at 2.2% annual interest compounded quarterly. How much do you have after 5 years? 17. Against expert advice, you begin your retirement savings at age 40. You plan on retiring at age 65. How...
Show the excel formulas used Ex. 1 You have $5,000 in your savings account that pays...
Show the excel formulas used
Ex. 1 You have $5,000 in your savings account that pays 4% interest. How much will you have in your account after 20 years, a) if your bank pays annually compounded interest? b) if your bank pays monthly compounded interest? c) if your bank pays daily compounded interest? Current balance Interest Years Compounding Annually Monthly Daily a) FV b) FV c) FV Ex. 2 If you need $10,000 in 7 years and you can earn...
1. Assume that it takes 11.5 years for $1,000 to accumulate to $3,000 if you earn...
1. Assume that it takes 11.5 years for $1,000 to accumulate to $3,000 if you earn 10% per year. What will happen to the length of time needed for $1,000 to accumulate to $3,000 if the interest rate increases? A. Stay the same? B. Impossible to determine C. Increase D. Decrease 2. Assume that it takes an investment of $3,507 today to accumulate to $5,000 in 3 years when the interest rate is 12% per year compounded quarterly. How much...
Show the excel formulas used and answer all questions Ex. 1 You have $5,000 in your...
Show the excel formulas used and answer all questions
Ex. 1 You have $5,000 in your savings account that pays 4% interest. How much will you have in your account after 20 years, a) if your bank pays annually compounded interest? b) if your bank pays monthly compounded interest? c) if your bank pays daily compounded interest? Current balance Interest Years Compounding Annually Monthly Daily a) FV b) FV c) FV Ex. 2 If you need $10,000 in 7 years...
How much should you invest each month in order to have $300,000 if your rate of...
How much should you invest each month in order to have $300,000 if your rate of return is 7% compounded monthly and you want to achieve your goal in 40 years? $ How much interest will you earn? $ How much should you invest each month in order to have $300,000 if you want to achieve your goal in 20 years? $ If you deposit the amount you need to achieve your goal in 20 years, how much will your...
Suppose you invest $5,000 for 5 years. The interest rate for the first 2 years is...
Suppose you invest $5,000 for 5 years. The interest rate for the first 2 years is 4.7%, 5.2% for year 3 and 5.4% for the final 2 years. Assuming interest compounds annually, what would your investment have returned in those 5 years?
QUESTION 5 Suppose you want to buy a house that costs $750,000. You are required to...
QUESTION 5 Suppose you want to buy a house that costs $750,000. You are required to put 10% down, which means the amount to be borrowed is 90% of the price of the house. If you want a 30 year mortgage, and the borrowing rate is 5.6% APR compounded monthly, what would be your monthly payment? (Answer to the nearest penny) 5 points QUESTION 6 Suppose you want to buy a car that costs $17,000. If the dealer is...
Suppose that you have $50,000 in cash today. You want to find a bank account that...
Suppose that you have $50,000 in cash today. You want to find a bank account that offers an interest rate that will allow you to make withdrawals to pay your monthly expenses of $1,000, beginning one month from today, for 5 years before exhausting the account. Assume that any savings account we consider pays interest monthly (i.e., monthly compounding). What APR must the account offer in order for you to achieve your goal? C) 7.42% 47.33% 10.44% 5.00% 8.37%
Suppose that you are 20 years old today, and you want to have $500,000 when you...
Suppose that you are 20 years old today, and you want to have $500,000 when you reach age of 30. how much would you have to invest today to reach your goal? Suppose the interest rate is equal to 5%.
8.3-8.6. Using the Finance Formulas potage 2 of 21 15. Suppose you invest $5,000 in a savings account that pays an annual interest rate of 4%. If the interest is compounded monthly, what is the balance in the account after 10 years? 16. You invest $5000 at 2.2% annual interest compounded quarterly. How much do you have after 5 years? 17. Against expert advice, you begin your retirement savings at age 40. You plan on retiring at age 65. How...
Show the excel formulas used
Ex. 1 You have $5,000 in your savings account that pays 4% interest. How much will you have in your account after 20 years, a) if your bank pays annually compounded interest? b) if your bank pays monthly compounded interest? c) if your bank pays daily compounded interest? Current balance Interest Years Compounding Annually Monthly Daily a) FV b) FV c) FV Ex. 2 If you need $10,000 in 7 years and you can earn...
Show the excel formulas used and answer all questions
Ex. 1 You have $5,000 in your savings account that pays 4% interest. How much will you have in your account after 20 years, a) if your bank pays annually compounded interest? b) if your bank pays monthly compounded interest? c) if your bank pays daily compounded interest? Current balance Interest Years Compounding Annually Monthly Daily a) FV b) FV c) FV Ex. 2 If you need $10,000 in 7 years...
Suppose that you have $50,000 in cash today. You want to find a bank account that offers an interest rate that will allow you to make withdrawals to pay your monthly expenses of $1,000, beginning one month from today, for 5 years before exhausting the account. Assume that any savings account we consider pays interest monthly (i.e., monthly compounding). What APR must the account offer in order for you to achieve your goal? C) 7.42% 47.33% 10.44% 5.00% 8.37%
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