Sarah wants to save for a car that costs $5000. She has $4250 in a savings account earning 1.49% compounded quarterly. If Sarah has four years until she gets her driver’s license, will she have enough to buy a car? Use the TVM calculator to solve. Explain

Q: John got $5000  from his grandmother to pay her tuition fee.He invested this amount at a 10% rate of…

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Q: Complete the calculations to compare savings growth when interest is compounded annually, quarterly,…

A: Complete the calculations to compare savings growth when interest is compounded annually, quarterly,…

Q: If a man received P12900 from his 4-year investment, how much was invested at 3% compounded…

A: We know formula for compound interest asA=P1+rnnT

Q: Kate borrowed $3000 at 3.6%/a compounded monthly for 4 years. What is the future value of her…

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Q: If you are depositing $7000, which is the better investment: a.) 6.5% compounded monthly b.) 6.6%…

A: Definition used -                      The formula for the amount after t years, if interest is…

Q: Kylie is thinking of investing an amount of P250, 000.00 at 5% compounded annually for 2 years. Find…

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Q: Jessica borrowed $3000 from the bank in order to buy a new piano. She will pay it off by equal…

A: Given: The amount borrowed is $3000. Time is 2 years. The interest is 5% compounded monthly. As, the…

Q: Logan would like to have $75,000 in 8 years. If his account earns 5% compounded annually, how much…

A: Use compound interest formula

Q: In order to have P250,000 in 5 years, how much should you invest if the compound interest is 12%?

A: Given Amount(A) = 250000 Rate(R) = 12 Time(T) = 5

Q: Matilda wishes to retire at age 67 with $1,500,000 in her retirement account. When she turns 28, she…

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Q: Melissa agrees to contribute $500 to the alumni fund at the end of each year for the next 9 years.…

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Q: Robert has $60,000 in a savings account. The interest rate is 2 % per year and is not compounded.…

A: Since the interest rate is not compounded, it's a question of simple interest.

Q: Sarah opens an investment account with an initial deposit of $ 900. She then sets up monthly…

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Q: Lydia invests $1000 in an account that pays 5.25% compounded daily. Gabrielle invests the same…

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Q: gracie shay wants to buy a new hummer in six years. gracie estimates the cost of the hummer will be…

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Q: Bill baxer has $24000 to invest for a year. He can lend it to his sister who agreed to pay 10%…

A: Solution is given below:

Q: Reggie wants to find the future value of an investment of $3000 that earns 4.75% compounded monthly…

A: Given P= $3000, r= 4.75%=0.0475,t=30,n=12. We find future value A=?

Q: Edgar accumulated $6,000 in credit card debt. If the interest rate is 20% per year, and he does not…

A: Given:  P = 6000  r = 20% = 20/100 = 0.2   t = 3

Q: $1,600,000 in her retirement account. When she turns 28, she decides to begin depositing money into…

A: Introduction: The formula of monthly payments is given by, A=PMT×1+rkn-1rk Where PMT is the monthly…

Q: Reggie wants to find the future value of an investment of $1500 that earns 5.25% compounded monthly…

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Q: Tony is evaluating his retirement savings. He currently has $318,000 in his account, which earns an…

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Q: Susan deposited a principal of $130 in a 7% account, compounded annually. At the same time, Jeff…

A: We have to find

Q: You get $450 after investing $125 for at an annual interest rate of 8% How long will it take to get…

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Q: 6. Ling borrowed $1500 for her university expenses. She plans to pay back the amount owed after 6…

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Q: Matilda wishes to retire at age 67 with $1,500,000 in her retirement account. When she turns 28, she…

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Q: Lee put $10,000 into a stock market index mutual fund that grew at an average of 7% per year for 10…

A: Lee put $10,000 into a stock market index mutual fund that grew at an average of 7% per year for 10…

Q: drienne needs to borrow $15000. She plans to pay it back after 6 years. Her bank offers her two…

A: In this question, the concept of compound interest is applied. Compound Interest Compound interest…

Q: Suzanne opens a line of credit at a local bank, and immediately borrows 1510 dollars. 5 months…

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Q: Anne wants to find the future value of an investment of $3000 that earns 5.75% compounded monthly…

A: The time value of money calculator can be used to predict the current value of the principal after…

Q: 4. When Sarah was 7 years old, her parents invested $10 000 for her in a plan that earns 5 % per…

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Q: Joe deposited $500 in an account that earns 6% simple interest. Alex deposited $500 in an account…

A: Compound interest formula A=P1+rtnt where A is accumulated amount P is principle amount' r is rate…

Q: Hui invested an amount of $22,000.00 in a mutual fund. After 2 years and 6 months the accumulated…

A: Here we find the interest rate.

Q: have $50,000 for her college in 18 years. If the account earns 5% compounded monthly. How much will…

A: Answer and explanation is given below...

Q: Ghassan is planning to buy a car in B years. He wants to invest RO (A + 300) and hopes to have RO (A…

A: A=18B=19 By the formula. We have, Future value=Present value1+rt Where r=rate  And    t=time

Q: Your grandma invested some money 64 years ago into an account earning 2.91% per year, compounded…

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Q: Olivia would like to buy some new furniture for her home. She decides to buy the furniture on credit…

A: Olivia decides to buy the furniture on credit with 9.5% interest compounded quarterly. she spend…

Q: Julieta and Eric are purchasing a home. They wish to save money for 10 years and purchase a house…

A: *** This is the problem related to financial mathematics and we are advanced math expert and have…

Q: Mary Lou received $16,000 from her grandparents for her college education 8 years prior to her…

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Q: You spend $10 per week on lottery tickets, averaging $520 per year. Instead of buying tickets, if…

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Q: A recent high school graduate received ​$700 in gifts of cash from friends and relatives. In​…

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Q: You would like to have $35,000 to spend on a new car in five years. You open a savings account…

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Q: Mr. Charles, a rich businessman, divided his wealth of $170 million between his two sons, Jason and…

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Q: You invest $4000 in an account that pays simple interest of 4​% for 10 years. The amount of money​…

A: We will use basic knowledge of simple interest formula and knowledge of basic arithmetic to solve…

Q: Goofus waits until he is 35 years old to start saving.

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Q: sanji spends 850 per month on cigarettes. if he stops smoking and invest the same amount in a plan…

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Q: Jeanalyn is saving P6,000 every end of quarter for 8 years for the college education of her only…

A: P= p6000  Time =8 years  Interest rate (r) = 14%  Find the amount in 8 years if compounded…

Q: Rhoda would like to have P60,000 in her account by the end of three years. How much should she…

A: A=60000, t=3,  r=12%=0.12, n=4.

Q: You deposit $3000 each year into an account earning 6% interest compounded annually. How much will…

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Q: Jaime is making monthly contributions of of $310 to his savings account which pays interest at the…

A: $310 : The value of monthly installment0.079 : Rate of interest till the end of 66 months or start…

Q: P=$500, r=9% compounded quarterly, t=7 years

A: Given, P=$500, rate of interest, r=9% , t=7 and it is compounded quarterly.