e Flores family wants to save money to travel the world. They plan to invest in an ordinary annuity that earns 6.6% interest, compounded monthly. Payments will be made at the end of each month. How much money do they need to pay into the annuity each month for the annuity to have a total value of 14,000 pesos after 10 years? Do not round intermediate computations, and round your final answer to the nearest cent. If necessary, refer to the list of financial formulas.

Q: Kaitlin wants to save money to purchase a car. She buys an annuity with yearly payments that earn…

A: FV of an annuity is that amount which is the value of total periodic amounts in the future. FV =…

Q: Matt is saving to buy a new motorcyce. If he deposits $60 at the end of each month in an account…

A: The amount at the end of 15 months can be calculated with the help of future value of annuity…

Q: Suzan Long is considering buying a home for$350,000.(a) If she makes a down payment of $50,000…

A: In this problem, a person purchases a home for $350,000 and make down payment of $50,000. The…

Q: John and Rosamond want to retire in 15 years and can save $110 every three months. They plan to…

A: Individuals save for retirement using various instruments in order to have a sufficient amount…

Q: Joe wants to have $50,000 ten years from now to use for a down payment on a house. How much should…

A: Given: Future value = $50,000 Interest rate = 4.5% Years =10

Q: Janine wants to but a lot which cost 1 million pesos. She plans to give a down payment of 20% of the…

A: Cost = 1,000,000 Down Payment = 20% Monthly interest rate = 2% Time period = 10 years

Q: (Refer to this word problem In order to plan for their retirement, a married couple decides to…

A: Quarterly payment (Q) = P 50000 r = 8% per annum = 2% quarterly = 0.02 n = 10 years = 40 quarters

Q: To save for a down payment on a home, you invest in an annuity that pays 7.0% annual interest,…

A: The interest earned on the annuity can be calculated with the help of future value of annuity…

Q: Joel is considering putting a $4300 laptop purchase on his credit card, which has an interest rate…

A: Annuity refers to series of annual payment which is paid or received at start or ending of specific…

Q: Your father is about to retire, and he wants to buy an annuity that will provide him with $85,000 of…

A: Present Value:  The present value is the value of cash flow stream or the fixed lump sum amount at…

Q: John and Diane need to have $397,000.00 available for retirement. How much will they have to invest…

A: Future value is the expected value of any current asset as per a growth rate.

Q: Joel is considering putting a $2200 laptop purchase on his credit card, which has an interest rate…

A: Monthly payment includes interest payment and portion of principal payment to be paid back. Interest…

Q: The Hughes family wants to save money to travel the world. They purchase an annuity with a quarterly…

A: Since, the payments are made at the end of the quarter, this question is about ordinary annuity.…

Q: The Pirerras are planning to go to Europe 2 years from now and have agreed to set aside $190/month…

A: Concept: The future value is defined as the current asset that is based on the future date depending…

Q: eanne and Harold Kimura want to set up a TDA that will generate sufficient interest at maturity to…

A: Annuity means finite no. of payments which are same in size and made in equal time intervals. Person…

Q: The Pirerras are planning to go to Europe 2 years from now and have agreed to set aside $150/month…

A: Given Periodic payment (P) = $150 per month Rate of interest (r) = 4% = 0.04 per year = 0.0412 per…

Q: Luis has $170,000 in his retirement account at his present company. Because he is assuming a…

A: This account works as a combination of two separate account: fixed principal of $170,000 compounded…

Q: Toni Torres wants to save $1,200 in the next two years to use as a down payment on a new car. If her…

A: An annuity series in which an investor saves the amount at the end of each period for a specified…

Q: CHAR is offered an annuity that will pay P24,000 per year for 11 years (the first payment will occur…

A: Annual payment (P) = P24,000 Period (n) = 11 Interest rate (r) = 13%

Q: Joel is considering putting a $2400 laptop purchase on his credit card, which has an interest rate…

A: When something is purchased on credit, the amount can either be paid as a lump sum or in…

Q: Avishek is saving up to buy a boat. He will make deposits of $787.50 at the end of every two weeks.…

A: The annuity payments that are made at the beginning of the year are called annuity due and the…

Q: Enrique already knows that he will have $300,000 when he retires. If he sets up a payout annuity for…

A: Given: Present value = $300,000 Interest rate = 4.55% Year = 15 Interest compounded = Quarterly

Q: Andrew has an annuity that pays 4.4% annual interest compounded monthly and at the end of each month…

A: We need to calculate future value of annuity for the above question Formula: FV=PMTi(1+i)n-1 Where,…

