A man is investing $3,000 at 8 1/4% simple interest to save for a new car. In how many years will he have $6,000 in his account?

Q: Spencer would like to purchase a new car for $12,000.  How much will his monthly payments be if he…

A: The monthly payment amount can be calculated with the help of present value of annuity function.

Q: Ted has a nest egg of 1,000,000 in liquid assets and will be in retirement for 30 years. Using 5.5%…

A: To keep her nest egg amount of $1,000,000 intact, Ted needs to withdraw 5.5%/12 of the liquid asset…

Q: Roger decides to start an investment account by depositing $5,000 today. In one year he will invest…

A: Initial deposit (Year 0) = $5,000 Year 1 Deposit = $500 Year 2 Deposit = $600 Year 3 Deposit = $700…

Q: a businessman needs to have 100,000 due in 5 years. how much must he put into his 10% saving account…

A: Here in this question, we are required to calculate how much business man should put into investment…

Q: you wish to save $30,000 as a down payment for a house in 7 years. How much must you save every year…

A: Given: FV =$30000NPER =7 YearsRate of Interest =4%

Q: Ronnie Cox has just inherited $27,000. How much of this money should he set aside today to have…

A: We know that, PV=FV(1 + r)t PV=$17000 (1 + 0.018)1 PV=$16,699.41

Q: Jack deposits $3,000 a year a 4% interest. In how many years will he have $50,000?

A: In the given problem we require to calculate the time period in which we have $50000 if we deposit…

Q: A man decided to save to buy a new $30,000 car to take care of his family in his hometown.He has…

A: A. Time to be taken can be computed as follows : Calculations :

Q: James wants to buy a car in 5 years. The car is expected to cost $30,000 at that time. How much…

A: The amount required to invest today can be calculated as the present value of lump sum

Q: You invest 10.000 dolar in a bank account to buy a house at annual interest rate 14 per year,…

A: Given: Investment = 10,000 Interest rate = 14% Years = 10

Q: Pretend that you are saving up for a down payment on a car or house. Pretend that we get an…

A: A savings account seems to be an account that is opened by a salaried person. It is a very basic…

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: John wants to buy a car in 5 years. The cost of the car is $30,000 at that time. How much must John…

A: The annual savings required can be calculated with the help of future value of annuity function

Q: Frank invested $10,000 at 15% simple interest. How much interest will he earn each year?

A: Under simple interest, interest is calculated on the principal amount only; that is, interest is not…

Q: How much does Steve need to invest today, If he wants to have $50,000 in 15 years? He opens an…

A: Present Value = Future Value / (1+r)^n Where, r = rate of return per period i.e. 7.8%/12 = 0.65% or…

Q: How much money should a man invest in a bank account paying 8 percent annual interest compounded…

A: Interest Rate = 8% Continuous Compounding Future Value Required = 20,000 T (Time Period) = 4 years…

Q: Hudson would like to purchase a new car for $25,000.  How much will his monthly payments be if he…

A: The monthly payment amount can be calculated with the help of present value of annuity function

Q: A rich uncle gave two brothers $5,000 each. Caleb will double his money in 9 years. It will take…

A: The present value is the value of the sum received at time 0. It is the current value of the sum…

Q: You save $800 a year into a 401(k) account that you invest in a mutual fund earning 9% per year.…

A: Given, Amount saved every year is $800 Rate is 9% Number of years is 25.

Q: Your uncle has $375,000 and wants to retire. He expects to live for another 25 years and to earn…

A: Present value of annuity due=(1+rate)*Annuity[1-(1+interest rate)^-time period]/rate

Q: 4/ Julieta and Eric are purchasing a home. They wish to save money for 15 years and purchase a house…

A: The concept of time value of money states that the same amount of money has more value today than in…

Q: You want to have $35,000 in cash to buy a car 3 years from today. You expect to earn 3.6 percent,…

A: In this we have to calculate present value of future value.

