Lily has an account that pays 3.48% simple interest per year and wants to accumulate $4,000 in interest from it over the next 12 years. How much money should Lily invest in this account to meet her goal? (Use I = Prt) a. $2,000.00 b. $1.670,40 $9.578.54 d. $6,030.27

Q: Rick has an income of $100,000 that he is willing to spend over a year. If his bank account is…

A: Cash Management refers to make number and amount of withdrawals efficiently to make opportunity cost…

Q: Madison is thinking of buying an investment from PEP. If she purchases the investment, Madison will…

A: The present value of the annuity due is the current worth of a cash flow series received/paid at the…

Q: Solve the following word problem by using Table 11-2. Stuart Daniels estimates that he will need…

A: Formulas: Present value = Future value * PVF (2%,24) Interest rate = 8%/4 = 2% Number of periods =…

Q: Wendy has $23,000.00 invested in a bank that pays 9.75% annually. How long will it take for her…

A: INTEREST RATE 9.75% PRESENT VALUE  $                 23,000.00 FUTURE VALUE (23000*3)  $…

Q: Tomneed to have $15,000 in five years to pay offa home equity loan. If Tom were to invest in an…

A: Tom needs $15000 in 5 years. He has to make one deposit now that will get an interest of 5.75%…

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A: Annuity means finite no. of payments which are same in size and made in equal intervals. Person gets…

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A: Here we will use the concept of time value of money. As per the concept of time value of money it is…

Q: An aunt gifts you with $12,000, but only after you invest it for one year. She gives you two…

A: INTEREST RATE  4.2% 7.1% PERIOD   12 12 PMT  0 1000 PRESENT VALUE $12,000 0

Q: Solve the following and show your solution. 1. Peter borrowed P100,000 at 8% compounded annually?…

A: Comment;  We’ll answer the first question since the exact one wasn’t specified. Please submit a new…

Q: Consider two savings plans: Kelly deposits $415 per month in an account with an APR of 4.2% for 15…

A: Here we can use the concept of time value of money. The concept of time value of money states that…

Q: Madalyn wants to have $180,000 in her retirement account in 35 years. She found an investment with…

A: Annuity refers to series of equalized payments that are either made at end or start of specified…

Q: 2. Ms. Perez wants to invest in a savings account with interest rate of 9% per year. She decided to…

A: Annual payment (P) = Php 40,000 Number of annual payments (n) = 10 Interest rate (r) = 9%

Q: Suppose a young couple deposits $900 at the end of each quarter in an account that earns 7.6%,…

A: This question is an application of annuity. The future value of an annuity with equal periodic…

Q: You need P4,000 per year for four years to go to college. Your father invested P5, 000 in 7% account…

A: Initial deposit (D) = P 5000 Withdrawal in year 17 (W1) = P 4000 Withdrawal in year 18 (W2) = P 4000…

Q: Ian deposits $1200 into a savings account that earns 4% per year, simple interest. a) Write an…

A: A savings account is an account for which we get interest for our deposit in the bank. This is the…

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A: Here, Down Payment in 6 years is 25,000 Interest rate is 7.5% Time Period is 6 years

Q: Rhonda has saved $1,200,000 in an account. Her goal is to have 1,500,000 saved up to use as down…

A: given, pv = $1200,000 n=5 r=2.5%

Q: Taurus needs P 4,000 per year for four years to go to college. His sugar mama invested P 5,000 in 7…

A: The worth of money changes with time, therefore the TVM considers the value of money according to…

Q: Rhonda has saved $ 1,200,000 in an account . Her goal is to have 1.500.000 saved up to use payment…

A: In order to calculate the future value, a company must be compounding the present value on specific…

Q: What will be the maturity value of ₱12,000 invested for four (4) years at 15% compounded quarterly?…

A: “Hey, since there are multiple questions posted, we will answer first question. If you want any…

Q: sandra and cindy both invest $14,000 into savings accounts that earn simple interest if sandras…

A: Simple interest formula = A = P (1+rt) Where, A = Final amount i.e. Principal + Interest P =…

Q: Tom decides to save Php 25,000 each month for the next five years. If he starts to invest all of…

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

Q: You are contributing money to an investment account so that you can purchase a house in six (6)…

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

Q: Mrs. Jillian has just turned 16 years old and has her mind set on buying a new car by the time she…

A: Time value of money identifies the depreciation in value of money over the period of time by…

Q: Calculate the amount of money that must be saved at this time.

