If Bob and Judy combine their savings of $1,000 and $800,respectively, and deposit this amount into an account that pays 7% annual interest, compounded monthly, what will the account balance be after 4 years?
Q: An individual wants to deposit $112,100 into two investment accounts. One account pays 66% annual…
A: Note: Assuming, the question has repeated rate of return displayed, hence taking 6% and 15%, other…
Q: If you deposit $10,000 dollars into a savings account, what interest would you need to be earning to…
A: Working note:
Q: Suppose you want to have $2,000,000 in 45 years. Calculate how much you need to deposit per nonth in…
A: The present value is the value of the sum received at time 0. It is the current value of the sum…
Q: Three years ago, Kyline put her savings worth P5,000 in an account providing a compound interest…
A: Lets understand the basics. In compound interest basis, interest is calculated on cumulative basis.…
Q: Hannah wants to have $ 4500 to help pay for a new deck in 7 years. If she wants to put her money…
A: FV = PV * e^(rt)
Q: Joe opens an investment account with an initial deposit of $200. He then sets up monthly deposits of…
A: Future value = Present value * (1+r)^n Where r =rate of interest per period i.e. 5.25%/12 = 0.4375%…
Q: Assume you placed RM25,000 in a savings account that pays an annual compound interest of 8% for 3…
A: Solution: With the Time value of money concept (Future value) we will be calculating amount of money…
Q: Assume that 1 year from now you plan to deposit €1,000 in a savings account that pays a rate of 8…
A: If the bank compounds interest annually, amount in the account 4 years from now will be =€1,000×FVF…
Q: Brad invests in a savings account that pays 8% interest compounded quarterly. What is the APY for…
A: The annual percentage yield (APY) the return earned by an investor over a one-year period horizon…
Q: A family has a goal of saving $31,000 to be used as the down payment for a house. If they put…
A: The number of years it will take to reach the amount of $31,000 can be determined using NPER…
Q: James and Kate would like to have $30,000 in 6 years in order to purchase anew mini van. What amount…
A: Annuity refers to series of annual payment which is paid or received at start or ending of specific…
Q: Suppose you deposit $1000 into a savings account earns 2% and is compounded semiannually. If you…
A: Future value is the compounded value of a sum of money invested for a period of time at a specified…
Q: Consider two savings plans: Kelly deposits $415 per month in an account with an APR of 4.2% for 15…
A: Here we can use the concept of time value of money. The concept of time value of money states that…
Q: Suppose a young couple deposits $700 at the end of each quarter in an account that earns 7.2%,…
A: Here, Deposit for the first three years is $700 per quarter Deposit after three years for the next…
Q: Patrick and Brooklyn are making decisions about their bank accounts. Patrick wants to deposit $300…
A: Solution:- When an amount is invested in bank, it earns some interest. The amount invested initially…
Q: Belle invests RM7000 in a savings account at 3.2% rate of interest, compounded annually. No further…
A: Initial investment (P) = RM 7000 Interest rate (r) = 3.2%
Q: Suppose Ted invests $ 6500 in an account that pays 5.8 % interest compounded continously what is the…
A: Normal interest rate (i) is the rate of return stated on a financial agreement that does not count…
Q: ack and Carlie each deposit $17,250 into accounts that earn 6% interest for 6.5 years. Jack's…
A: Interest is received on the deposit made for a time period. It involves the concept of the time…
Q: Joe wants to have $10,000 in 10 years after investing in an account that earns 3.6% compounded…
A: Future value required (FV) = $ 10,000 Annual interest rate = 3.6% Monthly interest rate (r) =…
Q: A child age 3 is given $20,000. The amount is put into savings account which pays 4% compounded…
A: A concept that implies the future worth of the money is lower than its current value due to several…
Q: If Bob and Judy combine their savings of $1,260 and $975, respectively, and deposit this amount into…
A: To know the account balance after four years we have to calculate the future value. In the question,…
Q: Mary deposits her P500, 000 in a saving bank that gives nominal interest if 9.4% compounded…
A: The value of the deposit after a period will be the future value of that deposit.
Q: Lloyd would like to save $4,300 at the end of every year for the next 3.5 years in a savings account…
A: Interest earned: If the cash basis of accounting is being used, then the amount of interest earned…
Q: Now, assume that Emma’s savings institution modifies the terms of her account and agrees to pay 9%…
A: Formula: Future value = Present value of bank balance x [ ( 1 + interest rate )compounding years ]
Q: sandra and cindy both invest $14,000 into savings accounts that earn simple interest if sandras…
A: Simple interest formula = A = P (1+rt) Where, A = Final amount i.e. Principal + Interest P =…
Q: Jianne invested Php 50,000 in a friend's business with a definite annual interest rate of 4%. How…
A: Future value is the value of current asset or investment at a future date. Future value is…
Q: You deposit $5,000 in a savings account that earns 6% simple interest per year.How many years will…
A: We can use excel spreadsheet to solve this problem.
