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panels of judges are possible? Finance Use the compound interest formula: 3) You want to have...
i. You deposit $5000 in an account earning 5% interest compounded monthly. How much will you have in the account in 5 ye...
i. You deposit $5000 in an account earning 5% interest compounded monthly. How much will you have in the account in 5 years? ii. Suppose you want to have $400,000 for retirement in 20 years. Your account earns 8% interest. How much would you need to deposit in the account each month?
1. What is the formula to calculate how much a savings account would be worth if...
1. What is the formula to calculate how much a savings account would be worth if the initial balance is $1000 with monthly deposits of $75 for 10 years at 4.3 percent annual interest compounded monthly? What is the formula result? 2. You want a savings account to grow from $1,000 to $5,000 within two years. Assume the bank provides a 3.2 percent annual interest rate compounded monthly. What is the formula to calculate how much you must deposit each month...
7. Kim and Morgan want to start a college fund for their child. They want to...
7. Kim and Morgan want to start a college fund for their child. They want to have $50,000 in the account by the time the child turns 18 years old. They will deposit $5000 the day they open the account. If the account has an annual interest rate of 4.5%/year compounded monthly, how much should they deposit every month to ensure that they reach their savings goal?
7. Kim and Morgan want to start a college fund for their child. They want to...
7. Kim and Morgan want to start a college fund for their child. They want to have $50,000 in the account by the time the child turns 18 years old. They will deposit $5000 the day they open the account. If the account has an annual interest rate of 4.596/year compounded monthly, how much should they deposit every month to ensure that they reach their savings goal? SEIKI
Calculate the money needed to achieve the financial goals of these people A. The parents of...
Calculate the money needed to achieve the financial goals of these people A. The parents of a baby wish to establish a college fund for their child. They deposit $100 every month into an account for 18 years. The money earns 6 3/8% interest compounded monthly. Find the future value of this account. B. How much money can the student withdraw from the account in "Part A" every month (including summer school) for 4 years of the money is now...
The good news - saving $10 per month We continue with the same example: you deposit $10 per month into a savings account with an annual interest rate of 30%, compounded monthly. Use your formula f(r)...
The good news - saving $10 per month We continue with the same example: you deposit $10 per month into a savings account with an annual interest rate of 30%, compounded monthly. Use your formula f(r) to answer the following questions. (a) Determine the amount in the account after 1 year. How much is interest? (b) Determine the amount in the account after 10 years. How much is interest? (c) Determine the amount in the account after 45 years. How...
This Question: 1 pt 3 of 17 (0 complete Use the periodic compound interest formula How...
This Question: 1 pt 3 of 17 (0 complete Use the periodic compound interest formula How much money will you have in 10 years Il you invest $19,000 at a 5.4% annual rate of interest compounded quartery? How much will you have it is compounded monthly of the interest is compounded quarterly, the amount ahter 10 years will be $(Simplity your answer. Round to the nearest cent) of the interest is compounded monthly, the amount after 10 years will be...
1. You deposit $400 each month into an account earning 7% interest compounded monthly. a) How...
1. You deposit $400 each month into an account earning 7% interest compounded monthly. a) How much will you have in the account in 35 years? $ b) How much total money will you put into the account? $ c) How much total interest will you earn? $ 2. Suppose you want to have $300,000 for retirement in 35 years. Your account earns 8% interest. a) How much would you need to deposit in the account each month? $ b)...
(3 pts) Bob would ike to have $20,000 in 4 years to use as a down...
(3 pts) Bob would ike to have $20,000 in 4 years to use as a down payment on a future house purchase. He has no money saved up now, but plans on depositine 5375 per month at the end of every month to save for this goal. What is the periodic interest rate Bob must earn to reach his goal? What is the Annual Percentage rate? 1) Periodic Nominal APR) (3 pts) Sue has $30,000 to use as a down...
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...
7. Kim and Morgan want to start a college fund for their child. They want to have $50,000 in the account by the time the child turns 18 years old. They will deposit $5000 the day they open the account. If the account has an annual interest rate of 4.5%/year compounded monthly, how much should they deposit every month to ensure that they reach their savings goal?
7. Kim and Morgan want to start a college fund for their child. They want to have $50,000 in the account by the time the child turns 18 years old. They will deposit $5000 the day they open the account. If the account has an annual interest rate of 4.596/year compounded monthly, how much should they deposit every month to ensure that they reach their savings goal? SEIKI
Calculate the money needed to achieve the financial goals of these people A. The parents of a baby wish to establish a college fund for their child. They deposit $100 every month into an account for 18 years. The money earns 6 3/8% interest compounded monthly. Find the future value of this account. B. How much money can the student withdraw from the account in "Part A" every month (including summer school) for 4 years of the money is now...
The good news - saving $10 per month We continue with the same example: you deposit $10 per month into a savings account with an annual interest rate of 30%, compounded monthly. Use your formula f(r) to answer the following questions. (a) Determine the amount in the account after 1 year. How much is interest? (b) Determine the amount in the account after 10 years. How much is interest? (c) Determine the amount in the account after 45 years. How...
This Question: 1 pt 3 of 17 (0 complete Use the periodic compound interest formula How much money will you have in 10 years Il you invest $19,000 at a 5.4% annual rate of interest compounded quartery? How much will you have it is compounded monthly of the interest is compounded quarterly, the amount ahter 10 years will be $(Simplity your answer. Round to the nearest cent) of the interest is compounded monthly, the amount after 10 years will be...
(3 pts) Bob would ike to have $20,000 in 4 years to use as a down payment on a future house purchase. He has no money saved up now, but plans on depositine 5375 per month at the end of every month to save for this goal. What is the periodic interest rate Bob must earn to reach his goal? What is the Annual Percentage rate? 1) Periodic Nominal APR) (3 pts) Sue has $30,000 to use as a down...
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...
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