Lauren plans to deposit $8000 into a bank account at the beginning of next month and $150/month into the same account at the end of that month and at the end of each subsequent month for the next 6 years. If her bank pays interest at a rate of 2%/year compounded monthly, how much will Lauren have in her account at the end of 6 years?
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Lauren plans to deposit $8000 into a bank account at the beginning of next month and...
Lauren plans to deposit $8000 into a bank account at the beginning of next month and $250/month into the same account at the end of that month and at the end of each subsequent month for the next 4 years. If her bank pays interest at a rate of 5%/year compounded monthly, how much will Lauren have in her account at the end of 4 years?
Lauren plans to deposit $3000 into a bank account at the beginning of next month and $250/month into the same account at the end of that month and at the end of each subsequent month for the next 6 years. If her bank pays interest at a rate of 6%/year compounded monthly, how much will Lauren have in her account at the end of 6 years? (Assume she makes no withdrawals during the 6-year period. Round your answer to the...
Lauren plans to deposit $4000 into a bank account at the beginning of next month and $225/month into the same account at the end of that month and at the end of each subsequent month for the next 7 years. If her bank pays interest at a rate of 6%/year compounded monthly, how much will Lauren have in her account at the end of 7 years? (Assume she makes no withdrawals during the 7-year period. Round your answer to the...
Lauren plans to deposit $3000 into a bank account at the beginning of next month and $175/month into the same account at the end of that month and at the end of each subsequent month for the next 4 years. If her bank pays interest at a rate of 7%/year compounded monthly, how much will Lauren have in her account at the end of 4 years? (Assume she makes no withdrawals during the 4-year period. Round your answer to the...
Lauren plans to deposit $3000 into a bank account at the beginning of next month and $175/month into the same account at the end of that month and at the end of each subsequent month for the next 4 years. If her bank pays interest at a rate of 7%/year compounded monthly, how much will Lauren have in her account at the end of 4 years? (Assume she makes no withdrawals during the 4-year period. Round your answer to the...
Derek can deposit $260.00 per month for the next 10 years into an account at Bank A. The first deposit will be made next month. Bank A pays 15.00% and compounds interest monthly. Derek can deposit $2,534.00 per year for the next 10 years into an account at Bank B. The first deposit will be made next year. Bank B compounds interest annually. What rate must Bank B pay for Derek to have the same amount in both accounts after...
1. Derek can deposit $272.00 per month for the next 10 years into an account at Bank A. The first deposit will be made next month. Bank A pays 14.00% and compounds interest monthly. Derek can deposit $2,542.00 per year for the next 10 years into an account at Bank B. The first deposit will be made next year. Bank B compounds interest annually. What rate must Bank B pay for Derek to have the same amount in both accounts...
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...
8&9 12 points TanFin12 52027 8. My Notes O Ask Your Teacher The Johnsons have accumulated a nest egg of $40,000 that they intend to use as a down payment toward the purchase of a new house. Because their present gross income has placed them in a relatively high tax bracket, they have decided to invest a minimum of $2300/month in monthly payments (to take advantage of the tax deduction) toward the purchase of their house. However, because of other...
Question 1 0.2 pts Ethel makes a deposit of $103 into her retirement account every month for 21 years. Her bank pays a nominal annual rate of 8% compounded monthly. How much will Ethel have in her account at the end of 21 years?