Engr. Chloe deposits P10,000 in a savings account on the day her child is born. She deposits an additional $1000 on every birthday after that. The account has a 5% nominal interest rate, compounded continuously. How much money will be in the account the day after the child's 21st birthday?

Q: Helen can earn 3% interest in her savings account. Her daughter Roberta is 11 years old today.…

A: The future value of deposit is the value of the current deposits on a future date based on the…

Q: A man deposited $10,000 in a savings account when his son was born. The nominal interest rate was 8%…

A: The future value t is the estimated value of the deposit on a future date with an estimated interest…

Q: Roger just deposited $12,000 into his account at Market Place Bank. The bank will pay 3.2 percent…

A: in this we have to find out simple interest and compounding interest and than find out interest on…

Q: Priscilla deposits $200 at the end of each month for seven years into savings account earning 5%…

A: Future Value is the value of current investments at a certain future date at the assumed…

Q: On a child's first birthday, a parent wishes to deposit enough money so that the child can withdraw…

A: Present Value of annuity = Annual payments * PVAF(rate, number of years) Present Value = Future…

Q: The parents of a newborn have decided to make deposits into an investment account on each of their…

A: Formula Present value = P*[1-(1+g)n*(1+r)-n]/(r-g) Where P - First payment i.e. $2500 g - Annual…

Q: Arthur wishes to have 80,000 in her bank account. How much suould she deposit in a bank account that…

A: the answer with complete calculation are as follows

Q: Julie deposits $600 at the end of each month into her savings account. If the amount earns 5.25%…

A: In finance, the term annuity depicts a sequence of cash flows over a specific time duration. Each…

Q: Maria wants to have ₱750,000.00 at the end of 4 years for her graduation expenses. She plans to…

A: Formula: Total No of Deposits= n×t where, n is number of compounding per 't'  t is period of…

Q: Whitney deposited $200,000 into a savings account that has an annual interest rate of 8% compunded…

A: Interest is an extra amount which is received or paid on deposited or borrowed amount for the…

Q: Peter makes a deposit at the end of every three months into a savings account that earns interest at…

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

Q: As a savings plan for college, when their son Bob was born, the Wilburs deposited $10,000 in an…

A: People invest certain amount to get an estimated value after a certain period of time. This value is…

Q: Laura opens a money market account that earns 3.0% per year by depositing $15,000. She then deposits…

A: Compounding is a technique through which future value (FV) of present amount is computed by using an…

Q: Mary deposits her P500, 000 in a saving bank that gives nominal interest if 9.4% compounded…

A: The value of the deposit after a period will be the future value of that deposit.

Q: Marwan just deposited $13,000 into his account at Bank Muscat. The bank will pay 2.3 percent…

A: Deposit amount (P) = $ 13000 Annual interest rate (R) = 2.3% Period (N) = 15 Years

Q: Sarah opens an investment account with an initial deposit of $ 900. She then sets up monthly…

A: Given information: Initial deposit amount is $900 Monthly deposit of $80 Interest rate is 3%…

Q: At the end of each of the past 14 years, Vanessa deposited $450 in an account that earned 8%…

A: “Since you have asked multiple questions, we will solve the one question for you. If you want any…

Q: On the day your daughter is born, you deposit $1,000 in a college savings account that earns 8%…

A: Ordinary annuity accepts regular annuity payments at the end of each period which can be annually,…

Q: how much will be the savings account when Tony's son becomes 16 years old?

A: Future value of an annuity: It is the future worth of the annuity cash flows over a given period. It…

Q: CFJ deposited P175,000 every 6 months for 5 years with an interest of 12% compounded semi-annually.…

A: The future value can be calculated using the FV Function in excel. FV = (RATE, NPER, PMT, PV, TYPE)…

Q: Since the birth of her daughter, 20 years ago, William has deposited $50 at the beginning of every…

A: Time period is 20 years Monthly deposit is $50 Interest rate for first 8 years is 5.10% Interest…

Q: Tika has $10 000 that he can deposit into a savings account for 5 years. ANZ pays compounds interest…

A: Time value of money- It is based on the concept that money earned today is worth more than similar…

Q: John deposits $1500 into a savings account earning simple interest at 2.19% annually. How much will…

A: Calculation of actual amount in account in future: Answer: John will have $1,582.13 in his account…

Q: Tina deposited $20 in a savings account earning 5% interest, compounded annually. To the nearest…

A: Interest is the amount charged or received for loan taken or investment made. There can be simple…

