Jerome will be buying a used car for $6,000 in 2 years. How much money should he ask his parents for now so that, if he invests it at 4% compounded continuously, he will have enough to buy the car? Jerome should ask for $ (Round to the nearest cent as needed.)

Q: Charlie invests $11000 into a savings account that grows at an interest rate of 4.5% per year. (a)…

A: Given that, the investment P=$11,000 , interest rate r=4.5% number of years t=12 and number of times…

Q: Abigail wants to save $15,000 to buy a car in 7 years. If she deposits $10,000 into an account that…

A: Topic- compund intrest

Q: How long (in years and months) will it take for an investment to double at 4% compounded monthly?…

A: The explanation has been given in the attached file.

Q: Jerome will be buying a used car for $15,000 in 3 years. How much money should he ask his parents…

A: Given, Future value  A=$15,000           Interest r=0.05           Time t=3 To find the Present…

Q: b. Mr. Jasim is planning to buy a house. He wants to invest 309 R.O now and hopes to have double…

A:

Q: Barbara knows that she will need to buy a new car in 4 years. The car will cost $15,000 by then. How…

A: Given that t=time=4 yearsr=interest rate=2%=0.02A=annuity=$15000n=number of times compounded in a…

Q: A couple needs $50,000 as a down payment for a home. If they invest the $35,000 they have at 12%…

A:

Q: Isaiah is going to invest $94,000 and leave it in an account for 16 years.Assuming the interest is…

A: Isaiah is going to invest $94,000 and leave it in an account for 16 years. The interest is…

Q: Cindy plans to invest for 10 years at 1.5%, compounded annually. If she hopes to have $10,000 after…

A: Consider the following information: AmountA=$10,000Rate of interestr=1.5⁒n=1Time periodt=10 years…

Q: How much more will an investment of $10,000 be worth after 25 years if it earns 6% compounded…

A: To find- How much more will an investment of $10,000 be worth after 25 years if it earns 6%…

Q: Rochelle invested $100 at the end of every month into an RRSP for 11 years. If the RRSP was growing…

A: Given information Initial principal balance P=$100 Rate of interest r=4.60% ⇒r=4.60100=0.046 Period…

Q: Tom wants to have $6000 in three years .at 4.75% interest compounded monthly how much does he need…

A: used formula : A=P(1+ r/n )nt   where A=final amount  P=principal or initial amount r=annual…

Q: Oliver is going to invest $2,500 and leave it in an account for 18 years. Assuming the interest is…

A:

Q: An artist currently has $840,000 to invest and her goal is to use these resources to acquire a $1.5…

A: From the given information, it is observed that P = $840,000, t = 6 and A = $1,500,000. Here, the…

Q: John requires $3000 in 6 months to pay off a loan that has no prepayment privileges. If he has the…

A: Given : John requires $3000 in 6 months to pay off a loan that has no prepayment privileges. So,…

Q: To have $4400 in 4 years, how much do you need to invest now at 7.4% compounded semi- annually?

A:

Q: If you have ​$50,000 in a bank account that is paying an interest rate of 9 percent that is being…

A: Given information P=$50,000 Rate of interest r=9% ⇒r=9100=0.09 A=2P=$100,000 n=compounded annually=1…

Q: If you invest $2000 at 6% compounded monthly, how long will it take the account to double in value?

A:

Q: How long will take it for money to quadruple itself if invested at 20% compounded quarterly? 9.5…

A: Compound Interest Formula:A=P1+rnWhere P= Initial amount           r= interest rate per period…

Q: · A local car wash charges $3 per wash, or one can pay $12.98 for 5 washes, payable in advance with…

A: 5) A local car wash charges $3 per wash. One can pay $12.98 for 5 washes which are payable in…

Q: Dwight is saving up money for a down payment on a car. He currently has $3334, but knows he can get…

A:

Q: A principal of $1500 is invested at 3% interest, compounded annually. How much will the investment…

A:

Q: A couple needs $60,000 as a down payment for a home. If they invest the $45,000 they have at 8%…

A:

Q: Jocelyn invested $56,000 in an account paying an interest rate of 7% compounded continuously. Oliver…

A:

Q: Bo won $10,000 on a scratch-off lottery ticket. In five years, he wants to buy a new bass boat that…

A:

Q: Jerome will be buying a used car for ​$9,000 in 3 years. How much money should he ask his parents…

A: Use compound interest formula.

Q: If Gabriel wants to accumulate $ 20,000 in 6 years to buy a car, how much would he need to invest…

A: The compound interest formula is A = P1 + rnnt In the formula, A = Accrued amount (principal +…

Q: John wants to buy a new sports car, and he estimates that he'll need to make a $4,550.00 down…

A:

Q: If you invest $1000 at 4.5% compounded monthly, how lomg will it take the account to get to $5000?…

A: Given that If you invest $1000 at 4.5% compounded monthly, how long will it take the account to get…

Q: How much should you invest each month in order to have $500,000 if your rate of return is 2.7%…

A: Given, Compound interest, A=$500,000 Annual interest rate, r=2.7100=.027 Compound per year, n=12…

Q: mr. Gordon plans to invest $300 at the end of each month in an account that pays 12%, compounded…

A: We use annuity formula.

Q: A couple needs $55,000 as a down payment for a home. If they invest the $40,000 they have at 4%…

A:

Q: If the bank advertises its rate as 6.2% compounded monthly, and another bank advertises its rate as…

A: Given: One bank advertises its rate as 6.2% compounded monthly and another bank advertises its rate…

Q: Lydia is going to invest $210 and leave it in an account for 17 years. Assuming the interest is…

A:

Q: Jerome will be buying a used car for $6,000 in 3 years. How much money should he ask his parents for…

A: Compounding continuously formula:

Q: John wants to have $40,000 in cash four years from now in order to pay for part of his mortgage on…

A:

Q: Jerome will be buying a used car for $7,000 in 2 years. How much money should he ask his parents for…

A: Given:

Q: A couple needs $60,000 as a down payment for a home. If they invest the $45,000 they have at 4%…

A: Given: The initial investment is $45,000, rate of interest is 4% means 0.04, interest rate is…

Q: Jim places $1000 in a bank account that pays 5.6% compounded continuously. After 1 year, will he…

A: compounded continuouslyA=P ertcompound interestA=P1+rnnt

Q: Find how much Sally would have to invest now at 6.25% compounded quarterly in order to have $15,000…

A: This question is based on compound interest.

Q: Jerome will be buying a used car for ​$8,000 in 3 years. How much money should he ask his parents…

A:

Q: A couple needs $60,000 as a down payment for a home. If they invest the $45,000 they have at 4%…

A:

Q: Carly wants to invest $1000 in an account that earns 8% interest, compounded quarterly. How many…

A:

Q: A couple needs $55,000 as a down payment for a home. If they invest the $40,000 they have at 12%…

A: Given: A couple needs $55000 as a down payment foe a home , Therefore, A=55000 is the future value,…

Q: Jerome will be buying a used car for $11,000 in 2 years. How much money should he ask his parents…

A: Explained below

Q: Jerome will be buying a used car for $12,000 in 2 years. How much money should he ask his parents…

A:

Q: A couple needs $45,000 as a down payment for a home. If they invest the $30,000 they have at 8%…

A:

Q: Sharon Nguyen has $25,000 to invest and believes that she will earn 6% compounded semiannually. Find…

A: Formula for compound interest  A = amount after t years p = initial investment = $ 25000 r =…

Q: A couple needs $23,335.13 as a down payment for a home. If they invested the $7,000.00 they have at…

A: