At age 19, someone sets up an IRA (individual retirement account) with an APR of 4%. At the end of each month he deposits $45 in the account. How much will the IRA contain when he retires at age 65? Compare that amount to the total deposits made over the time period.

Q: At age25 ​, someone sets up an IRA​ (individual retirement​ account) with an APR of 5​%. At the end…

A: Given that, APR = 5% = 0.05 Monthly investment (PMT) = $ 45 Time period (t) = 65 - 25 = 40 years We…

Q: Twenty years after purchasing shares in a mutual fund for $5900, the shares are sold for 11,300. The…

A: Thanks for the question :)And your upvote will be really appreciable ;)

Q: How much will the IRA contain when he retires at age​ 65? Compare that amount to the total deposits…

A: At age 18​, someone sets up an IRA​ (individual retirement​ account) with an APR of 7​%.At the end…

Q: Suppose you want to have $400,000 for retirement in 25 years. Your account earns 10% interest. How…

A: It is given that, the future value is FV = $400,000, n=25×12=300, and r=10%=0.112  since each month…

Q: Assume a 6 month CD purchase for 5,000 pays simple interest at an annual rate of 9.5. How much…

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Q: A certain financial institution declared a 50,000 dividend for the common stocks. If there are a…

A: Given: A certain financial institution declared a 50,000 dividend for the common stocks. If there…

Q: You put ​$200 per month in an investment plan that pays an APR of 4.5​%. How much money will you…

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Q: A bank deposit paying simple interest grew from an initial amount of $1200 to $1290 in 3 months.…

A: According to question given that initial amount grew $1200To  $1290 in 3 months.

Q: A retiree invests $8,000 in a savings plan that pays 6% per year. What will the account balance be…

A: Given  invested amount  =  $ 8,000 intrest rate  = 6% per year

Q: An antique vase was purchased in 2000 for $8000. If the vase appreciates in value by 5% per year,…

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Q: a bank deposit paying simple interest grew from an initial sum of 1000.00 to 1075.00 in 9 months.…

A: given data  initial amount  = 1000 simple interest = 75 time                  = 9 months formula for…

Q: You promise your niece that you will give her $1 on her first birthday and double that amount every…

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Q: Doing a quick calculation, I found that a sum of $10,000 in 1993 had the same buying power as…

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Q: Oliver makes deposits into two separate savings accounts: • Account 1: $5000.00; 4% annual simple…

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Q: How much will you have in the account after 10 years? What is the Effec rate?

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Q: An individual borrowed ​$78,000 at an APR of 3​%, which will be paid off with monthly payments of…

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Q: A bank loaned out $12,000, part of it at the rate of 8% per year and the rest at the rate of 18% per…

A: A bank loaned out $12,000, part of it at the rate of 8% per year and the rest at the rate of 18% per…

Q: You took out a loan of $8,000 in 2015 at an interest of 6% simple interest. What is the total amount…

A: We have to solve the given question.

Q: 6700 dollars is placed in an account with an annual interest rate of 8%. How much will be in the…

A: Principal P=6700Rate R=8%Time T=24 yearsInterest after 24 yearsI=PxRxTI=670x8x24100I=12864

Q: A certain currency devaluates by 3 percent per year. If the initial amount is 100 units, then what…

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Q: A state legislature plans 10% motor vehicle tax cuts for each of the next 3years. What will the…

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Q: A friend lends you $900, which you agree to repay with 3% interest. How much will you have to repay?…

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Q: At age 25​, someone sets up an IRA​ (individual retirement​ account) with an APR of 8​%. At the…

A: NOTE: Refresh your page if you can't see any equations. . here we have PMT=30 r=8%=0.08 n=12 for…

Q: Francine currently has $70,000 in her 401k account at work, and plans to contribute $8,000 each year…

A: NOTE: Refresh your page if you can't see any equations. . here we have PMT=8000 t=10 years r=7%=0.07…

Q: Oliver makes deposits into two separate savings accounts: • Account 1: $5000.00; 4% annual simple…

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Q: 3600 dollars is placed in an account with an annual interest rate of 9%. How much will be in the…

A: Given that $3600 is placed in account with an annual interest rate of 9%.

Q: A bond was purchased on January 1, 2016 for $750. If its value increases by 8.2 % every year, how…

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Q: A car was bought for $85,000. It was sold 10 years later for $20,500. At what yearly rate did it…

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Q: You put ​$400per month in an investment plan that pays an APR of 5.5​%.  How much money will you…

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Q: If you want to earn 5% simple interest, how much should you pay for a note that will be worth…

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Q: The interest rate on a car loan has increased 50% over the last 10 years and is now 9%. VWhat was…

A: According to the given information it is required to find the rate 10 years ago, when the interest…

Q: On January 1, 2009, Deandre owed $9,230 to his friend Mariah, who was kind enough not to charge…

A: Introduction: It can be assumed that Person D payed some amount back to Person M for each of the 12…

Q: During a prolonged recession, property values on Long Island depreciated by 4% every 6 months. If my…

A: Given-House cost/present value(PV)=$200,000n=6 yearsdepreciated rate(r)=4%frequency(f)=6 monthin…

Q: You put ​$350 per month in an investment plan that pays an APR of 4.5​%. How much money will you…

A: let   P = $350 the principal invested r = 0.045 or 4.5% annual interest rate   t = 21 years

Q: Sonia received a statement on her Certificate of Deposit showing that her investment had returned…

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Q: At age 22​, someone sets up an IRA​ (individual retirement​ account) with an APR of 8​%. At the end…

A: Formula used:Future value of an ordinary Annuity:

Q: A retiree invests $9,000 in a savings plan that pays 5% per year. What will the account balance be…

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Q: On April 2014, you could buy a 3030-year U.S. Treasury note for $20,000 that pays 4.174.17% simple…

A: Given information P=$20,000r=4.17%t=30 years Formula used:-  Simple interest=P×r×t100

Q: Stefan borrowed $8,950 for an engagement ring. At a 6.85% simple interest rate, how much total will…

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Q: Lori buys a $411 certificate of deposit (CD) that earns 4.6% interest that compounds monthly.  How…

A: Monthly interest rate and future value will be calculated using the formula,

Q: With 1500.00 I opened a savings account in a bank that offered me a monthly interest rate of 0.5%.…

A: Given: P = $1500.00, r = 0.5% p.m., n = 12

Q: Melanie deposited $10,000 into an account at 5% compunded quarterly. Two years later, she deposits…

A: When the interest is compounded quarterly,  Amount = P1+R/41004n Where P is principal value , R is…

Q: "On his tax return this year, Steve reports $575 income from interest. Assuming an interest rate of…

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Q: An account starts with $1,000, and pays 100 percent interest per year. If the interest is credited…

A: If the interest is computed and credited more frequently during the year, the value of the account…

Q: Starting on her 30th birthday, a woman will invest an amount every year on her birthday in an…

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Q: Today, Sarah bought a condofor $310,000 a) Assumingthat the condo increase years?

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Q: Assume a six-month CD purchased for $5000 pays simple interest at an annual rate of 9.5%. How much…

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Q: A family obtained a 1m mortgage. If the monthly payment is 38,000 for four years, how much is the…

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Q: A college student receives an interestfreeloan of $8250 from a relative. The student will repay$125…

A: A college student receives an interest free loan of $8250 from a relative. The student will repay…

Q: You borrow $4,000 for one year from a friend at an interest rate of 1.5% per month instead of taking…

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