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- Emily wants to save part of her salary for a new car in a savings account that earns 8% annual interest. At the end of the first year, she saves $1000 and increases her savings by $500 each year until she buys the car at the end of year 6. How much would be accumulated in her account at the end of year 6? Round to the nearest dollar.If you invest $2,000 today, withdraw $1,000 in 3 years, deposit $3,000 in 5 years, deposit $1,500 in 8 years, and withdraw the entire sum three years after the final deposit, how much will you withdraw? Interest is 7%.At a certain interest rate compound quarterly, P 1,000 will amount to P 4,500 in 15 years. What is the amount at the end of 10 years ? answer F= Php 2,724.64
- Jean deposited P2,000, P2,500 and P3,000 at the end of the 2nd year, 3rd year and 4th year, respectively in a savings account which earned 0.19 per annum. What is the equivalent uniform deposit for the uniform gradient only? Use one of the following formulas. Show complete solution.Lucy has 800 pesos savings with the rate of interest of 25%, determine the ordinary simple interest for 6 months and 13 days.Give typing answer with explanation and conclusion For an APR of 10% per year, if the interest is compounded weekly, determine the nominal rate per (a) 6 months and (b) 2 years. The nominal interest rate per 6 months is %. The nominal interest rate per 2 years is?
- The compound interest on a certain sum of money at 25% for 3 years is Php 47,656.25. Its simple interest at the same rate and for the same period is Php?Someone deposits $3,500 in their retirement account every year. If their account pays an average of 6% interest and they make 38 deposits before they retire, how much money can this person withdraw in 20 equal payments beginning one year after their last deposit?Nominal and effective interest Joe Franklin is planning to retire in 16 years. He wishes to deposit a regular amount every six months until he retires, so that, beginning one year following his retirement, he will receive annual payments of $60,000 for the next 10 years. How much must he deposit if the interest rate is 7% compounded quarterly? Solve only using the factor table please
- Money borrowed today is to be paid in 6 equal payments at the end of six quarters. If the interest is 12% compound quarterly, how much was initially borrowed if quarterly payment is php 2,000?Many persons prepare for retirement by making monthly contributions to a savings program. Suppose that $2,600 is set aside each year and invested in a savings account that pays 10% interest per year, compounded continuously. a. Determine the accumulated savings in this account at the end of 23 years. b. In Part (a), suppose that an annuity will be withdrawn from savings that have been accumulated at the EOY 23. The annuity will extend from the EOY 24 to the EOY 33. What is the value of this annuity if the interest rate and compounding frequency in Part (a) do not change? The accumulated savings amount at the end of 23 years will be $What is the present worth of ₱ 500 deposited at the end of every three months for 6 years if the interest rate is 12 % compounded semi-annually? (Note: Do not include the Peso sign "₱" in your answer.)