16. Tauriel deposited a certain amount on a savings account that earns compound interest on the last day of each month. If she decided to withdraw her savings when would be best to do it to maximize the savings?
Q: Tracy wants to have $400,000 when she retires in 40 years' time. How much should she deposit at the…
A: Payment per period can be calculated using PMT function in excel. PMT(rate, nper, pv, [fv],…
Q: A man wants to set up a 529 college savings account for his granddaughter. How much would he need to…
A: The equivalent annual cost is the periodic payment made towards the acquisition of an asset or…
Q: At age 18, Susan did nothing. She waited until she was 28 to start depositing $2000 per year at the…
A: Annuity, A = $ 2,000Interest rate, r = 12%Number of annuities = n = 65 - 28 = 37
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A: In step 1, calculate the amount that is saved till year 17 .i.e the future value of the annuity of…
Q: Gabriela wants to withdraw $5,000 from her account at the end of 5 years, and $7,000 at the end of 6…
A: Since Gabriela wants to withdraw a specific amount after a certain period of time, thus, it is…
Q: Your friend waited until her 40th birthday to begin saving for retirement. She places $2,400 per…
A: Future value can be calculated using FV (rate, nper, pmt, [Pv], [type]) Rate The interest rate Nper…
Q: A man deposited $10,000 in a savings account when his son was born. The nominal interest rate was 8%…
A: The future value t is the estimated value of the deposit on a future date with an estimated interest…
Q: 4. A girls gives 100 to her mother every month. Her mother saves it into an account that earns…
A: Future Value: The future value is the amount that will be received at the end of a certain period.…
Q: Marilyn wishes to retire at age 65 with $2,000,000 in the bank. At the age 21, she decides to begin…
A: Calculate the monthly payments as follows:MS-Excel --> Formulas --> Financials -->PMT
Q: Sally deposited $250 a month in her savings account for 36 months. For the next 6 years she made no…
A: A savings account is a type of depository account offered by the bank for the purpose of customer…
Q: Eight years after opening her savings account, Macy had $7,880 in the account which earns annual…
A: Simple interest is based on the principal balance of the loan or the initial deposit in a bank…
Q: Amishi deposited $600, at the end of each six months for 19 years in a savings account. If the…
A: The future value (FV) represents the value of a current asset at some point in the future based on…
Q: Mary just turned 31 years old today and she is saving for her retirement. This is her plan. She will…
A:
Q: fter retiring, Sofía wants to be able to withdraw $8,500.00 every quarter from her account for 33…
A: There is need of proper planning for retirement and if you do that properly than you can achieve…
Q: After retiring, Gabriella wants to be able to withdraw $7,000.00 every quarter from her account for…
A: Future Value: It is the worth of a resource at a particular date. It estimates the ostensible…
Q: 13 years ago, Sallie invested \$23{,}000.00$23,000.00 into a savings account. She now has…
A: Compounding: A compounding is the interest charged on interest. When any investment is made for…
Q: Charlotte wishes to accumulate $100,000 in a savings account in 10 years. If she wishes to make a…
A: Present value indicates the current value of a future earning or sum incurred in the future years…
Q: After retiring, Rosetta wants to be able to withdraw $4,000.00 every month from her account for 26…
A: Amount to withdraw per month "PMT" is $4,000 Time period is 26 years Interest rate is 6% Compounded…
Q: Sousan wants to save money for her retirement. She plans on putting $200 into an Annuity each…
A: Formula:
Q: How much money does Suzie need to have in her retirement savings account today if she wishes to…
A: Given information: Annual payment is $25,000 Number of years is 30 Average rate of return is 6%
Q: Today is Hanan 23rd birthday. Starting today, Hanan plans to begin saving for her retirement. Her…
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Q: Jenna owns a jewelry business, and she plans to save $500 every month for 3 years to buy precious…
A: Using Excel
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: 17. In January, Joanna deposited $250 into her savings account. In February, she deposited an…
A: Solution:- When an amount is invested somewhere, it earns interest.
