Benjamin is going to invest in an account paying an interest rate of 2.4% compounded daily. How much would Benjamin need to invest, to the nearest ten dollars, for the value of the account to reach $850 in 7 years? Answer Submit Answer

Q: Carl placed $3,200 in a savings account that compounds interest annually at a rate of 1.0%. How much…

A:

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: Isabella invests $17,500 in an account that pays 4% annual interest, compounded monthly. Find the…

A: Isabella invests $17,500 in an account that pays 4% annual interest, compounded monthly. To find the…

Q: Loma Evenson would like to buy a $19,000 car in 4 years. Loma wants to put the money aside now .…

A:

Q: Tessa invests $5400 in a new savings account which earns 5.2% annual interest, compounded monthly.…

A: P=$5400,  r=5.2%=0.052,  t=8  &  n=12 compounded monthly.

Q: Lupita deposited $5,000 into a savings account that earns 2% interest compounded annually. Rounded…

A: We are given with the interest rate and time duration and the initial payment and we have to find…

Q: Arianna invests $5600 in a new savings account which earns 5.9% annual interest, compounded…

A:

Q: You began saving for retirement at age 25 by contributing $550 per month at an APR of 6% compounded…

A:

Q: Matilda wishes to retire at age 67 with $1,500,000 in her retirement account. When she turns 28, she…

A:

Q: Brad has a government bond that will be worth $10,588.13 in seven years.  The bond has an interest…

A:

Q: Amanda invests $5300 in a new savings account which earns 5.9% annual interest, compounded monthly.…

A: Investment of Amanda P=$5300 rate of interest r =5.9% time t=5years find out the total amount after…

Q: Amanda invests $5100 in a new savings account which earns 3.3% annual interest, compounded monthly.…

A:

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: Carla wants to start a college fund for her daughter Lila. She puts $63,000 into an account that…

A:

Q: Bill is saving for his son's college education. If the savings account earns 5% interest compounded…

A: First I have written the formula for future value when money is invested with compound interest.Just…

Q: Joe invested his $3500 bonus in an account earning 5.5% annual interest that is compounded…

A:

Q: Springfield Florist plans to replace its delivery vehicle in three years. If they set aside $16,000…

A:

Q: Maura received $1000 from friends and family for college graduation. If she deposits her money into…

A:

Q: Matilda wishes to retire at age 67 with $1,300,000 in her retirement account when she turns 28 she…

A: Introduction: Suppose, a person deposits an amount P at rate of r% compound interest compounded n…

Q: If you want to have a million dollars 31 years from today, how much should you invest in your…

A: The formula for compound interest :   A = P(1+r/n )nt   Where A = Total amount , P = initial…

Q: A recent college graduate's gift from her grandparents is $23,000. How much will this provide at the…

A: NOTE: Refresh your page if you can't see any equations. . here we have L=23000 r=5.4%=0.054 t=12…

Q: For her 1st birthday, Ruth's grandparents invested $1200 in an 18-year certificate for her that pays…

A:

Q: Paul has $2,400 in a savings account earning 3.4% simple interest. How much more interest would he…

A:

Q: read question carefully, it says round to the nearest hundred dollars

A: Consider the given information:

Q: Adam wishes to have $20,000 available in 18 years to purchase a new car for his son as a gift for…

A: Adam wishes to have $20,000 available in 18 years to purchase a new car for his son as a gift for…

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

A:

Q: Karl buys a $2500 investment certificate that pays 3.75% simple interest per year. How much more…

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

Q: Jacqueline loaned $61,000 to a small business at 5.14% compounded monthly for 1 year and 9 months.…

A:

Q: Mary needs $13000 for a down payment on a new tractor. If she invests her savings of $10000 in an…

A: Topic - term of loan

Q: Grace's bank has a Cerificate of Deposit with an APR of 5% compounded monthly. (a) If Grace deposits…

A: Here, the formula used is: CI=P1+rnnt Here, CI is compound interest, P is the principal amount, r is…

Q: Russell invested 50,000 pesos in a bank that pays 8% compounded quarterly for 5 years. How much is…

A: We used the formula A=P(1+r/n)^(nt)

Q: Eva invests $8200 in a new savings account which earns 4.4 % annual interest, compounded daily. What…

A:

Q: Arianna invests $5600 in a new savings account which earns 5.4% annual interest, compounded…

A:

Q: Riley invested $1,000 in savings bonds. If the bonds earn 6.75% interest compounded annually, how…

A: Compound interest

Q: Julieta and Eric are purchasing a home. They wish to save money for 10 years and purchase a house…

A: *** This is the problem related to financial mathematics and we are advanced math expert and have…

Q: Juan invested $5,600 at 5.75% compounded quarterly for 7.5 years. How much will be in his account at…

A: See calculation below

Q: On Melissa's 6th birthday, she gets a $5000 CD that earns 6% interest, compounded quarterly. If the…

A: The compound interest accrued on a principal amount P, at rate R% after time t years is given as…

Q: For her 1st birthday, Ruth's grandparents invested $800 in an 18-year certificate for her that pays…

A:

Q: I want to have $20,000 to buy a car in five years. How much would I have to invest now in a savings…

A: We will use the Compound Interest formula to find the amount you need to invest every year to get…

Q: Jamal wants to save $46,000 for a down payment on a home. How much will he need to invest in an…

A:

Q: Melissa agrees to contribute $500 to the alumni fund at the end of each year for the next 4 years.…

A:

Q: Snape made a deposit of $495 into an account that pays 3% interest compounded annually. How much…

A:

Q: You deposit $1,500 in an account at the Lifelong Trust Savings and Loan that pays 6% per year…

A: We have PV=$1500         , Present Valuer    =6                , Rate of interestm  =4…

Q: Mike buys a ring for his fiancee by paying $30 a month for one year. If the interest rate is 10% per…

A: It is given that monthly payment is $30 for one year and the interest rate is 10% per year. To find…

Q: Tessa invests $5600 in a new savings account which earns 3.9 % annual interest, compounded monthly.…

A: Formula to find the value of final amount is A=P1+rnnt where A-Total amount at the end of the time…

Q: Noman would like to have $50,000 in 16 years to give to his son to help pay for his university…

A: As per the given condition the person wants to make his money goes up to $50000 in 16 years, if the…

Q: Delfina would like to save $450 at the end of every three months for the next 6 years in a savings…

A: a Here, interest is compounded annually. Amount is deposited every 3 months. Hence, deposited amount…

Q: Shayla deposited $6,000 into an account earning 5% interest per year, compounded every 6 months. She…

A: Please check step 2 for the solution.!

Q: Ruben invested $1500 per year in an IRA each year for 6 years earning 5% compounded annually. At the…

A: Here, given that Ruben invested $1500 per year in an IRA each year for 6 years earning 5% compounded…

Q: Sally has a sum of $20000 that she invests at 11% compounded monthly. What equal monthly payments…

A: Solution