Jacob wants to have $10,000 in his savings account in three years. If he currently does not...
Jacob wants to have $10,000 in his savings account in three
years. If he currently does not have anything in his
account, how much will he need to save each month if his account
compounds at 4% annually? please solve using excel
Homework Answers
We can use excel function PMT to find the montly payment
PMT parameters: rate, nper, PV, FV
rate = Monthly effective rate = (1 + 0.04)^(1/12) - 1 = 0.003273739782
nper = 3 * 12 = 36
PV = 0
FV = 10000
Use excel function,PMT
PMT = -$262.18443925
(Ignore the negative sign)
Monthly payment = $$262.18443925
Can you please upvote? Thank You :-)
Add Answer to:
Jacob wants to have $10,000 in his savings account in three
years. If he currently does not...
3.DeMarcus wants to retire with $1million in savings by the time he turns 60. He is...
3.DeMarcus wants to retire with $1million in savings by the time he turns 60. He is currently 18 years old. How much will he need to save each year, assuming he can get a 11% annual return on his investments? 4..How much will be in an account at the end of five years the amount deposited today is $10,000 and interest is 8% per year, compounded semi-annually? 5..You have $3,000 that you may need any day to replace the furnace...
0.55 QUESTION 3 DeMarcus wants to retire with simillion in savings by the time he turns...
0.55 QUESTION 3 DeMarcus wants to retire with simillion in savings by the time he turns 60. He is currently 18 years old. How much will he need to save each year, assuming he can get a 11% annual return on his investments? O A 1392 78 8. 1.388.92 C. 1.390.86 QUESTION 4 How much will be in an account at the end of five years the amount deposited today is $10,000 and interest is 8% per year, compounded semi-annually?...
DeMarcus wants to retire with $1 million in savings by the time he turns 70. He...
DeMarcus wants to retire with $1 million in savings by the time he turns 70. He is currently 18 years old. How much will he need to save each year, assuming he can get a 10% annual return on his investments?
Mr. Heffernan wants to give his twin son and daughter $100,000 each when they turn 18....
Mr. Heffernan wants to give his twin son and daughter $100,000 each when they turn 18. Currently they are 3 years old. How much does Mr. Heffernan need to save on a monthly basis? Assuming that he could invest his savings at a portfolio that earns 4% per year. (Show calculations using Excel)
You currently have 10,000 in a savings account that earn 6% per year, how much can...
You currently have 10,000 in a savings account that earn 6% per year, how much can you withdraw at the end of each of next three years from thus account and have zero balance after the third withdrawal?
Ed wants to have $1,000,000 at the start of his retirement in 30 years. He currently...
Ed wants to have $1,000,000 at the start of his retirement in 30 years. He currently has $250,000 in his 401K account. If he does not make any more contributions to his account, what annual rate of return must he earn to accomplish his goals?
You wish to retire in 12 years and currently have $50,000 in a savings account yielding...
You wish to retire in 12 years and currently have $50,000 in a savings account yielding 5 percent annually and $100,000 in quality “blue chip” stocks yielding 10 percent. If you expect to add $30,000 at the end of each year to your stock portfolios, how much will you have in your retirement fund when you retire? What rate of return must you earn on your retirement funds if you want to withdraw $102,000 per year for the next 15...
Professor G wants to have $700,000 in his retirement account when he retires in 10 years....
Professor G wants to have $700,000 in his retirement account when he retires in 10 years. He earns 3.6% on his investments guaranteed. How much must he invest at the beginning of each month if he now already has $240,000 already saved up?
Richard Miller is 30 years and wants to retire when he is 65. So far he...
Richard Miller is 30 years and wants to retire when he is 65. So far he has saved (1) $5,600 in an IRA account in which his money is earning 8.3 percent annually and (2) $4,040 in a money market account in which he is earning 5.25 percent annually. Richard wants to have $1 million when he retires. Starting next year, he plans to invest the same amount of money every year until he retires in a mutual fund in...
Tony Hippwaist wants to have $742,032 in his savings account in six years. Tony opened his...
Tony Hippwaist wants to have $742,032 in his savings account in six years. Tony opened his savings account by depositing $30,000. Tony intends to make equal deposits at the end of every three months for the next six years. Tony will earn 20% interest compounded quarterly on all deposits with the bank. Calculate the amount of each equal quarterly deposit that Tony must make in order to have $742,032 in his account in six years.
0.55 QUESTION 3 DeMarcus wants to retire with simillion in savings by the time he turns 60. He is currently 18 years old. How much will he need to save each year, assuming he can get a 11% annual return on his investments? O A 1392 78 8. 1.388.92 C. 1.390.86 QUESTION 4 How much will be in an account at the end of five years the amount deposited today is $10,000 and interest is 8% per year, compounded semi-annually?...
Most questions answered within 3 hours.
-
1. In a labor market, marginal cost for a firm is
____________.
a. recruiting cost
b....
asked 29 minutes ago -
On January 1, 2019, ABC Company issued $60,000,000 of 20-year,
10.5% bonds when the market rate...
asked 54 minutes ago -
39.4% of US homes continue to use a landline in addition to cell
phone service. 3...
asked 1 hour ago -
Starting with benzene, synthesize 1-phenyl-1-butyne.
Show intermediates and reagents.
asked 2 hours ago -
Create a 32-run crossed array design with six control factors
and two noise factors such that...
asked 3 hours ago -
A 500g sample of sand from source A has the following amounts
retained on each sieve....
asked 3 hours ago -
In
your own words, please explain the essay by John Keynes wrote "The
End of Laissez...
asked 3 hours ago -
How are the matrix and pixels related? Why are smaller
pixels better for diagnostic quality?
asked 3 hours ago -
2. An AC generator has 80 rectangular loops on
its armature. Each loop is 11 cm...
asked 3 hours ago -
Please help me with this question. Consider Aldi’s current and
potential geographic markets (see Exhibit 4...
asked 3 hours ago -
What are the main components of the fermentation process and
give an explanation of each? Include...
asked 3 hours ago -
Explain which types of cells in the body (belonging to which
organs, etc.) are sensitive to...
asked 3 hours ago