Mika's parents want to have enough saved to give her $15 000 a year - for 4 years of college. They have 17 years until she will need the money. How much should they save per month if the investment earns 4% per year, compounded monthly?

Q: James and Susan wish to have $10,000 available for their wedding in 4 years.How much money should…

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Q: Audrey is going to invest in an accour paying an interest rate of 5.7% compounded daily. How much…

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Q: Jackson invested $81,000 in an account paying an interest rate of 6,% compounded monthly. Angel…

A: for both Jackson and Angel , P is $81,000. now Time is 16 years. for Jackson Rate, r is 6.5% which…

Q: f you $15,000 in an account with a 4.5% interest rate, compounded quarterly, how much money will you…

A: The formula for final Amount if compound interest calculated. A=P(1+rn)nt…

Q: How many years are required for your money to triple if it is invested at 9% compounded? a. annually…

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Q: Jeremy invested his savings in a bank at 5.00% compounded monthly. How much money did he invest to…

A: Solve the above question.

Q: Find the amount a college student owes at the end of 3 years if $6200 is loaned to her at a rate of…

A: Given problem:- Find the amount a college student owes at the end of 3 years if $6200 is loaned to…

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: Jules deposits P15,000 every 3 months in a fund that earns 5% compounded quarterly. Assuming that…

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Q: Edmond has $6,915 in a savings account that earns 8% interest, compounded annually. To the nearest…

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Q: Christian is saving money and plans on making monthly contributions into an account earning an…

A: Given data is: Future value of amount after n period A=$9000 Interest rate i=5.7% Period n =32…

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: Liz wants to accumulate at least $40,000 by depositing $900 at the end of each month into a fund…

A: As the interest rate is compounded monthly:   Part (a):   Future value for the annuity is computed…

Q: Christine contributes $ 100 each month to her 401K account. To the nearest dollar, what will…

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Q: If you borrowed $200,000 to buy a house at 6% interest per year, compounded monthlyand paid back the…

A: Time =t= 30 years Compounded monthly , so n=number of times compounded in a year= 12interest rate =…

Q: Anthony is going to invest in an account paying an interest rate of 4.6% compounded monthly. How…

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Q: Matilda and Horace open a retirement account with $120,000. How many years will it take for the…

A: Find the time taken for the amount $120,000 to grow to $800,000 if it grows at a rate of 4.5%…

Q: Warren has $40 in a savings account that earns 10% interest, compounded annually. To the nearest…

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Q: Hsu-Mei wants to save $3,000 for a down payment on a car. To the nearest dollar, how much will she…

A: To real the goal in 3 years is 3000 Question says its compounded daily  so we use compound interest…

Q: Joy has ₱ 100,000.00 to invest at 1.11% compounded monthly. How much is the additional interest…

A: If an amount P is invested for t years at a rat o interest r% and if the number of compounding…

Q: Laurie has $2,500 in an investment account. What annually compounded interest rate would she need to…

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Q: Karl buys a $2500 investment certificate that pays 3.75% simple interest per year. How much more…

A: The term per cent means for every hundred. A fraction whose denominator is 100 is called a…

Q: venture promises a 7% annual interest rate compounded once a year. For how many years should Roger…

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

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Q: A payment of $1500 is due in three months. Find the equivalent value at nine months if the interest…

A: Given interest rate is 4% compounded quarterly. F.V=P.V(1+r/k)nk Here, F.V= Future value P.V=Present…

Q: Kayla is going to invest in an account paying an interest rate of 2.9% compounded monthly. How much…

A: We know the compound interest formula:A=P1+rnntwhere A= Total amount         P=Principle amount…

Q: Russell invested 50,000 pesos in a bank that pays 8% compounded quarterly for 5 years. How much is…

A: We used the formula A=P(1+r/n)^(nt)

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: Angela wants $11,000 saved in 5 years to make a down payment on a house. How much money should she…

A: Angela wants $11000 saved in 5 years. We want to find how much money she should invest at 3.2%…

Q: Madison is going to invest in an account paying an interest rate of 5.1% compounded quarterly. How…

A: Let the amount invested in the account be P Final value of amount in the account(A) is $310 Number…

Q: Riley invested $5,100 in an account paying an interest rate of 7-% compounded quarterly. Ryan…

A: Use the formula A=P1+rnnt. Where P is the principle amount, r is the rate of interest, n is number…

Q: Preston has $8,000 in a savings account. The interest rate is 4%, compounded annually. To the…

A: We have to find compound interest.

Q: Shawn invested $130 at the end of every month into an RRSP for 13 years. If the RRSP was growing at…

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Q: John buys a stereo system for $640. He agrees to pay $32 a month for 2 years. Assuming that interest…

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Q: Hamad needs $6500 in 3 years for his first-year university program. He is planning to deposit a…

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

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Q: I want to have $20,000 to buy a car in five years. How much would I have to invest now in a savings…

A: We will use the Compound Interest formula to find the amount you need to invest every year to get…

Q: One month from now, Kelly will make her first monthly contribution of $250 to a tax free savings…

A: Given information Monthly deposit PMT=$250 Future value FV=$55,000 Rate of interest is r=6%…

Q: Greg has $9,000 in a savings account. The interest rate is 15%, compounded annually. To the nearest…

A: NOTE: Refresh your page if you can't see any equations. . here we have P=9000 r=15%=0.15 n=1 for…

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

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Q: If you want to accumulate $ 28,000 in 5 years to purchase a car, how much you need to invest today…

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Q: Karen has $1000 from investing in an account that pays 3.2% interest compounded quarterly at the end…

A: We will use formula for compound interest.

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: A couple needs $55,000 as a down payment for a home. If they invest the $40,000 they have at 8%…

A: From the given statement it is observed that, the investment of $40,000 at 8% compounded quarterly…

Q: Farid placed RM5,000 in a bank account for six years. The bank offered an interest rate of 6%…

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Q: Douglas is saving up money for a down payment on a condominium. He currently has $3156 but knows he…

A: Douglas invests the $⁢3156 in an account that earns 5% annually, compounded quarterly, it take…

Q: The APR of Bessie's savings account is 6%, and interest is compounded monthly. If the principal in…

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Q: Drew wants to save $2,500 to go to the next World Cup. To the nearest dollar, how much will he need…

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Q: When he was 12, Brian put $250 into a savings account with a 2.5% annual interest rate. Now that he…

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Q: Oscar has $400 in a savings account that earns 1% interest, compounded annually. To the nearest…

A: Given : Principal amount (P) = $400 Interest rate = 1% time t = 2 years

Confidence Intervals

When we calculate intervals in probability and statistics, it can be simply termed as finding out a confidence interval. The confidence interval is usually calculated from the data set which is observed. The value of the parameter that needs to be calculated is present here only.