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- Amount of an Annuity John Goodheart wishes to provide for 6 annual withdrawals of 3,000 each beginning January 1, 2029. He wishes to make 10 annual deposits beginning January 1, 2019, with the last deposit to be made on January 1, 2028. Required: If the fund earns interest compounded annually at 10%, how much is each of the 10 deposits?Seanna O'Brien receives pension payments of $3, 100 at the end of every six months from a retirement fund of $ 47,000. The fund earns 8% compounded semi - annually. (a) How many payments will Seanna receive? (b) What is the size of the final pension payment?Your employer contributes $500 per month, at the beginning of each month, to a retirement fund on your behalf. The contributions earn interest at a rate of 6% per year, compounded monthly. At the end of twenty years, what will be the balance of the fund? Group of answer choices $69,790 $232,175 $70,139 $220,713 $231,020
- Jenna made equal deposits at the beginning of every 3 months into an RRSP. At the end of 6 years, the fund had an accumulated value of $55,000. If the RRSP was earning 3.50% compounded monthly, what was the size of the quarterly deposits?Laurence contributed $4,135 at the end of every 6 months to an RRSP fund earning 7.11% compounded semi-annually for 12 years. a. What was the future value of the fund at the end of the term? Round to the nearest cent b. What was the amount of interest earned over this period? How much money should Zhang invest today in a fund that earns interest at 3.36% compounded quarterly, if she wants to receive $4,500 at the end of every 6 months for the next 4 years? Timothy planned to buy a house but could afford to pay only $13,500 at the end of every 6 months for a mortgage with an interest rate of 5.50% compounded semi-annually for 20 years. She paid $24,750 as a down payment. a. What was the maximum amount she could afford to pay for a house? Round to the nearest cent b. What was her total amount spent for the house through the mortgage period including the downpayment (not taking the time-value of money into account)? Round to the nearest cent c. What was the total amount of…Ginger Rogers deposits $3,000 a year into her retirement account. If these funds have an average earning of 8 percent over the 40 years until her retirement, what will be the value of her retirement account?
- Carla Lopez deposits $5, 200 a year into her retirement account. If these funds have an average eaning of 6 percent over the 40 years until her retirement, what will be the value of her retirement account?A retired couple plans to supplement their retirement income with monthly withdrawals of the interest earned on a retirement account which has a balance of $200,000. a. If the fund earns interest monthly at an APR of 6%, which the couple always withdraws from the account, how much is generated in interest each month? Round/take your answer to the nearest cent. Recall that APR stands for Annual Percentage Rate. $ ? b. Estimate (to the nearest tenth of a percent) the annual interest rate needed for this couple to be able to earn $1,350 per month in interest from this $200,000 account. Round your answer to the nearest tenth of a percent, e.g., 2.5%. %-?Cindy Medavoy will invest $6,740 a year for 23 years in a fund that will earn 5% annual interest. If the first payment into the fund occurs today, what amount will be in the fund in 23 years? If the first payment occurs at year-end, what amount will be in the fund in 23 years? First payment today First payment at year-end