Q: sara wants to deposit equal payments in BDO at the end of every month so that her daughter, Duchess,…

A: Here, Withdrawal Amount on 18th Birthday is 1,000,000 pesos First deposit made after one month of…

Q: When you were born, your dear old Aunt Minnie promised to deposit $1,000 in a savings account for…

A: Annual Deposit = 1000 Interest Rate = 7% No Deposit at age 7 and 11

Q: Barbara makes four consecutive annual deposits of $2,000 in a savings account that pays interest at…

A: The question gives the following information:

Q: Sarah opens an investment account with an initial deposit of $1900. She then sets up monthly…

A: In this question we need to compute how much money will sarah have in account in 5 years i.e. we…

Q: When you were born, your dear old Aunt Minnie promised to deposit $1,000 in a savings account for…

A: Amount of Annuity = $1000 Term = 25 years  Missed annuity : 5,7 and 11 years Current value of…

Q: Mrs. Christell Lee deposited Php50,000 now in an account for the college education of her 3-yeard…

A: Future value from present value concept is used to determine the value of deposits before starting…

Q: Sara decides to set up a retirement fund by depositing $24 at the end of each day for 13 years. How…

A: Let's begin by calculating Effective Interest rate Formual for Effective Interest Rate = (1  +…

Q: t on the account is 10% compounded semi-annually, for how long does Laura have to deposit the money?…

A: The answer has been mentioned below.

Q: Shelly deposits the $2000 she got as a birthday gift from her grandmother into an account earning…

A: The company would be considering the value for future through the compounding of interest rates over…

Q: Derek will deposit $1,696.00 per year into an account starting today and ending in year 17.00. The…

A: Future value of a deposit refers to the sum total of amount (or deposits) at a certain future period…

Q: As a savings program toward their child’s college education, parents decide to deposit 100 dollars…

A: A theory that helps to compute the present or future value of the cash flows is term as the TVM…

Q: New parents wish to save for their newborn's education and wish to have $47,000 at the end of 19…

A: Given: Future value = $47,000 Years = 19 Interest rate = 4.3%

Q: A man wishes to set aside some money for his daughter’s college education. His goal is to have a…

A: Time value of money- It is based on the concept that money earned today is worth more than similar…

Q: Elizabeth Brown has $23,000 that she can deposit into a savings account for five years. Bank A…

A: Here, we need to calculate the future value of the amount deposited today at a given interest rate…

Q: Jason makes six EOY deposits of $2,000 each in a savings account paying 5% compounded annually. If…

A: The compound interest is calculated on the principal amount annually. It considers the present value…

Q: Today is a Tamara's 25th birthday, she decided to deposited a 14500 at a rate of 12% per annum to…

A: Deposit on 25th birthday (D0) = 14500 Growth rate = 10% r = 12%

Q: Harry plans to deposit $3,000 at the beginning of each year into a savings account earning 2.75%…

A: The amount which is deposited at the beginning of each period is called as annuity due. The period…

Q: A mother wishes to have Php800,000 eight years from today for her son’s graduation. How much should…

A: Future value (FV) = Php800,000 Monthly interest rate (r) = 0.0116666666666667 (i.e. 0.14 / 12)…

Q: On his son's fifth birthday, a man decides to deposit a certain amount which will be equivalent to…

A: given, FV = P28000 NOMINAL RATE = 5.5% INFLATION = 8.7% N = ( 18-5) = 13 YEARS

Q: On his son's fifth birthday, a man decides to deposit a certain amount which will be equivalent to…

A: given, FV = 28000 NOMINAL RATE = 512%=5.5% inflation = 8.7% n = 13 years ( 18-5)

Q: Patricia French received $500,000 from aninsurance company after her husband’s death. Patricia wants…

A: Monthly payment: It can be defined as the payment made by the borrower on a monthly basis.

Q: Mr & Mrs. John have decided to start a monthly savings program in order to provide for their son's…

A: Accumulated amount (F) = RM 50,000 Annual interest rate = 6% Monthly interest rate (r) = 6%/12 =…

Q: my cousin hershey is a newly public school teacher who plans for education of her future children.…

A: Annuities assume that money is put into the account on a regular schedule and money is left in the…

Q: How much money will be in the account when the child turns 18?

A: Time value of money(TVM) means that the money received in the present days will have more value…

Q: Mrs Sam has deposited $ 18,000 in a bank at the rate of 7% per annum. Find out how much she will…

A: Given: Deposit = $18,000 Period 12 years Interest rate = 7% or 10%