Economics Question
You are planning to make 18 monthly withdrawals beginning at the end of the sixth month. You plan to withdraw $119 in the sixth month and increase your withdrawals by $15 over the previous month’s withdrawal. How much should you deposit now in a bank account that pays 12% per year compounded monthly?
Homework Answers
You are planning to make 18 monthly withdrawals beginning at the end of the sixth month....
You are planning to make 18 monthly withdrawals beginning at the end of the sixth month. You plan to withdraw $101 in the sixth month and increase your withdrawals by $16 over the previous month’s withdrawal. How much should you deposit now in a bank account that pays 12% per year compounded monthly?
You are planning to make 18 monthly withdrawals beginning at the end of the sixth month....
You are planning to make 18 monthly withdrawals beginning at the end of the sixth month. You plan to withdraw $105 in the sixth month and increase your withdrawals by $15 over the previous month’s withdrawal. How much should you deposit now in a bank account that pays 12% per year compounded monthly?
You are planning to mak 18 monthly withdrawals beginning at the end of the sixth month....
You are planning to mak 18 monthly withdrawals beginning at the end of the sixth month. You plan to withdraw $148 in the sixth month and increase your withdrawals by $16 over the previous month's withdrawal How much should you deposit now in a bank account that pays 12% per year compounded monthly? Enter the answer with two decimal places. Do not enter the dollar ($) symbol. eg. 1234.56 Hint: Determine m and k and use the decision tree to...
Will rate!! Show work plz You are planning to make 18 monthly withdrawals beginning at the...
Will rate!!
Show work plz
You are planning to make 18 monthly withdrawals beginning at the end of the sixth month. You plan to withdraw $116 in the sixth month and increase your withdrawals by $10 over the previous month's withdrawal. How much should you deposit now in a bank account that pays 12% per year compounded monthly? Enter the answer with two decimal places. Do not enter the dollar (S) symbol. eg. 1234.56 Hint: Determine m and k and...
You decide to open a retirement account at your local bank that pays 10%/year/month (10% per...
You decide to open a retirement account at your local bank that pays 10%/year/month (10% per year compounded monthly). For the next 20 years, you will deposit $300 per month into the account, with all deposits and withdrawals occurring at month’s end. On the day of the last deposit, you will retire. Your expenses during the first year of retirement will be covered by your company’s retirement plan. As such, your first withdrawal from your retirement account will occur on...
8-One year from now, you deposit $300 in a savings account. You deposit $1,800 the next...
8-One year from now, you deposit $300 in a savings account. You deposit $1,800 the next year. Then you wait two more years (until 4 years from now) and deposit $1,000. If your account always earns 6% annual interest and you make no withdrawals, how much will be in the account 11 years from now? 9-You deposit $5000 for 5 years at 4% annual interest. In 5 years, you add $15,000 to your account, but the rate on your account...
What is the amount you can withdraw at the end of 20 years if you make...
What is the amount you can withdraw at the end of 20 years if you make $1,500 monthly deposit at a nominal annual rate of 6% compounded monthly? What is the amount of 5 equal annual deposits that can provide five annual withdrawals, where a first withdrawal of $3000 is made at the end of year 6 and subsequent withdrawals increase at the rate of 10% over the previous year's, in the interest rate of 10% compounded annually?
2. Tom sets up auto-payment for his monthly mortgage payments so that at the end of...
2. Tom sets up auto-payment for his monthly mortgage payments so that at the end of every month $2100 will be automatically withdraw from one of his savings accounts and sent to the mortgage company. This savings account pays a generous 1.75% monthly interest. He expects that he will need to make exactly 300 payments and his mortgage will be paid off. He wishes to move enough money from his other accounts into this one so that he won't need...
Chapter 02, Problem 139 You decide to open a retirement account at your local bank that...
Chapter 02, Problem 139 You decide to open a retirement account at your local bank that pays 10%/year/month (10% per year compounded monthly). For the next 20 years, you will deposit $600 per month into the account, with all deposits and withdrawals occurring at month's end. On the day of the last deposit, you will retire. Your expenses during the first year of retirement will be covered by your company's retirement plan. As such, your first withdrawal from your retirement...
Chapter 2, Problem 157 You decide to open a retirement account at your local bank that...
Chapter 2, Problem 157 You decide to open a retirement account at your local bank that pays 10%/year/month (10% per year compounded monthly). For the next 20 years, you will deposit $300 per month into the account, with all deposits and withdrawals occurring at month's end. On the day of the last deposit, you will retire. Your expenses during the first year of retirement will be covered by your company's retirement plan. As such, your first withdrawal from your retirement...
You are planning to mak 18 monthly withdrawals beginning at the end of the sixth month. You plan to withdraw $148 in the sixth month and increase your withdrawals by $16 over the previous month's withdrawal How much should you deposit now in a bank account that pays 12% per year compounded monthly? Enter the answer with two decimal places. Do not enter the dollar ($) symbol. eg. 1234.56 Hint: Determine m and k and use the decision tree to...
Will rate!!
Show work plz
You are planning to make 18 monthly withdrawals beginning at the end of the sixth month. You plan to withdraw $116 in the sixth month and increase your withdrawals by $10 over the previous month's withdrawal. How much should you deposit now in a bank account that pays 12% per year compounded monthly? Enter the answer with two decimal places. Do not enter the dollar (S) symbol. eg. 1234.56 Hint: Determine m and k and...
8-One year from now, you deposit $300 in a savings account. You deposit $1,800 the next year. Then you wait two more years (until 4 years from now) and deposit $1,000. If your account always earns 6% annual interest and you make no withdrawals, how much will be in the account 11 years from now? 9-You deposit $5000 for 5 years at 4% annual interest. In 5 years, you add $15,000 to your account, but the rate on your account...
2. Tom sets up auto-payment for his monthly mortgage payments so that at the end of every month $2100 will be automatically withdraw from one of his savings accounts and sent to the mortgage company. This savings account pays a generous 1.75% monthly interest. He expects that he will need to make exactly 300 payments and his mortgage will be paid off. He wishes to move enough money from his other accounts into this one so that he won't need...
Chapter 02, Problem 139 You decide to open a retirement account at your local bank that pays 10%/year/month (10% per year compounded monthly). For the next 20 years, you will deposit $600 per month into the account, with all deposits and withdrawals occurring at month's end. On the day of the last deposit, you will retire. Your expenses during the first year of retirement will be covered by your company's retirement plan. As such, your first withdrawal from your retirement...
Chapter 2, Problem 157 You decide to open a retirement account at your local bank that pays 10%/year/month (10% per year compounded monthly). For the next 20 years, you will deposit $300 per month into the account, with all deposits and withdrawals occurring at month's end. On the day of the last deposit, you will retire. Your expenses during the first year of retirement will be covered by your company's retirement plan. As such, your first withdrawal from your retirement...
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