If you want to have a million dollars 31 years from today, how much should you invest in your savings account that earns interest of 2.06% compounded monthly? Round to the nearest cent

Q: What lump sum do parents need to deposit in an account earning 12%, compounded monthly, so that it…

A: Given, The amount obtained after 10years is $100,000. interest rate is 12% & compounded monthly.…

Q: You deposit $5000 each year into an account earning 7% annual interest compounded annually. How much…

A: Use formula to calculate

Q: An amount of $23,000 is borrowed for 14 years at 6.75% Interest, compounded annually. If the loan is…

A:

Q: What interest will be earned if $6600 is invested for 2 years at 12% compounded monthly? (Round your…

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Q: What lump sum do parents need to deposit in an account earning 5%, compounded monthly, so that it…

A:

Q: Mike deposits $5,000 in a 3-year CD account that yields 1.5% interest, compounded weekly. What is…

A: A=P1+rnnt

Q: The cost of a four-year private college education (after financial aid) has been estimated to be…

A: Given: The total cost of four-year private education is estimated to be $50,000. The rate of the…

Q: What lump sum do parents need to deposit in an account earning 13%, compounded monthly, so that it…

A:

Q: What lump sum do parents need to deposit in an account earning 15%, compounded monthly, so that it…

A: Given:F.V=100,000r=15%t=18years

Q: lohn and Rosamond want to retire in 10 years and can save $190 every three months. They plan to…

A: Given: Periodic payment (m0=$190Rate(r)=7.72%Time(t)=10 yearsNumber of payments per year(n)=5

Q: Six and a half years ago, Jenna invested $2,500 in a retirement fund that grew at a rate of 6.5% a…

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Q: If a savings fund pays interest at a rate of 6% per year compounded semiannually, how much money…

A:

Q: A homeowner planning a kitchen remodeling can afford a $300 monthly payment. How much can the…

A: Given:

Q: What lump sum do parents need to deposit in an account earning 8%, compounded monthly, so that it…

A: Given:

Q: Sam deposits $600 at the end of every 6 months in an account that pays 8%, compounded semiannually.…

A:

Q: Find the present value that will generate the future value of $1,000 at 6% compounded yearly for 7…

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Q: What lump sum do parents need to deposit in an account earning 9%, compounded monthly, so that it…

A:

Q: A woman wishes to save$20,000 for a down payment on a home. She can afford to set aside $1500 per…

A: A woman wishes to save$20,000 for a down payment on a home. She can afford to set aside $1500 per…

Q: Robin, who is self employed, contributes $6500/year into a Keough account. How much will he have in…

A: Principal, P = $6500 per year Time, n = 35 years Rate of Interest, R = 6.5% per year = 0.065

Q: What lump sum do parents need to deposit in an account earning 5%, compounded monthly, so that it…

A: For monthly compound interest, we know, Where,  A = Accumulated amount  P = Principal amount r =…

Q: What lump sum do parents need to deposit in an account earning 8%, compounded monthly, so that it…

A:

Q: A homeowner planning a kitchen remodeling can afford a $900 monthly payment. How much can the…

A:

Q: If a savings fund pays interest at a rate of 2% per year compounded semiannually, how much money…

A: The amount to be invested is calculated using the formula,

Q: What interest will be earned if $6800 is invested for 7 years at 12% compounded monthly? (Round your…

A:

Q: What lump sum do parents need to deposit in an account earning 7%, compounded monthly, so that it…

A: We know, A=P1+rnntA=final amountP=initial principal balancer =interest raten=number of times…

Q: In order to pay for college, the parents of a child invest $30,000 in a bond that pays 9% interest…

A: Given : P = 30,000 r = 9% = 9/100 = 0.09  t = 19 Semi-annually means  n = 2

Q: What lump sum do parents need to deposit in an account earning 11%, compounded monthly, so that it…

A: This is a question of compound interest. Amount, A =$80000 Rate, R= 11% number of years, n= 13 let…

Q: A homeowner planning a kitchen remodeling can afford a $200 monthly payment. How much can the…

A:

Q: Seven and a half years ago, Chris invested $10,000 in a retirement fund that grew at the rate of…

A:

Q: Use the formula for present value of money to calculate the amount you need to invest now in one…

A:

Q: A homeowner planning a kitchen remodeling can afford a $400 monthly payment. How much can the…

A:

Q: A homeowner planning a kitchen remodeling can afford a $800 monthly payment. How much can the…

A: Let's use the annuity formula   We need to calculate the PV

Q: An account is opened with an initial deposit of $100 and earns 3.0% interest compounded monthly.…

A: From the given data

Q: A year-end bonus of $27,000 will generate how much money at the beginning of each month for the next…

A: An annuity is an investment put in a certain amount of money each year or each month. there are two…

Q: A principal of $12,000 is invested in an account paying an annual interest rate of 7%. Find the…

A: Compounded quarterly , n=4

Q: How much money should John invest today into a fund that earns interest at 3.50% compounded…

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Q: You deposit $1,000 in an account at the Lifelong Trust Savings and Loan that pays 8% interest…

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Q: A homeowner planning a kitchen remodeling can afford a $100 monthly payment. How much can the…

A:

Q: A homeowner planning a kitchen remodeling can afford a $700 monthly payment. How much can the…

A: The compound interest formula is defined as follows. A=P1+rnnt   where, A is the final amount P is…

Q: What interest will be earned if $6600 is invested for 7 years at 10% compounded monthly? (Round your…

A:

Q: At the age of 24, you start depositing $200 each month into an IRA that pays 3.75% interest,…

A:

Q: How much would you need to deposit in an account now in order to have $4000 in the account in 15…

A: Compound Interest Formula:  A=P1+rnnt where A = Amount            P= Principal            r = Annual…

Q: If $2,000 is invested for 5 years at 8% compounded quarterly, how much interest (in $) will be…

A:

Q: How much would you need to deposit in an account now in order to have $6000 in the account in 15…

A: Given: N = 15 Years P15 = $6000 r = 5% = 0.05 k = 1 P0 = ? Formula Used: PN = P01+rkNk PN = Balance…

Q: A year-end bonus of $24,000 will generate how much money at the beginning of each month for the next…

A: The present value of an annuity is given by  Present Value=PMT1−1+i−ni1+i For a year, n = 12. Since…

Q: What lump sum do parents need to deposit in an account earning 5%, compounded monthly, so that it…

A:

Q: Parents wish to have $150,000 available for a child's education. If the child is now 3 years old,…

A: Total years when child is of 18 =18-3 =15 yearrate =7% compounded semi annuallyLet they set  aside…

Q: What lump sum do parents need to deposit in an account earning 7%, compounded monthly, so that it…

A:

Q: What lump sum do parents need to deposit in an account earning 5%, compounded monthly, so that it…

A: The compound interest formula is

Q: Robin, who is self-employed, contributes $6000/year into a Keogh account. How much will he have in…

A: Given, Robin, who is self-employed, contributes $6000/year into a Keogh account