Q: You need $2,000 to buy a new stereo for your car. If you have $500 to invest at 14% compounded…

A: In this question we need to compute the number of years i.e. time period. This question is based on…

Q: Your uncle has $375,000 and wants to retire. He expects to live for another 25 years, and he also…

A: The mathematical equation is:

Q: Ronnie Cox has just inherited $27,000. How much of this money should he set aside today to have…

A: the formula for calculating present value =  A = P ( 1 + i ) n  P = A / ( 1 + i )n     A = $18000…

Q: Lucy has saved $3500 towards the purchase of a car costing $7000. For how many years does Lucy need…

A: Using excel NPER function

Q: JL has P1,000,000.00. He plans to invest it and wants to grow his money to P2,000,000.00 after 5…

A: The present value is the value of the sum received at time 0. It is the current value of the sum…

Q: 2. If Wendy wants to invest her Php25,000, how many years will it take for her savings to accumulate…

A: Simple interest is a fixed proportion of the principal amount borrowed or lent that is paid or…

Q: Your cousin Vance tells you that you can invest $15,000 in his business, and he will pay you back…

A: An investment is refer as an asset purchased with intention to earn income at some time in future.…

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: A man buy a house after 10 years. He expects to buy the house then with 2 million. Calculate the…

A: The present value is the value of the sum received at time 0 or the current period. It is the value…

Q: How much do you need to save each year for 30 years in order to have $775,000, assuming you are…

A: Given information: Future value amount is $775,000 Interest rate is 8% Number of years is 30

Q: Your parents will retire in 16 years. They currently have $400,000 saved, and they think they will…

A:

Q: Raymond just inherited $10000. How much should Raymond deposit in an account earning 6% interest per…

A: Present value is the estimation of future value today. The investor does so for the purpose of…

Q: If you receive an inheritance of $10,000 today, how long do you have to invest it at 8% per year to…

A: Given information: Present Value = $10,000 Interest Rate = 8% Annuity Payouts = $2,000

Q: You have just retired with savings of $5 million. If you expect to live for 49 years and to earn 12%…

A: Present value = Annuity * PVAF ( Rate, Years )

Q: You have just retired with savings of $4 million. If you expect to live for 34 years and to earn 13%…

A: This is the case of an annuity due. This is because money is being spend at the start of each year.

Q: You purchased a house for 850,000 cash 4 years ago. You can sell it today for 980,000. What rate of…

A: Rate of return is the percentage of income earned from an investment.

Q: Your aunt is planning to invest in a bank CD that will pay 7.5% interest semi annually. If she has…

A: SEMI ANNUAL INTEREST RATE  (7.50%/2) 3.75% PERIOD (4*2) 8 PRESENT VALUE $5,000 PMT 0

Q: Hudson would like to purchase a new car for $12,000. How much will his monthly payments be if he…

A: Loan amount (PV) = $ 12000 Interest rate = 6.5% Monthly interest rate (r) = 6.5%/12 =…

Q: How much money will you accumulate by the end of year 10 if you deposit $3,000 each for the next ten…

A: Annuity payment (PMT)= $3,000 Time period (n)= 10 years Rate of interest (i)= 5% per year Future…

Q: Alexander invests $5,000 at an interest rate of 1.4% per quarter. How much is the investment worth…

A: Future value is the value of the current assets or some amount that is invested today and amount…

Q: how much do you need if i have $40,000 in my bank and the bank pays 5.3% annual interest if i need…

A: Loan: A loan is a kind of debt that is taken on by a person or a business. It is the lender's…

Q: A student has inherited $50,000. If it is placed in a savings account that earns 3% interest, how…

A: Compound Interest is calculated by multiplying the initial principal amount by one plus the annual…

Q: If Rex wants to be a millionaire by the time he retires (45 years from now), how much does he need…

A: Present Value: It represents the present worth of the future amount and is computed by the…

Q: how much money will he have at retirement if his account expense ratio is: 0.50% =$???????????? or…

A: Time value of money (TVM) is used to measure the value of money at different point of time in the…