A: Formula for present value annuity is; PV = FV/(1+(r/n))nt Where as, PV = Present value FV = Future…

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A: An Annuity is a continuous flow of systematic timely cash flows made or received for a stipulated…

Q: Mrs. Reyes has Php 25,000.00 in an account providing 3% simple interest per year. She wishes to have…

A: Initial amount (P) = Php 25000 r = 3% Interest needed after 3 years = Php 5000 n = 3 years Let X =…

Q: a. Allison plans to invest RM1000 at 8% interest compounded monthly. How long would it Allison…

A: a) Invest (P) RM1000 at 8% compounded monthly for N years making the investment amount equal to…

Q: Anu wants to put aside an amount at the beginning of each month while working for the next 5 years…

A: " Hi, Thanks for the Question. Since, you asked multiple questions, we will answer first question…

Q: Lenda earns P720,000.00 annually and is able to place 1/3 of this in savings. If she uses 50% of her…

A: Annual earnings = 720000 Savings = 1/3 of Annual Earnings Investment in stocks = 50% of Savings

Q: a has savings of $60,000. She invests in a bond mutual fund that pays nterest each year. Ignoring…

A: As time period goes value of money goes on increasing with time due to the interest rate going on…

Q: Gayathri has RM5,000 now in her investment account. She wishes to have RM8,000 in her account after…

A: Here, Present Value in the Account is RM5,000 Future Value in the Account is RM7,000 Time Period is…

Q: Steve wants to have $5,000, after 3 years, in a savings account that pays 4% interest compounded…

A: Present value of annuity is the current value of the future payments that are calculated using the…

Q: Bayan wants to buy a house in six years. She hopes to be able to put down OMR 25000 at that time. If…

A: The present value of a sum represents its current worth that is available today. The future value of…

Q: A 20-year-old student wants to save $3 a day retirement. Every day she places $3 in a dra the end of…

A: Accumulated amount is the future value of periodic deposits i.e. annuity at a given interest rate.…

Q: Wendy has $23,000.00 invested in a bank that pays 14.25% annually. How long will it take for her…

A: First calculate the future value: Future value =Triple amount Future value = Amount invested * 3…

Q: Aunt May has three sums of money invested, one at 12%, one at 10%, the last at 8%. His total annual…

A: When we make investments the investment amount earns interest. Interest rate varies from one type of…

Q: Engr. Marquez wants to get from her bank account P29,120.84, 12 years from now. How much should she…

A: Future value required (FV) = P29,120.84 Period (t) = 12 Years Interest rate (r) = 0.23 Present value…

Q: How much will Lana have in that account at the end of 8th year?

A: In this case Lana is saving $2,000 at beginning of each year and thus to calculate the amount at end…

Q: Gina has an opportunity to save $260 per month at an APR of 6.35% in a 401K plan through work. She…

A: Investment means engaging your funds to generate income for the future. There are various purposes…

Q: You need P4,000 per year for four years to go to college. Your father invested P5,000 in 7% for your…

A: Value of father's investment at 17th year is the future value of money at 17th year. It is given by…

Q: i Erika opened a savings account today and she immediately put $10,000 into it. She plans to…

A: Future Value(FV) is worth of amount at future time that is to be transacted at present date. It is…

Q: nvested the profit of her business in an investment fund that was earning 2.25% compounded monthly.…

A: In this we need to find out the present value of all options.

Q: Sali would like to send her parents on a cruise for their 25th wedding anniversary. She has priced…

A: Annuity means where regular payment is made at the end of regular period and full amount with…

Q: Garrett wants to accumulate at least $35,000 by depositing $1,5 month into a fund that earns…

A: Amount to be accumulated is $35000 Monthly deposit is $1500. Rate 4.5% compounded monthly

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A: 1) Amount Devin has deposited in 25 years with $285 every month would be: Amount…

Q: Clara wants to go on a cruise in 5 years. She plans on putting $25 every week into an account that…

A: Data given: Payment (pmt)= $25 N=5 years nper=5 years *52 = 260 Interest rate = 2.4% (compounded…

Q: Suzanne starts her college education four years from now. For her college education, she is going to…

A: Quarterly Payment = $1,100 Time Period = 4 Years Interest Rate = 13%