At the beginning of every three months, a college student deposits $3,000 in a fund that gives 2% compounded quarterly. If he intends to use this money for his graduation, how much money does he have in 42 months? Blank 1 Blank 1 Add your answer
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- The price of a new car is $20,000. Assume that an individual makes a down payment of 25% toward the purchase of the car and secures financing for the balance at the rate of 7%/ year compounded monthly. (Round your answers to the nearest cent.) (a) What monthly payment will she be required to make if the car is financed over a period of 36 months? Over a period of 60 months? 36 months $ 60 months $ (b) What will the interest charges be if she elects the 36-month plan? The 60-month plan? 36-month plan $ 60-month plan $You were released from your current job and received a settlement of $54,000. The Canada Revenue Agency allows you to place the settlement in an RRSP. Fifteen years from now, you intends to transfer the money from the RRSP to a Registered Retirement Income Fund (RRIF). Thereafter, you will make equal withdrawals at the end of each quarter for fifteen years. If both the RRSP and the RRIF earn 6% compounded quarterly, what will be the amount of each withdrawal?$3,380.25 $3,320.25 $3,150.25$3,550.25 $3,350.25Give typing answer with explanation and conclusion 41. A man inherited a regular down payment of P200,000 every end of 3 months for 10 years. However, he may choose to get a single lump sum payment at the end of 4 years. How much is this lump sum if the cost of money is 14% compounded quarterly? a. P 3,702,939.73 b. P 7,405,879.46 c. P 2,188,122.11 d. No correct answer in the choices
- You are saving up for a down payment on a house. You will deposit $600 a month for the next 24 months in a money market fund. How much will you have for your down payment in 24 months if the fund earns 12% APR compounded monthly?A bond pays $2500 in 10 years an earns an annual interest rate of 2.75%. What is the bond's price? Assume annual compounding. Round your answer to two decimal places.As part of your retirement plan, you have decided to deposit $9,000 at the beginning of each year into an account paying 3% interest compounded annually. (Round your answers to the nearest cent.). (a) How much (in $) would the account be worth after 10 years? $ (b) How much (in $) would the account be worth after 20 years? $ (c) When you retire in 30 years, what will be the total worth (in $) of the account? $ (d) If you found a bank that paid 6% interest compounded annually rather than 3%, how much (in $) would you have in the account after 30 years? $ (e) Use the future value of an annuity due formula to calculate how much (in $) you would have in the account after 30 years if the bank in part (d) switched from annual compounding to monthly compounding and you deposited $750 at the beginning of each month instead of $9,000 at the beginning of each year. $
- Please provide detailed solutions to the problem, thank you in advance James deposited $150 at the beginning of each month for two years into his savings account. For the next four years he did not make any more deposits, leaving the money in the account. The bank charges 4% interest compounded monthly. What will the balance be after 12 years? (Hint: first step is to find balance [FV] after 2 years, which will become the Present Value using the FV formula for compound interest since PMT=0 for the last 4 years)Answer: $4,404.70You are making semiannual deposits into a fund that pays interest at rate of9% compounded continuously. What is the effective semiannual interest rate?(a) 4.000%(b) 4.708%(c) 4.164%(d)4.175%You borrowed $35,000 to buy a new car from abank at an interest rate of 10.2% compounded monthly.This loan will be repaid in 96 equal monthly installments over eight years. Immediately after the 36thpayment, you desire to pay the remainder of the loanin a single payment. Compute this lump-sum amount
- 14.) P 500 is deposited at the end of each month at a certain interest rate compounded monthly. The present value is P 10,622 and the future value after n months is P 13,487. Find the value of n. Select one: a. 18 b. 24 c. 12 d. 36You deposit $100 now, and another $100 at the end of 20 years. The account earns a nominal discount rate of 4% compounded monthly for the first 20 years, and a nominal discount rate of d(52) compounded weekly thereafter. If the account has $700 at the end of 40 years then find this nominal discount rate compounded weekly.Suppose P100, 000 is deposited in an account that earns 8% compound interest that is compounded semi-annually. In how many years will the initial investment triple? a.13.01 years b.14.01 years c.14 years d.13 years As advised by your financial adviser, you started to save P15,000 and deposited it every in the beginning of each month in a bank with 6% interest compounded annually, How much is the total amount after 8 years? (Hint: Future Value of General Annuity Due) a. 4,935,561.09 b. 3,495,561.09 c. 5,493,561.09 d. 9,435,561.09