Q: Tom decides to save Php 25,000 each month for the next five years. If he starts to invest all of…
A: The future value is the amount that will be received at the end of a certain period. In simple…
Q: Heidi deposits $8,000 in a savings account that earns 4.5% interest, compounded quarterly. How much…
A: Amount she will have is future value of deposit
Q: Tina deposited $20 in a savings account earning 5% interest, compounded annually. To the nearest…
A: Interest is the amount charged or received for loan taken or investment made. There can be simple…
Q: Ed wants to have $10, 000 in 5 years. He opens a savings account in a bank which pays 7.2% interest…
A: Amount Required after 5 years = $10,000 Interest rate = 7.2% Interest Rate Monthly (r) = 7.2%/12 =…
Q: A man deposits 43,799 each year into his savings account that pays 2% nominal interest compounded…
A: The future value of the annuity is the future worth of a cash flow series at a certain rate of…
Q: Sarah opens an investment account with an initial deposit of $1900. She then sets up monthly…
A: In this question we need to compute how much money will sarah have in account in 5 years i.e. we…
Q: Christine would like to know the value of their savings, assuming that they deposit $750 each month…
A: Monthly deposit (P) = $750 Growth rate (g) = 3% Period = 25 Years Number of deposits (n) = 25*12 =…
Q: Heidi deposits $8,000 in a savings account that earns 4.5% compound interest. What is the estimated…
A: Given data; deposit amount = $8000 rate of interest = 4.5% future value = 2 * deposit amount…
Q: suppose you are planning to buy a home in 8 years from now that costs you 47114 OMR, How much should…
A: Following is the answer to the given question
Q: Goldberg planned to build a P1,500,000-house after 2 years. How much should be deposited in a…
A: Amount To be deposited now is Present value = Future Value/(1 + Interest rate)n Where , Interest…
Q: Rizza’s saving earned Php105 after a year. If her account balance after earning interest showed…
A: The future value of money is determined by investing a certain sum of money in the present, for a…
Q: If you put 20,000 in a savings account that pays interest at the rate of 4% compounded quarterly,…
A: Compound interest also called interest on interest. It is the addition of interest in the principal…
Q: Suppose your savings account pays 6% interest compounded monthly. If you deposit $18,000 forfour…
A: Time value of money (TVM) means that the money received today will be worth more than the money…
Q: Keira wants to invest $4,300 in an account with an interest rate of 7.2% that is compounded MONTHLY.…
A: Information provided: Term = 9 years Interest rate = 7.2% compounded monthly Principal = $4300…
Q: Mrs. Reyes decided to save money for her grandchild. She deposit Php 300 each month into an account…
A: Annuity: It refers to the present and future value of recurring payments at a particular point of…
Q: Sam invests $ 3500 into an account earning 9% interest compounded quarterly. How long will it take…
A: We need to use NPER formula in excel to solve this problem.
Q: A couple wants to set up a college savings account for their grandchild. If the account earns 4.4%…
A: We need to calculate Present value of $50000, using time value of money formulae.
Q: avings of $1,600 and $800,respectively, and deposit this amount into an account that pays 9%…
A: The given problem can be solved using FV function in excel. FV function computes amount required in…
Q: Rodney would like to save $57,000 over the next 15 years. How much must he deposit at the beginning…
A: Annuity refers to the fixed periodic payments which are paid monthly, quarterly, semi-annually or…
Q: What payment every year should Carie deposit to her savings account in order to save $37,100 in 11.5…
A: Given: Future value(FV) = $37,100 Years = 11.5 Interest rate = 3.19%
Q: Isaiah wants to have $50,000 after six years in an account by making one single deposit. The account…
A: In the given question we require to calculate the initial deposit i.e. present value from following…
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- If Bob and Judy combine their savings of $1,500 and $900, respectively, and deposit this amount into an account that pays 7 % annual interest, compounded monthly, what will the account balance be after 7 years?Charlotte wishes to accumulate $100,000 in a savings account in 10 years. If she wishes to make a single deposit today and the bank pays 4% compounded annually on deposits of this size, how much should Charlotte deposit in the account?A couple wants to set up a college savings account for their grandchild. If the account earns 4.4% interest compounded quarterly, how much should they invest today so that the account will be worth $50,000 in 18 years? Round your final answer to two decimal places.
- Christine would like to know the value of their savings, assuming that they deposit $750 each month and steadily increase the size of their deposit by 3.00% csa for 25 years, and earn an annual return of 7.25% ca. What is the present value of this stream of deposits?A man wants to set up a 529 college savings account for his granddaughter. How much would he need to deposit each year into the account in order to have $80,000 saved up for when she goes to college in 15 years, assuming the account earns a 8% annual return. Annual deposit:A man wants to set up a 529 college savings account for his granddaughter. How much would he need to deposit each year into the account in order to have $30,000 saved up for when she goes to college in 17 years, assuming the account earns a 4% return. Annual deposit: $
- A couple is saving for retirement with three different accounts. The table below shows the current balances in their accounts, along with their yearly contribution, and the yearly return on each account. The couple will retire in 24.00 years and pool the money into a savings account that pays 4.00% APR. They plan on living for 30.00 more years and making their yearly withdrawals at the beginning of the year. What will be their yearly withdrawal? Yearly Contribution $1,000.00 Account Fidelity Mutual Fund Vanguard Mutual Fund Employer 401k Balance $21,452.00 $183,845.00 $307,061.00 Submit Answer format: Currency: Round to: 2 decimal places. $10,000.00 $15,000.00 APR 7.00% 7.00% 6.00%Derek will deposit $1,169.00 per year into an account starting today and ending in year 5.00. The account that earns 7.00%. How much will be in the account 5.0 years from today?Sarah opens an investment account with an initial deposit of $1900. She then sets up monthly deposits of $80 to the account. If the account earns 2% interest compounded monthly, how much money will she have in the account in 5 years?
- A couple is saving for retirement with three different accounts. The table below shows the current balances in their accounts, along with their yearly contribution, and the yearly return on each account. The couple will retire in 22.00 years and pool the money into a savings account that pays 4.00% APR. They plan on living for 30.00 more years and making their yearly withdrawals at the beginning of the year. What will be their yearly withdrawal?Hank and Gretel want to put money in a savings account now so that they will have $2100 in 3 years. The savings bank pays 8% interest compounded quarterly. How much should Hank and Gretel invest? (Round your final answer to two decimal places.) $ 1.41324 xJames and Kate would like to have $30,000 in 6 years in order to purchase anew mini van. What amount should they deposit each month into a savings account paying5.5% interest compounded monthly?