ants to retire with $30,000 per month. She needs $3,000,000 in principal at the time she retires in order to generate this amount of monthly income if the interest rate is 12%. If Melissa has 25 years before retirement

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A: Simple interest problem....

Q: interest

A:

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Q: Joseph migrated to Canada from Ghana 5 years ago. He currently works in sales but is considering…

A: Use the formulae of the Present Value

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A: Given:Juan borrows $100,000 to pay for medical school. He borrows part of the money from the school…

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A: According to the given information it is required to find the simple interest rate, r, for the…

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Q: A $50,000 retirement pension is to be invested into two accounts: a money market fund that pays 8.5%…

A: An amount of $50,000 is invested in two accounts that pays 8.5% and 10.5%. Yearly interest is $4550.…

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Q: How much will you need to invest each month over the next 30 years in order to meet your savings…

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Q: A small construction company has $135,000 set aside in a capital improvement fund to purchase new…

A: $24,000 is invested at 24% per year, interest gained in one year =$24,000×0.24=$5,760 $38,000 is…

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A: Principal amount is the amount you took and interest is the amount repaid extra apart from the…

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A: Given problem Given that   When purchase a stock for 10 pesos and then sell it one month later at…

Q: A farmer loans from a loan firm an amount of P100,000 with a rate of simple interest of 20% but the…

A: We have given that  Amount borrowed = 100000 Rate = 20%

Q: ristan bought a $225,000.00 house, paying 10% down, and financing the rest at 3% interest for 15…

A: Given that  Tristan bought a $225,000.00 house, paying 10% down, and financing the rest at 3%…

Q: Olivia was planning to replace the old car of his father when it retires after four years with a…

A: Given: at t1 ,deposit (D1)=$ 10,000at t2 ,deposit (D2)=$ 10,000at t3 ,deposit (D3)=$ 10,000Rate of…

Q: 4 Ricardo received parking tickets or $40 and $120 on Monday and Wednesday of the same week. If he…

A:

Q: A bond with face value $10,000 simple interest 6.45% and a term for 12 years is originally bought by…

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Q: Trevor plans on getting a $198,000 loan for 30 years to purchase a home. Lender A offers him a 5%…

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A: Expected years dividends of AGCL, EVR and LEU are 2%, 6% and 4% respectively. Total investment =…

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Q: A hospital purchases an ultrasound machine for $70,000 original cost. The hospital expects the…

A: Salvage value S, of ultrasound machine is $6000 Original cost C, of ultrasound machine is $70000…

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Q: You have $750,000 in an IRA (Individual Retirement Account) at the time you retire. You have the…

A: The term percent means for every hundred. A fraction whose denominator is 100 is called a percentage…

Q: Professor Molloy plans to purchase a custom Maserati in five years in order to stave off a midlife…

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A: Given cos of new smart TV/ sound system =$1250 Annual internet rate =18% Down payment =$250

Q: A couple buys a new bedroom furniture set for 16,000 pesos and 10 years later sells it for 8,000…

A: We have to find the depereciated value after 14 years.

Q: Latoya is taking out a mortgage for $145,000 to buy a new house and is deciding between the offers…

A: Consider the provided question, Latoya Is taking out a mortgage for $145,000 to buy a new house and…

Q: 10) Abby at age 3, is given $400,000 and the amount is invested at 5% annually. if abby takes 5…

A:

Q: How much will you need to invest each year over the next 40 years in order to meet your savings goal…

A: It can be calculated by using the formula: FV=PV((1+R)^t-1)/r Where FV=Future Value PV= Present…

Q: Rita wants to buy a lot which costs 1 million pesos. She plans to give a down payment of 20% of the…

A: Given that  Rita wants to buy a lot which costs 1 million pesos. She plans to give a down payment of…

Q: Ben Halls is trying to decide whether to lease or purchase a new car costing $18,000. If he leases,…

A: If Ben leases the car than his total cost can be calculated as under: he will have to pay $600…

Q: ABC would need cash of P5,000,000. Several banks offered different loan conditions. One of the loans…

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Q: A total of $40,000 is invested in two municipal bonds that pay 4.25% and 5.75% simple interest. The…

A:

Q: Gwen has saved $3,500 and wants to deposit it into a savings that earns 4% annual interest for 10…

A: Given P = initial investment = $ 3500 r = interest rate = 4% = 0.04 t = time period = 10 years