Q: How much does Jeanette need in her account when she retires?
A: Present Value: It is computed by discounting the future annuity cash payments by an appropriate…
Q: Eugene began to save for his retirement at age 27, and for 14 years he put $ 275 per month into an…
A: Time value of money (TVM) refers to the method used to measure the amount of money at different…
Q: How much should Manvir have in a savings account that is earning 3.50% compounded semi-annually, if…
A: Present value of an investment is the sum total value of all deposits in today's period that are…
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A: Retirement account = $975,000 Interest rate = 3.6% Compounded = Monthly
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A: Note: According to the policy, we are supposed to solve one question at a time. Kindly repost the…
Q: 3.) Hamlet paid back $280 monthly installments to the bank for a loan. He earned 10.5% APR and had…
A: The problem is solved using actuarial method. Monthly instalment “R” = $280 APR = 10.5% Number of…
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Q: How much should the parents place at the end of each year into a savings account that earns an…
A: This problem expects the present value of 45,000. interest = 4.8% period = 16 years We also need…
Q: Assuming you made all the weekly payments for 12 years and left the money in the account without…
A: Future Value of Annuity: It refers to the future worth of the annuity stream of cash flows over a…
Q: 13. Jenny wishes to double her financialn fund and the bank gives her 8% rate of interest annually,…
A: Using rule of 72, Time taken to double the money = 72 / Annual interest rate
Q: When she turned 30, Arwen started depositing $400 per month in a retirement account that earns 2.4%…
A: An annuity is a series of cash flows that contain a fixed amount for a specific duration at equal…
Q: At the time of her grandson's birth, a grandmother deposits $12,000 in an account that pays 3.5%…
A: Amount deposited =$12,000 Interest rate = 3.5/12 = 0.21666667% Years = 21 Terms of compounding =…
Q: what was Joe's initial investment assuming the account will be depleted at the end of year 25
A: Time value of money means that the rupee that received today will be worth more than the money…
Q: Amina needs$________ in her account when she retires. How much total money will Amina pull out of…
A: Present Value of Annuity: It represents the present worth of the future stream of annuity cash…
Q: Tameshia deposits $5500 in her retirement account every year. If her account pays an average of 6%…
A: We get future value of depositsUse FV function in excel Type =FV and press tab key. Type 6%, (this…
Q: Gilberto opened a savings account for his daughter and deposited $1000 on the day she was born. Each…
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Q: Jeni has decided that she needs to start saving for her retirement. She can afford $100 a month…
A: The account value at retirement can be calculated with the help of future value of annuity function.
Q: If Jackson deposits 100 dollars at the beginning of each month in a savings account earning interest…
A: Given information: Payment made at each year amounted to $100 Number of years is 6, Interest rate is…
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A: Future Value of Annuity The future value of annuity refers to the total value of the investment at…
Q: Each month Lara invests $100 in an account earning 4% annual interest compounded monthly. a) Find…
A: PV= $100 r= 4% compounded monthly n= 20 years FV=? FV= PV(1+r)n FV= $100(1+0.04/12)20*12 FV=…
Q: 15. Jenny and Anthony want to save money for retirement. Jenny deposits $6,000 into an account that…
A: A method of computing interest amounts in which the compounding effect was not considered by the…
Q: Each month Lara invests $100 in an account earning 4% annual interest compounded monthly. a)find the…
A: Annuity refers to an investment which involves a series of regular payments for a certain period of…
Q: week into her savings account at an interest rate of 1.5% and made a decision not to withdraw any…
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Q: An individual deposited P35,000 and earns 3% interest compounded quarterly. After six years, how…
A:
Q: .A father deposits P1,200 at the end of each six months for 4 years in a bank that pays at 16%…
A: The future value of account at end of four years can be calculated with the help of future value of…
