At the age of 24, you start depositing $200 each month into an IRA that pays 3.75% interest, compounded monthly. How much money will you have in the IRA if you retire at age 67? Round your answer to the nearest cent.

Q: At age 25, to save for retirement, you decide to deposit $75 at the end of each month in an IRA that…

A: Given Data The deposit amount is P=$75. The interest rate per month is r=6.5%. The time at age of 25…

Q: Carrie took out a $12,000 personal loan to pay off her credit cards. She will not make a payment for…

A: (you are not mention clearly interest rate ,is it monthly or yearly) Given Principal P=$12,000…

Q: Parents wish to have $80,000 available for a child's education. If the child is now 5 years old, how…

A: The formula for the compound interest is given by, A=P1+rnnt where, A is the final amount, P is the…

Q: Mike deposits $5,000 in a 3-year CD account that yields 1.5% interest, compounded weekly. What is…

A: A=P1+rnnt

Q: The cost of a four-year private college education (after financial aid) has been estimated to be…

A: Given: The total cost of four-year private education is estimated to be $50,000. The rate of the…

Q: Pesse Jinkman, a chemistry student at PCC, will be depositing $15,000 at the end of every quarter…

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Q: You would like to have $900,000 when you retire in 40 years. How much should you invest each quarter…

A: Given:Amount after 40 years, A =$900,000                                 Rate, r =4.5%=0.045…

Q: You invested $9,000 at the end of each quarter for 8 years in an investment fund. If the balance in…

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Q: How much should you deposit at the end of each month into an investment account that pays 8.5%…

A: An investment account pays 8.5% compounded monthly. You need to have $3 million dollars when you…

Q: A recent college graduate moves back in with their parents and invests their entire first-year…

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Q: lohn and Rosamond want to retire in 10 years and can save $190 every three months. They plan to…

A: Given: Periodic payment (m0=$190Rate(r)=7.72%Time(t)=10 yearsNumber of payments per year(n)=5

Q: Six and a half years ago, Jenna invested $2,500 in a retirement fund that grew at a rate of 6.5% a…

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Q: Parents wish to have $110,000 available for a child's education. If the child is now 9 years old,…

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Q: A homeowner planning a kitchen remodeling can afford a $300 monthly payment. How much can the…

A: Given:

Q: How much should you deposit at the end of each month into an investment account that pays 8.5%…

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Q: Emilia and Liam are purchasing a home. They wish to save money for 1212 years and purchase a house…

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Q: A woman wishes to save$20,000 for a down payment on a home. She can afford to set aside $1500 per…

A: A woman wishes to save$20,000 for a down payment on a home. She can afford to set aside $1500 per…

Q: What interest will be earned if $6700 is invested for 2 years at 10% compounded monthly? (Round your…

A: Given

Q: Dylan takes out a bank loan of $11,500 at 3.8% interest compounded annually. How much interest, in…

A: Given data is : Loan P=$11500 Interest rate r=3.8%, compounded annually. Time t=3 years To find the…

Q: Find the value of a $3,000 certificate in 2 years, if the interest rate is 10% compounded annually.

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Q: A homeowner planning a kitchen remodeling can afford a $900 monthly payment. How much can the…

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Q: Atticus College predicts that in 14 years it will take $250,000 to attend the college for four years…

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Q: A year-end bonus of $24,000 will generate how much money at the beginning of each month for the next…

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Q: How much should Alexandra's dad invest into a savings account today, to be able to pay for…

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Q: Sumi Kato's savings account has a balance of $1,596. After 21 years what will the amount of interest…

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Q: At age 30, to save for retirement, you decide to deposit $100 at the end of each month into an IRA…

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Q: How much should Lindsey's dad invest into a savings account today, to be able to pay for Lindsey's…

A: I am attaching image so that you understand each and every step.

Q: Sally makes deposits into a retirement account every year from the age of 30 until she retires at…

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Q: A newborn child receives a $20,000 gift toward a college education from her grandparents. How much…

A: Given that  A baby recives 20000 Interest rate is 7% for 17 years  To find the amount will receive…

Q: If $8,000 had been invested in a certain investment fund on September 30, 2008, it would have been…

A: If $8,000 had been invested in a certain investment fund on September 30, 2008, it would have been…

Q: Lee put $10,000 into a stock market index mutual fund that grew at an average of 7% per year for 10…

A: Lee put $10,000 into a stock market index mutual fund that grew at an average of 7% per year for 10…

Q: The cost of a four-year private college education (after financial aid) has been estimated to be…

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Q: Springfield florist plans to replace it's delivery vehicle in three years . If they set aside $16000…

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Q: Donald Trumptobe decided to build his own dynasty. How much does he have to deposit so that his…

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Q: A homeowner planning a kitchen remodeling can afford a $400 monthly payment. How much can the…

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Q: Abigail invested $77,000 in an account paying an interest rate of 8% compounded annually. Gavin…

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Q: A homeowner planning a kitchen remodeling can afford a $800 monthly payment. How much can the…

A: Let's use the annuity formula   We need to calculate the PV

Q: At age 20, you start an IRA to save for retirement. You deposit $65 at the end of each month. If you…

A:

Q: A year-end bonus of $27,000 will generate how much money at the beginning of each month for the next…

A: An annuity is an investment put in a certain amount of money each year or each month. there are two…

Q: You deposit $3200 in a bank with annual interest rate of 3.5% compounded annually. What would you…

A: The deposit is $3200, interest rate is 3.5% compounded annually. The balance amount be 5 years later…

Q: Jason thinks he can save enough to deposit P1,200 in the bank at the end of each year for the next…

A: The future value of an annuity is given by FV=PMT×1+in-1iWhereFV=future value of annuityPMT=cash…

Q: A newborn child receives a $7,000 gift toward a college education from her granparents. How much the…

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Q: If $7,000 had been invested in a certain investment fund on September 30, 2008, it would have been…

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

Q: Kayla invested $88,000 in an account paying an interest rate of 8% compounded daily. Sadie invested…

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Q: Andrea wishes to accumulate a retirement fund of $650,000. How much should she deposit each month…

A: given that , final amount= A= 650000 interest rate=r= 5.5%= 0.055 number of times compounded in a…

Q: A homeowner planning a kitchen remodeling can afford a $700 monthly payment. How much can the…

A: The compound interest formula is defined as follows. A=P1+rnnt   where, A is the final amount P is…

Q: What lump sum do parents need to deposit in an account earning 7%, compounded monthly, so that it…

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Q: when you retire in 15 years. If you can earn 3%

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Q: Parents wish to have $150,000 available for a child's education. If the child is now 3 years old,…

A: Total years when child is of 18 =18-3 =15 yearrate =7% compounded semi annuallyLet they set  aside…

Q: Robin, who is self-employed, contributes $6000/year into a Keogh account. How much will he have in…

A: Given, Robin, who is self-employed, contributes $6000/year into a Keogh account