8. You have $5000 toward the purchase of a boat that will cost $6000. How long will it take the $5000 to grow to $6000 if it is invested at 5% compounded monthly? Solve algebraically. Round to the nearest hundredth.

Q: An insurance settlement of $2.5 million must replace Trixie Eden's income for the next 30 years.…

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Q: b. Mr. Jasim is planning to buy a house. He wants to invest 309 R.O now and hopes to have double…

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Q: An insurance settlement of $2.5 million must replace Trixie Eden's income for the next 25 years.…

A: Given: Amount valueA=$2.5 million=$2,500,000 Rate of interestr=8.2% Time(or) Number of Yearst= 25…

Q: (a) If $1000 is invested at 5% compounded monthly, howmuch is there after 8 months?(b) If you want…

A: Given:         Amout of compound interest is given by,A=P1+rnntWhere,A= amount, P= initial amount,r=…

Q: You have decided that you would like to save $10,000 to build a house in the next 10 years. If you…

A: NOTE: Refresh your page if you can't see any equations. . here we have the future value is A=10000…

Q: Cindy plans to invest for 10 years at 1.5%, compounded annually. If she hopes to have $10,000 after…

A: Consider the following information: AmountA=$10,000Rate of interestr=1.5⁒n=1Time periodt=10 years…

Q: Jerry plans to do his master degree in six years, which will cost him $30,000.00. If his investment…

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Q: If $1,000 is invested at 8% compounded (A) annually; (B) semiannually; (C) quarterly; (D) monthly;…

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Q: c. Suppose that you had the opportunity of investing $5000 in a business such that the value of the…

A: The amount in a saving account: The total amount will be A. Principle amount, p = $5000 Annual rate…

Q: Jamie is planning to invest in a college fund for her granddaughter. She would like the account to…

A:

Q: 2. How much time is needed for money to triple if invested at 9% compounded semi- annually?

A: As per bartleby guidelines we only give first question answers.

Q: Jerome will be buying a used car for $6,000 in 2 years. How much money should he ask his parents for…

A:

Q: A couple received a $136,000 inheritance the year they turned 46 and invested it in a fund that…

A:

Q: 2. At an interest rate of 2% per month, the money will double in value in how many months?

A: The compound interest formula for an amount P compounded per month at a rate of r% for n months is…

Q: In order to pay for college, the parents of a child invest $30,000 in a bond that pays 9% interest…

A: Given : P = 30,000 r = 9% = 9/100 = 0.09  t = 19 Semi-annually means  n = 2

Q: Answer the following.Show your Solution.   a. Php1500 invested at 4% compounded semiannually for 7…

A: (a)  $1500 invested at 4% compounded semi annually for 7 years A = P(1+(r/n))nt Accumulated value is…

Q: Jessica wants to accumulate $14,000 by the end of 5 yr in a special bank account, which she had…

A: Given after 5 yaers Jessika needed $14,000 We have to find the how much money Jessica deposit each…

Q: A couple received a $138,000 inheritance the year they turned 46 and invested it in a fund that…

A: We have to find how much will this investment provide at the end of each half year (in dollars) for…

Q: Megan and Nancy each want to save $250 000 for their retirement in 40 years. a) Nancy begins her…

A: NOTE: Refresh your page if you can't see any equations. . find the annual payment for Nancy here we…

Q: 15. Keith ignores the total cost of the $600,000 house and argues that they can afford the payments…

A: We will find out the required value.

Q: the

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Q: Abby and George are setting up a college fund for their newborn daughter and want to have $150,000…

A: Use compound interest formula

Q: Bo won $10,000 on a scratch-off lottery ticket. In five years, he wants to buy a new bass boat that…

A:

Q: As the prize in a contest, you are offered $29,000 now or $40,800 in 7 years. If the money can be…

A: Given that Money offered now=$29000 Money offered after 7 years=$40, 800 To find Which prize will be…

Q: You have $20,000 to invest and want the greatest yield from your investment after four years. You…

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Q: Atticus college predicts that in 18 years it will take $250,000 to attend college for 4 years.…

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Q: 18. The APR of Bessie's savings account is 6%, and interest is compounded monthly. If the principal…

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Q: (a) Martha invests an amount of $10000 at 3.5% compounded quarterly. What is the value of her…

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Q: mr. Gordon plans to invest $300 at the end of each month in an account that pays 12%, compounded…

A: We use annuity formula.

Q: Suppose that the purchase price of Manhattan in 1626 was recently re-estimated by historians to be…

A:

Q: 5. How long will it take an account paying 6% annual interest to double if it is compounded monthly?

A: Compound interest is the summation of the interests to the principal amount which has been deposited…

Q: You decide to buy a car for $16,000.00 and decide to make payments of $700 each month. If the loan…

A: According to the question,   A= $ 16,000   Rate (r) = 5 % (compounded monthly)   Present value P = $…

Q: Approximately how long will it take for $8000 two double at an annual interest rate of 6.25%…

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Q: You plan to save money for a down payment of $38,0 can only afford to save $6,000 at the end of…

A: Topic:- compund interest

Q: Jerome will be buying a used car for $6,000 in 3 years. How much money should he ask his parents for…

A: Compounding continuously formula:

Q: 2. How long will it take for a principal to double if money is worth 6.2% compounded monthly?

A:

Q: A money market account of $800 earns 3.0% interest compounded quarterly. What is the equation?

A: Given that principal (P)=$800annual interest rate (r)=3%=3100=0.03number of times compounded per…

Q: For a sum of P8000.00 to double itself in 12 years and 9 months, what must be the rate of interest…

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Q: Claire invested $98,000 in an account paying an interest rate of 4^3/8. Kayla invested $98,000 in an…

A: Given Claire invested $98,000 in an account paying an interest rate of 4^3/8. Kayla invested $98,000…

Q: How much more or less money would you have to invest today to have $12,000 in 2 years at 3.50%…

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Q: A couple needs $60,000 as a down payment for a home. If they invest the $45,000 they have at 4%…

A:

Q: How much would you have to invest when you are 20 years old at 9% compounded monthly to end up with…

A: Given that:

Q: How much monthly deposits must be made for 8 years and 6 months in order to accumulate P250,000 at…

A:

Q: Jerome will be buying a used car for $11,000 in 2 years. How much money should he ask his parents…

A: Explained below

Q: Jerome will be buying a used car for $12,000 in 2 years. How much money should he ask his parents…

A:

Q: A couple received a $123,000 inheritance the year they turned 49 and invested it in a fund that…

A: Given that, an inheritance of $123,000 is received by a couple after they turned 49, and invested it…

Q: A couple received a $127,000 inheritance the year they turned 48 and invested it in a fund that…

A: According to the question: Given that: Present value (P) = $ 127,000  Time (t) = 14 years= 28 years…

Q: How much money should I save in an account paying 5% interest compounded monthly if I want to have…

A: This question can be solve by using formula F=P1+rt Here' F=Future amount P=present amount r=rate of…

Q: How much money should be deposited today in an account that earns 8% compounded semiannually so that…

A:

Q: Suppose Kylie has an account that will grow to $423,000.00 in 22 years. It grows at 4.9% annual…

A: We have to find the additional monthly contribution to meet the goal.