Q: Your uncle is about to retire, and he wants to buy an annuity that will provide him with $6,000 of…

A: RATE 15.25% YEARS 24 PMT (MONTHLY PAYMENT) 6000 FUTURE VALUE $0 FIRST PAYMENT IMMEDIATE…

Q: Steven plans to contribute $300 to his "super unrealistically high" savings account at the end of…

A: Here,

Q: Your uncle is trying to figure out how much he has to have set aside today to pay for his son's…

A: The value of current payment or upcoming flow of payments at any future date when flow of payment…

Q: The Wright family wants to save money to travel the world. They purchase an annuity with a yearly…

A: The annuity value at end of 14 years can be calculated as future value of annuity.

Q: Kobe is retiring in 19 years, and wants to save some money. He will make bi-weekly deposits of…

A: Bi-weekly Deposit = $513.38 Time Period = 19 Years Interest Rate = 2.750% compounded semi-annually

Q: Kristy Joe deposits $130 each month in an ordinary annuity to save for a new car. If the annuity…

A: The future value of the investment is computed to find total saving can be made for the new car.…

Q: John and Rosamond want to retire in 10 years and can save $130 every three months. They plan to…

A: The future value is the amount that will be received at the end of a certain period. In simple…

Q: Brayden and Noah plan to purchase a home for $140,000. They will pay 20% down and finance the…

A: An annuity is a series of cash flows that involve an equivalent amount occurring at equal time…

Q: Joel is considering putting a $4300 laptop purchase on his credit card, which has an interest rate…

A: Value of loan increase at mentioned rate for a loan duration. This FV can be computed by using…

Q: The Jenkins family wants to save money to travel the world. They purchase an annuity with a…

A: FV of an annuity is an amount which is the value of total periodic payments in the future. R =…

Q: Your uncle is about to retire, and he wants to buy an annuity that will provide him with $7,100 of…

A: Immediate annuity payments are brought by investors by paying company in lump sum. Formula for…

Q: Your uncle is about to retire, and he wants to buy an annuity that will provide him with $5,300 of…

A: The today’s cost can be calculated using the PV function of excel. Inputs of the PV function will…

Q: The Pirerras are planning to go to Europe 2 years from now and have agreed to set aside $170/month…

A: The present values and future values of a sum of money are ascertained with the help of the time…

Q: Boris wants to save $27,000.00 for the down payment on a house. He already has $2,700.00, and he…

A: Hi There, thanks for posting the question. But as per Q&A guidelines, we must answer the first…

Q: Latoya wants to save money to buy a motorcycle. She invests in an ordinary annuity that earns 7.8%…

A: Given information: Interest rate is 7.8% Future value of annuity is $6,000 Number of years is 5…

Q: 1.) Miller likes to invest in annuity that will pay him Php. 5000 at the end of each month for 5…

A: Note : As per the guidelines, only first question will be answered. Kindly post the second question…

Q: a.) What is the monthly rate? b.) How many total deposits?

A: Information Provided: Amount = $750,000 Term = 4 years Interest rate = 15% compounded monthly

Q: Ms. H wants to save $1500 over the next two years to use as a down payment on a new car. If her bank…

A: I/Y = rate = 5%/12 = 0.416667% Nper = Number of periods = 2*12 = 24 FV = Future value = $1500 CPT…

Q: Chris wants to save money to purchase a car. He buys an annuity with quarterly payments that earn 2%…

A: As question provided that chris made quarterly contribution and at the end of every quarter.…

Q: Suppose you wish to invest in an annuity so that you will have $120,000 at some future date for your…

A: We invest $350 monthly at a interest rate of 5.85% per month in order to give the child $120,000 at…

Q: To save for a down payment on a home, suppose you decide to invest in an annuity that pays 7.0%…

A: This is the question of annuity. Annuity is the stream of constant cashflow occurring at regular…

Q: Tom wants to put aside $120 at the end of each month into an account earning 6% compounded monthly,…

A: Here we have to use the concept of annuity and concept of time value of money to find the present…

Q: The Lee family wants to save money to travel the world. They plan to invest in an ordinary annuity…

A: Using excel PMT function

Q: The Nelson family wants to save money to travel the world. They plan to invest in an ordinary…

A: Annuity means a series of finite number of payments which are the same in size and occurred at equal…

Q: Suppose a young newlywed couple is planningto buy a home three years from now. To save thedown…

A: The future value of the annuity is the future worth of a cash flow series at a certain rate of…