In year 2022 you start working in a company. Your starting monthly salary is 9647TL. You plan to work for 6 years. Every year you deposit 9% amount of your annual salary in a bank account, starting from the end of 2022. Your salary increases 30% every year. After working for 6 years, you travel the world for 7 years in which time your money stays in the bank account. At the end of your world travel you return to Turkey and decide to start a business with the money that you have in this account. How much money would you have to start this business if this account earned you 7% per year

Q: When you were born, your family started to deposit 1,000 USD each month in the bank. The bank offers…

A: Amount deposited each month in the bank = 1,000 USD  Annual deposited amount (PV) = 1,000 USD × 12…

Q: Your uncle Mohammed is celebrating his 33th birthday today and wants to start saving for his…

A: Annual deposit that needs to be deposited by uncle every year if he starts to deposit from this year…

Q: Jazelle Momba wants to visit her family in Zimbabwe in 2025, which is 7 years from now. She knows…

A: The time value of money seems to be an essential financial notion that states that cash in the now…

Q: You decide to open a retirement account at your local bank that pays 8%/year/month (8% per year…

A: Annuity is the sum total of all the periodic payments or investments made over the period of time at…

Q: You decide to make annual deposits of $300.00 for 12 years into an account which pays 5% compounded…

A: Annual deposits = $300 Time duration = 12 years Interest Rate = 5%  The future value of the annuity…

Q: You plan to go to Asia to visit friends in three years' time. The trip is expected to cost a total…

A: Total amount required for the trip is $ 10,000 Maturity amount of certificate of deposit = $ 5,000 *…

Q: If you plan to put your graduation money into an account and leave it for 18 years while you go to…

A: The question is based on the concept of Financial Management.

Q: You need 40,000 pesos per year for 4 years to go to college. Your father invested 50,000 pesos at 7%…

A: Requirement = 40,000 per year for 4 years Initial Investment = 50,000 Interest = 7%

Q: Assume you deposit $5,900 at the end of each year into an account paying 11.75 percent interest.…

A: Annual deposit (P) = $ 5900 Annual interest rate (r) = 11.75%

Q: January 1, 2022, you open a checking account with the same bank that you have your savings account.…

A: Applicable interest rate is 0.02% Bi monthly deposits are of $25 Time period is 1 year To Find:…

Q: Today us 1st september and the birth of tom. Tom will start college when he turns 18. Tom will take…

A: Present Value is the current value of the future sum of money at the specific rate of return.

Q: Anuonyam plans to deposit GH¢80 in an account at the end of each of the next 20 years. If the…

A: Principal = GH¢80 Time = 20 years Rate = 17% Future value = ?

Q: If you make annual payments into a retirement plan during your working life, how much will you need…

A: Find the present value of the annuity for retirement funds at t=25. (PV Function) The above amount…

Q: You plan to deposit into your bank account $100 two years from now, $200 three years from now and…

A: A bank provides interest on the amount deposited or invested. Therefore, the withdrawal will consist…

Q: Allan plan to go to London to visit friends in three years. The trip is expected to cost a total of…

A: The present value function or concept can be used to determine the present value of a future sum or…

Q: Syariqul Haq is trying to save up for a big vacation. He plans to take a trip around Japan when he…

A: The correct answer for the above mentioned is given in the following steps for your reference.

Q: A student plan to deposit P1, 500 in the bank now and another P3, 000 for the next 2 years. If he…

A: Year Deposit Interest Balance 1. 1500 150 1650 2. 3000 165 + 300 5115 3. 3000 511.5 + 300…

Q: Ahmed deposits in Alex Bank $25000 for 30 month at 8% per year, how much money will be owed at the…

A: Note: As per our guidelines, we can only answer one question at once. Please post other questions…

Q: how much money should you deposit now into a bank account paying 6% compounded quarterly?

