How much should you deposit at the end of each month into an investment account that...
How much should you deposit at the end of each month into an investment account that pays 6% compounded monthly to have $3 million when you retire in 40 years? How much of the $3 million comes from interest?
In order to have $3 million in 40 years, you should deposit how much each month? ___
round to the nearest dollar.
$___ of the $3 million comes from interest.
use the answer from part a to find this answer round to the nearest dollar
Homework Answers
Add Answer to:
How much should you deposit at the end of each month into an
investment account that...
You plan to retire with $8,000,000 in 38 years. How much should you deposit each month...
You plan to retire with $8,000,000 in 38 years. How much should you deposit each month into an account that pays 9% annual rate compounded monthly? (Note: Compounding frequency is the same as the deposit frequency. Answers are rounded.) $2,056 $1,080 $1,198 $1,124 $1,276 $1,709
Sophie wants to deposit $440 at the end of each month into an investment account. At...
Sophie wants to deposit $440 at the end of each month into an investment account. At the end of 5 years she wants to stop depositing and start withdrawing an equal amount at the end of each month for the next 4 years. The investment earns 6.0% compounded monthly. a. How much did Sophie have accumulated in five years? Round to the nearest cent E Activate Window SAVE PROGRESS SUBMIT ASS a. How much did Sophie have accumulated in five...
a. Use the appropriate formula to determine the periodic deposit. b. How much of the financial...
a. Use the appropriate formula to determine the periodic deposit. b. How much of the financial goal comes from deposits and how much comes from interest? Periodic Deposit Rate Time Financial Goal S? at the end of each month 3.5% compounded monthly 11 years $180,000 Click the icon to view some finance formulas. a. The periodic deposit is $ (Do not round until the final answer. Then round up to the nearest dollar as needed.) b. $of the $180,000 comes...
You deposit $ 556 each month into an account earning 2.8 % interest compounded monthly for...
You deposit $ 556 each month into an account earning 2.8 % interest compounded monthly for 6 years. How much total interest will you earn? $_____________ (Round to the nearest DOLLAR)
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...
a. Use the appropriate formula to determine the periodic deposit b. How much of the financial...
a. Use the appropriate formula to determine the periodic deposit b. How much of the financial goal comes from deposits and how much comes from interest? Periodic Deposit Rate Time Financial Goal $7 at the end of each month 3 25% compounded monthly 45 years $1,250,000 Click the icon to view some finance formulas a. The periodic deposit is $ (Do not round until the final answer. Then round up to the nearest dollar as needed.) Enter your answer in...
You deposit $1000 in an account today You will deposit $600 at the end of each...
You deposit $1000 in an account today You will deposit $600 at the end of each month for the next twelve months and $800 per month for the following twelve months. How much interest will you have earned in two years in the account pays 5.5% compounded monthly?
How much would you need to deposit in an account each month in order to have...
How much would you need to deposit in an account each month in order to have $30,000 in the account in 9 years? Assume the account earns 2.5% interest. Round your answer to the nearest cent as needed.
You deposit $300 each month into an account earning 4% interest compounded monthly. a) How much...
You deposit $300 each month into an account earning 4% interest compounded monthly. a) How much will you have in the account in 30 years? $ b) How much total money will you put into the account? $ c) How much total interest will you earn? $
Al the age of 27 to save for retirement, you decide to deposit $10 at the...
Al the age of 27 to save for retirement, you decide to deposit $10 at the end of each month in an IRA that pays 6% compounded monthly a Use the following formula to determine how much you will have in the IRA when you retire at age 65 P[(1+r)-1] A a. You will have approximately in the IRA when you retire. (Do not round until the final answer. Then found to the nearest dollar as needed.) D. The interest...
Sophie wants to deposit $440 at the end of each month into an investment account. At the end of 5 years she wants to stop depositing and start withdrawing an equal amount at the end of each month for the next 4 years. The investment earns 6.0% compounded monthly. a. How much did Sophie have accumulated in five years? Round to the nearest cent E Activate Window SAVE PROGRESS SUBMIT ASS a. How much did Sophie have accumulated in five...
a. Use the appropriate formula to determine the periodic deposit. b. How much of the financial goal comes from deposits and how much comes from interest? Periodic Deposit Rate Time Financial Goal S? at the end of each month 3.5% compounded monthly 11 years $180,000 Click the icon to view some finance formulas. a. The periodic deposit is $ (Do not round until the final answer. Then round up to the nearest dollar as needed.) b. $of the $180,000 comes...
a. Use the appropriate formula to determine the periodic deposit b. How much of the financial goal comes from deposits and how much comes from interest? Periodic Deposit Rate Time Financial Goal $7 at the end of each month 3 25% compounded monthly 45 years $1,250,000 Click the icon to view some finance formulas a. The periodic deposit is $ (Do not round until the final answer. Then round up to the nearest dollar as needed.) Enter your answer in...
How much would you need to deposit in an account each month in order to have $30,000 in the account in 9 years? Assume the account earns 2.5% interest. Round your answer to the nearest cent as needed.
Al the age of 27 to save for retirement, you decide to deposit $10 at the end of each month in an IRA that pays 6% compounded monthly a Use the following formula to determine how much you will have in the IRA when you retire at age 65 P[(1+r)-1] A a. You will have approximately in the IRA when you retire. (Do not round until the final answer. Then found to the nearest dollar as needed.) D. The interest...
Most questions answered within 3 hours.
-
4. what is group think? does group think bring positive or
negative result? please justify your...
asked 3 minutes ago -
describe conditions and outcomes of boiling
pasteurization and surfacing. which of these treatment can be
considered...
asked 10 minutes ago -
Who is responsible for the protection of information assets of
an organization? What are the four...
asked 5 minutes ago -
A point charge with charge q1 = 4.00 μC is held stationary at
the origin. A...
asked 8 minutes ago -
In a poll of 504 human resource professionals, 46.4% said that
body piercings and tattoos were...
asked 11 minutes ago -
AdrenalineAdrenaline
Sports Company makes snowboards, downhill skis, cross-country
skis, skateboards, surfboards, and in-line skates. The company...
asked 14 minutes ago -
Compare the Forfaiting and Factoring forms of export
financing
asked 16 minutes ago -
Europe in the 19th century was not dominated by:
a. the scientific quest
b. economic collectivism...
asked 25 minutes ago -
"The economic theory suggests that consumers will not shop at or
spend their money with a...
asked 29 minutes ago -
In your opinion, which provides the most benefit to an
organization, a budget or the budgeting...
asked 40 minutes ago -
What features are centralized in your web application by master
pages? How are master pages implemented...
asked 36 minutes ago -
Write the expression for the molecular wavefunction of (i) a
s-pz sigma bond and (ii) a...
asked 44 minutes ago