Based on the rule of 72, what per annum interest rate must Oprah earn on her savings of $50 million to double these savings in 9 years? (Round to 100th of a percent and enter your answer as a percentage, e.g., 12.34 for 12.34%)
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Based on the rule of 72, what per annum interest rate must Oprah earn on her savings of $50 million to double these savings in 9 years? (Round to 100th of a percent and enter your answer as a percentage, e.g., 12.34 for 12.34%)
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- Four years ago, XZY deposited $2,920 in an account that has earned and will earn 8.70 percent per year in compound interest. If ABC deposits $3,540 in an account in 1 year from today that earns simple interest, then how much simple interest per year must ABC earn to have the same amount of money in 10 years from today as XZY will have in 10 years from today? Answer as an annual rate. 20.30% (plus or minus .05 percentage points) 10.00% (plus or minus .05 percentage points) 9.00% (plus or minus .05 percentage points) 18.36% (plus or minus .05 percentage points) None of the above is within .05 percentage points of the correct answer.Kershaw wishes to accumulate $2 million by the end of 40 years by making equal annual end-of-year deposits over the next 40 years. If he can earn 10 percent on his investments, how much must he deposit at the end of each year? m Nper (or N) =n*m Rate (or I/Y)=i/m PV PMT FVScarlett has $22,500 available today to invest for 20 years. Scarlett desires an investment fund balance of $100,000 at that time. What interest rate (compounded annually) must Scarlett earn to reach the desired balance in 20 years? Enter the percent rounded to two digits after the decimal; enter 2.04 for 2.044% or 2.05 for 2.045%. Answer %
- Please answer Logan is going to invest $61,000 and leave it in an account for 20 years. Assuming the interest is compounded continuously, what interest rate, to the nearest hundredth of a percent, would be required in order for Logan to end up with $103,000 ?Laura invested $90 at the end of every month into an RRSP for 13 years. If the RRSP was growing at 4.20% compounded quarterly, how much did she have in the RRSP at the end of the 13-year period? How much money should Kimberly invest today into a fund that earns interest at 5.25% compounded quarterly, if she wants to receive $4,750 at the end of every 6 months for the next 6 years? Richard deposits $650 at the end of every month for 2 years and 3 months in a retirement fund at 4.04% compounded semi-annually. a. What type of annuity is this? Ordinary simple annuity Ordinary general annuity Simple annuity due General annuity due b. How many payments are there in this annuity?Kershaw wishes to accumulate $2 million by the end of 40 years by making equal annual end-of-year deposits over the next 40 years. If he can earn 10 percent on his investments, how much must he deposit at the end of each year? Must Identify variables and use excel m Nper (or N) =n*m Rate (or I/Y)=i/m PV PMT FV
- Shiro’s grandfather has just announced that he’s opened a saving account forShiro with a deposit of RM10,000. Moreover, he intends to make another ninesimilar deposit for the rest nine years at beginning of each year. If the savingsaccount pays 8 percent interest, determine the amount Shiro accumulated atthe beginning of 10 years.On your tenth birthday, you received $300 which you invested at 4.5 percent interest, compounded annually. Your investment is now worth $756. How old are you today (rounded to the whole number)? Group of answer choices 32 30 28 31 21Based on the rule of 72, what per annum interest rate must a person earn on their savings to double their savings in 13 years?
- How much does Herbert need to save each year for 10 years as a regular savings payment if he wants to retire in exactly 10 years with $1,023,000.00, can earn 13.13 percent on his savings, starts making regular savings payments in exactly 1 year, and saves an equal amount each year with one exception, which is that in 1 years, he plans to make an extra contribution of $30,600.00 to savings?(ROUND THE VALUE TO 0 DECIMAL AND ENTER THE POSITIVE VALUE)Ms. Anna Ang, aged 39, recently purchased an endowment plan from an insurer that requires her to set aside $24,000 per year for the next 23 years till she retires at age 62. The first premium payment occurs at the beginning of the period. Assuming an inflation rate of 2% and an estimated rate of return of 4.0% from the endowment plan, what is the estimated future value of Anna’s regular savings at age 62?At the end of each of the past 14 years, Vanessa deposited $450 in an account that earned 8% compounded annually. How much is in the account today? How much would be in the account if the deposits were made at the beginning of each year (PMT Type) than at the end of each year? (Use Future Value of an Annuity) Suppose your opportunity cost (interest rate/year) is 11% compounded annually. How much must you deposit in an account today if you want to pay yourself $230 at the end of each of the next 15 years? How much must you deposit if you want to pay yourself $230 at the beginning of each of the next 15 years? Bruce invested $1,250 (present value - enter as a negative number) 10 years ago. Today, the investment is worth $3,550 (future value). If interest is compounded annually, what annual rate of return did Bruce earn on his investment? (Use Solving for r - Rate of Return- on a Lump Sum) Mario wants to take a trip that costs $4,750 (future value), but currently he only has $2,260…