A: The amount currently deposited in order to accumulate a specified future total is represented by the…

Q: A young student wishes to go on a trip around Asia ten years from now. To prepare for such travel,…

A: Future value of money is considered as the sum of money received after a period of time at certain…

Q: Zachary has opened a retirement account that will pay 4% interest each year. He plans to deposit 8%…

A: Interest Rate = 4%   Year N (Time to last deposit) Salary Sample Working Deposit Sample Working…

Q: Derek will deposit $7,502.00 per year for 23.00 years into an account that earns 8.00%, The first…

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

Q: 4. Juan Masipag, a self-employed individual, is opening a retirement account at a bank. His goal is…

A: Amount to accumulate = Php 1000000 n = 20 years i = 8% g = 6% First deposit = A1 Amount to…

Q: A father decides to invest k300 each month at 12% per year compounded monthly to pay for his 12 year…

A: Data given: pmt= k 300 r=12% (compounded monthly) n=17-12 =5 years

Q: Your uncle Mohammed is celebrating his 33th birthday today and wants to start saving for his…

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

Q: After graduation you plan to work and stay for 10 years and then start your own business. You…

A:

Q: A person deposits $2000 every year into an account which has an interest rate of 2.5% annually. If…

A: This problem is based on the concept of the time value of money, which states that a sum of money…

Q: An investor puts P200 in a money market account TODAY that returns 3% with monthly compounding. The…

A: Investment = 200 Monthly Compounding Return % = 3%/12 per month = 0.25% per month Time Period = 2…

Q: Brad will graduate next year. When he begins working, he plans to deposit $6000 at the end of each…

A: Using Excel FV function

Q: Metehan Atay invests 550 pounds per week in the bank for an investment that will earn him 20% per…

A: An annuity is a sequence of periodic cash flows with a fixed amount at equal time intervals over a…

Q: Sofia wants to start saving immediately for a trip to Hong Kong one year from now. She wants to…

A: An annuity due is a series of equal cash flows made at the start of each period. The future value of…

Q: 0. You expect to earn 12% annually on the account. How many years will it take you to reach your goa

A: Information Provided: Present value = $40,000 Payment additional every year = $5000 Future value =…

Q: If your uncle starts making these deposits on his 33th birthday and continues to make deposits until…

A: Saving account is the account which offers interest to the investors. The interest rate on savings…

Q: After graduation, you plan to work for Asia Corporation for 12 years and then start your own…

A:

Q: Today is your birthday and you decide to start saving for your retirement. You will retire on your…

A: Calculate the present value of amount required after retirement at the age of retirement as shown…

Q: Paul opens a savings account today and deposits $1,000 now. He is certain that he will be able to…

A: Since the payments are being made at the beginning of the period i.e. months thus this is a case of…

Q: Joey has 750,000 in bank account as of December 31,2018. If he deposited P40,000 in the account at…

A: Interest is the amount paid to the bank against loan taken. It is determined by multiplying the…

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: o complete your last year in business school and then go through law school, you will need $20,000…

A: Calculation of Amount of Deposits and Amount of Deposits after first and last withdrawal: The amount…

Q: Oliver currently has $2,200 in a savings account paying 4.0% interest. He has a goal of taking a…

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

Q: Your uncle Mohammed is celebrating his 33th birthday today and wants to start saving for his…

A: Future value of an ordinary annuity computes the total amount of periodic payments at a certain time…

Q: Starting next year, you will need $5,000 annually for 4years to complete your education. (One year…

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

Q: Starting next year, you will need Php120,000 annually for three years to complete your education.…

A: The amount of deposit can be find out by using the formula of present value of ordinary annuity.

Q: In December 2018, Eric puts $1600 into a bank account. He then deposits an additional $1000 each…

A: A study that proves that the 1value of money today is higher than the future value of money is term…

Q: On March 1, 2021, you opened an account with a deposit of $500. You plan to continue to make $500…

A: The future value of money is an important concept of financial management. This shows the future…

Q: Assuming that you graduated on December 31st 2020 from the University of Buraimi and immediately on…

A: given, amount you save in Muscat bank (p) = $300 every month years (t) = 20 rate (r) = 10%

Q: You wish to deposit $500 dollars per year.  The first deposit will be on April 1, 2017, and your…

A: A concept that implies the future worth of the money is lower than its current value due to several…