Paul Finley wishes to become a millionaire. His money market fund has a balance of $239,392 and has a guaranteed interest rate of 10%. How many years must Paul leave that balance in the fund in order to get his desired $1,000,000? Round answer to 0 decimal places, e.g. 45.)

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: Ali is making $1,000 monthly deposits into a fund that pays interest at a rate of 6% compounded…

A: Given: Monthly deposit = $1,000 Interest rate = 6% Years = 10

Q: Henry Bogut just received a signing bonus of $1,086,900. His plan is to invest this payment in a…

A: Present value and future value is a concept of time value of money. It is considered as an important…

Q: John needs to invest to help with his child's college fund. How much would he have to invest to have…

A: Given: Amount = $67,300 Years =13 Interest rate = 2.17%

Q: If Joe has $1,000 and invests it into a mutual fund that returns 10%, what willI be his Future Value…

A: Future value = Present value*(1+rate)^no of years

Q: 1. Marcus would like to save up $3 million for his retirement. He has chosen a stock index fund that…

A: Hai there! thank you for the question. Question has multiple subparts. As per company guidelines…

Q: Newman Quincy wants to withdraw $32,700 each year for 14 years from a fund that earns 10% interest.…

A: 1. How much must he invest today if the first withdrawal is at year-end?  Year Cash flows pvf @…

Q: Adams Hitchcock is 37 years old today and he wishes to accumulate $531,000 by his 62 nd birthday so…

A: Time Value of Money: The time value of money is a basic financial concept that holds that money in…

Q: A man wishes to set aside money for his retirement at the age 60 in a fund which will have an amount…

A: Current purchase power (P) = P 50,000 Inflation rate (i) = 6.5% Period from 45th birthday to 60th…

Q: Robert Williams is planning to invest $30,000 today in a mutual fund that will provide a return of 8…

A: Future Value  = Present Value * (1+rate)^n Where, rate =8% n = no. of years i.e. 10

Q: Thomas Finley wishes to become a millionaire. His money market fund has a balance of $183,204 and…

A: A money market fund is mutual fund that invests in liquid financial instruments. These instruments…

Q: Jasica Parker would like to have ​$48,000 to buy a new car in 7 years. To accumulate $48,000 in 7…

A: The monthly invested payment can be calculated using PMT function in excel PMT(rate, nper, pv, [fv],…

Q: Your brother, who is 6 years old just received a trust fund that will be worth $25,000 when he is 21…

A: For this we will need to calculate the present value of the fund. using present value = future value…

Q: Susan Myer had invested $2500 in an ABC bank Certificate of Deposit when she inherited trust funds…

A: Calculation of Compound Interest Rate per monthly   Formula  r = n[(A/P)1/nt-1] Where r = Annual…

Q: Your brother invested RM5,000 twenty years ago with an insurance company that paid him 5 percent…

A: Investment = RM 5,000 Time Period = 20 Years Interest Rate = 5%

Q: Mr. Cruz wishes his daughter to receive P1, 000, 000 ten years from now. What amount should he…

A: Honor code: Since you have asked multiple questions, we will solve the first question for you. If…

Q: Under these assumptions, how much can he spend each year after he retires?

A: Future value: Future value is the amount derived from compounding the present amount or cashflows.…

Q: Bart is a college student who has never invested his funds. He has saved $1,250 and has decided to…

A: Money invested = $1,250 Annual rate of return = 4.19% Cost of fee = $24

Q: Morgan Quincy wants to withdraw $36,300 each year for 14 years from a fund that earns 11% interest.…

A: Given: Annual payment = $36,300 Interest rate = 11% Years = 14 years.

Q: Willie would like to have $500,000 set aside at retirement. He would like to make annual deposits…

A: Time has been precious in all perspectives, however in terms of finance; the time has a monetary…

Q: A man who won P300,000.00 in a lottery decided t place 50% of winning in a trust fund for the…

A: The effective interest is the interest rate after considering the impact of compounding on interest…

Q: Newman Hitchcock is 37 years old today and he wishes to accumulate $536,000 by his 60 th birthday so…

A: We use PMT function to calculate annual deposit (in financial calculator or excel)

Q: ) Gabrielle needs $200,000 in eight years. She has set up a sinking fund that earns 5% compounded…

A: Future Value is $200,000 Time period is 8 years Interest rate compounded monthly is 5% To Find:…

Q: If Pete has $1,000 and invests it into a mutual fund that returns 10%, what will be his Future Value…

A: Future value is expected value at a certain date in future at given rate of interest. Given: Present…

Q: Consider the following independent situations. a.    Mike Finley wishes to become a millionaire. His…

A: a. Future value factor = Future value / Initial fund = $1,000,000 / $92,296 = 10.83471 Find the…

Q: our sister turned 35 today, and she is planning to save Php7,000 per year for retirement, with the…

A:

Q: 4. Rodel decided to sell their farm and to deposit the fund in a bank. After computing the interest,…

A: The regular or lump-sum amount that is received or paid after a specific time period rather than…

Q: Wendy has $8,000.00 invested in a bank that pays 13.75% annually. How long will it take for her…

A: In compound interest, the amount of interest received will be added to the principle  every year and…

Q: Marcus would like to save up $3 million for his retirement. He has chosen a stock index fund that…

A: Accumulated amount needed = $3 million r = 7.2% per annum = 0.6% per month n = 40 years = 480 months…

Q: Carl invests $10000, partly in a secure GIC at 5% interest per year and the rest in a mutual fund…

A: Given, The amount of investment is $10,000 Interest rate in GIC is 5% Interest rate of MF is 7.5%

Q: Franco plans to invest P1,500 in a mutual fund. If he earns 12% interest compounded monthly, to what…

A: Future value of annuity is referred as the value of group, which used to recur the payment in the…

Q: Chris Silvers Is 39 years old and has accumulated $128,000 In his self-directed defined contribution…

A: Since you have posted multiple questions, we will answer the first one for you. If you want a…

Q: After several years of working, Katy has saved $125,000. If she invests that $125,000 in a savings…

A: Investment = $ 125000 Annual interest rate = 4% Period = 15 Years

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: Pamela is also a saver. She sets aside $100 per month during her 40-year career. She invests in the…

A: Ordinary Annuity: Each payment is paid at the conclusion of successive periods for a certain period…

Q: money at the end of ten years

A: Future value is the amount of current assets at some future date on the basis of the assumed growth…

Q: Sarah Wiggum would like to make a single investment and have $1.2 million at the time of her…

A: Future Value = $1.2 million Time Period = 30 years Rate of Return = 4%

Q: Jean invests $1000 in Year 1 in a socially responsible fund, and doubles the amount each year after…

A: a) Computation:

Q: Saylor, who earned $152 906 profit from his gamble on bitcoin, decides to invest half of the money…

A: Given: Particulars Amount Profit earned  $152,906 Years  10 Interest rate 9.25%

Q: A man invests P10,000 now for the college education of his 2-year old son. If the fund earns 14%…

A: We can define effective interest rate as that rate which has been adjusted for the effect of…

Q: 1. Mark started to deposit P18,000 semi-annually in a fund that pays 5% compounded semi-annually.…

A:

Q: You received $2,500 at your graduation party and have decided to invest it in a stock index fund…

A:

Q: 4. Jacob invests $2500 a year in a mutual fund for 15 years. If the market value of the fund…

A: Annual investment (P) = $ 2500 Period (n) = 15 Years Interest rate (r) = 5%