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- Starting on the day Kelly was born, her mother has invested $50 at the beginning of every month in a savings account that earns 2.20% compounded monthly. a. How much did Kelly have in this account on her 22nd birthday? Assume that there was no deposit on that day. b. What was her mother's total investment? c. How much interest did the investment earn? How much should Diana's dad invest into a savings account today, to be able to pay for Diana's rent for the next five years if rent is $950 payable at the beginning of each month? The savings account earns 3.75% compounded monthly.On March 12, Nada joined a saving account. Her bank will automatically deduct BD 200 from her checking account at the end of each month, and deposit it into her saving account, where it will earn 5 % annual interest. The account comes to term on December 1. Find the following: a. Find the future value of Nada’s saving account. b. Find Nada’s total contribution to the account. c. Find the total interest earned on the account. a. a.1899 b.1800 c. 99 BD b. a.1949 b.1900 c. 49 BD c. a.1149 b.1100 c. 49 BD d. a.1829 b.1800 c. 29 BD e. a.2839 b.2800 c. 39 BDOn August 19, Siobhan O’Sullivan started an ordinary annuity. She arranged to have $150 deducted from her end-of-month paychecks. The money would earn 6 7/8 % interest compounded monthly. a) Find the future value of the account on December 1.b) Find Siobhan’s total contribution to the account.c) Find the total interest earned.
- Anya deposited $241 at the end of every month for 8 years into her bank account that earned 3.02% compounded monthly. How much interest will she have accumulated at the end of 8 years?On March 12, Nada joined a saving account. Her bank will automatically deduct BD 200 from her checking account at the end of each month, and deposit it into her saving account, where it will earn 5 % annual interest. The account comes to term on December 1. Find the following: a. Find the future value of Nada’s saving account. b. Find Nada’s total contribution to the account. c. Find the total interest earned on the account.On June 1, Mia deposited $3,800 in an MMDA that pays 4% interest. On October 31, Mia invested $2,700 in a three-month CD that pays 6%. At the end of the year, how much interest will Mia have earned, assuming she hasn't taken anything out of the money market deposit account? Assuming she hasn't taken anything out of the money market deposit account, the amount of interest Mia will have earned is? (Round to the nearest cent)
- Eight years after opening her savings account, Macy had $7,880 in the account which earns annual simple interest. If Macy started with $5,000 in her account and did not make any additional deposits or withdrawals, what was the approximate annual interest rate on the savings account? 7.2% 8% 4.5% 19.7%On the first of February, Rosa Maria deposits $19,500 in an account earning 5.7% simple interest per month. How much money can she withdraw on the first day of September if she had withdrawn $6,500 from her account on 1 April? (It's advisable to make a time diagram)On May 11, Ali joined a gulf club. His bank will automatically deduct BD 120 from his checking account at the end of each month, and deposit it into his gulf club account, where it will earn 8% annual interest. The account comes to term on October 7. Find the following: a. Find the future value of Ali's gulf club account. b. Find Ali's total contribution to the account. C. Find the total interest earned on the account.
- After retiring, Sofía wants to be able to withdraw $8,500.00 every quarter from her account for 33 years. Her account earns 7% interest compounded quarterly.How much does Sofía need in her account when she retires? Sofía needs $________ in her account when she retires. How much total money will Sofía pull out of her account? In total$_______ Sofía will pull out from her account. How much of that money is interest? The amount of money that is interest is $________ .Armita is saving for the down payment on a house. She deposits $12,500.00 today, $8,250.00 in 4 months, and $6,900.00 in 3 years. The account earns interest at the rate i(1)= 8.788%. How much does she have in her account after 6 years?Jason is 22 years old and opens an account with an APR of 1.6%. (a)If Jason deposits $30 every week, how much money will he have when he retires at age 63? (b)What is the total amount of Jason’s deposits?How much of the total balance is interest?