SAVINGS ACCOUNTS If Jackson deposits $100 at the end of each month in a savings account earning interest at the rate of 3%lyear compounded monthly, how much will he have on deposit in his savings account at the end of 6 years, assuming that he makes no withdrawals during that period?

Q: How much would you need to deposit in an account each month in order to have $20,000 in the account…

A: The amount you need to deposit in an account each month in order to have $20,000 in the account in 7…

Q: Jason makes it a habit to deposit 1,500 pesos into a bank account every month for 5 years. The…

A: The given problem relates to concept of annuity. An annuity is a series of uniform cash flows over a…

Q: Ar. Rosales deposits P75,000 at the end of each month in a bank which pays 9% compounded month ho…

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

Q: Peter deposits $500 at the end of every month for 3 years in a savings account. The account pays 12%…

A: The formula used is shown:

Q: Most people prepare for retirement by depositing money into a monthly or annual savings plan. An…

A: Here, Monthly Deposit is $454 Nominal Interest Rate is 19% Compounding Period is Quarterly i.e 12

Q: Sammi deposits $12000 at the beginning of each 6-month period into a special savings account. This…

A: Future Value The value of a money at a future date based on an assumed rate of growth is known as…

Q: Leo makes one deposit today into his savings account earning an interest rate of 4% p.a. compounded…

A: Future value is the compounded value of a sum of money at a given interest rate for a specified…

Q: Bill plans to deposit $1,500 quarterly for 30 years at 5.5% Interest, compounded monthly. How much…

A: Formula for computing the amount Future value of series=PMT×p1+rnnt-1rn where 'p' is the number of…

Q: in 8 years (a) What amount should he deposit at the end of each quarter at 6% compounded quarterly…

A: We need to use PMT formula to calculate quarterly payment. PMT =FV*i(1+i)n-1 where FV =future value…

Q: to attend school Sam deposits $130 at the end of every month for two and one half years.what is the…

A: Future Value of Ordinary Annuity refers to the concept that finds out the value of the sum of all…

Q: Most people prepare for retirement by depositing money into a monthly or annual savings plan. An…

A: An annuity is a stream of equivalent periodic cash flows over a specific time duration. The future…

Q: Mark Welsch deposits $7,200 in an account that earns interest at an annual rate of 8%, compounded…

A:

Q: If Jackson deposits $120 at the end of each month in a savings account earning interest at a rate of…

A: Saving Account is a type of financial service offered to general public by banks with limited…

Q: John opens a passbook savings account with $100 . It pays 3.5% interest compounded quarterly. What…

A: The question is based on the concept of Future value

Q: David deposits RM60,000 today into his account that pays 8 percent per year. He continues deposit…

A: Deposit now = RM 60,000 Annual growth in deposit amount = 20% Period of deposit = 4 Years Number of…

Q: Peter makes a deposit at the end of every three months into a savings account that earns interest at…

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

Q: Hannah deposits OMR 500 in an account earning 5% compounded half yearly. What will be the interest…

A: Amount deposited = OMR 500 Interest Rate = 55 per annum Interest rate (r) half Yearly = 5%/2 = 2.5%…

Q: You decide to deposit $103 monthly in a 2.98% annual interest bearing account over the next 8 years.…

A: Gross amount placed in the account is simply the sum of all the payments made in the account.

Q: Jane begins a savings program to have $4000 after 7 years. She makes a regular deposit every month…

A: The placing of cash in a financial institution such as bank is known as deposit. There are different…

Q: (a) Bill made deposits of $200 at the beginning of each month into a savings account for 12 years…

A: In compound interest, the interest earned is reinvested because of which we earn even more interest…

Q: Jane begins a savings program to have $4000 after 7 years. She makes a regular deposit every month…

A: Here, Monthly Interest = Annual rate / 12 = 4%/12 = 0.3333333% Number of periods = Years*12 = 7*12 =…

Q: Jane begins a savings program to have $4000 after 7 years. She makes a regular deposit every month…

A: An Annuity is simply a fixed amount which is invested monthly to get a certain amount after a…

Q: 1. Tim deposits P750 every end of 3 months in an account paying 5% interest compounded quarterly.…

A: “Hi There, Thanks for posting the questions. As per our Q&A guidelines, must be answered only…

Q: Mrs. Carter deposits P 100 in the bank at the end of each month. If the bank pays 6 % per year…

A: Monthly deposit (P) = P100 Interest rate = 6% e = 2.7182818284590452353602874713527 Monthly interest…

Q: Anthony plans to deposit $500,000 now and $10,000 every 6 months for 5 years into an account.…

A: Deposit now (D) = $500000 Semiannual deposit (A) = $10000 n = 5 years = 10 semiannual deposits…

Q: John bought a car with cash value of P15,294 on the installment plan under the following terms:…

A: Annuity:  An annuity is the series of payments which is received or paid for a certain period of…

Q: If Jackson deposits $120 at the end of each month in a savings account earning interest at a rate of…

A: To solve this question we have to use the formula of Future Value of ordinary annuity. The formula…

Q: Financial Planning- Joe plans to deposit $200 at the end of each month into a bank account for a…

A: A study that proves that the future worth of the money is lower than its current value due to…

Q: Engr. Russel Clarete loan an amount of P200,000 at a local commercial bank at 12% compounded…

A: The series of monthly payments discussed here is a form of annuity wherein an equal payment is made…

Q: How much should a family deposit at the end of every 6 months in order to have $2000 at the end of 5…

A: Time period = 5 I% = 5.2% PV= 0 FV= $8,000 Compounding semi-annually = 2 PMT =?

Q: Billy plans to deposit $200 into a bank account at the end of every month.  The bank account has an…

A: According to the time value rule, the same amount of money can have different purchasing powers in…

Q: How much should Timothy's dad invest into a savings account today, to be able to pay for Timothy's…

A: Solution:- When an equal amount is deposited each period at beginning of period, it is called…

Q: How much should Brianna's dad invest in a savings account today, to be able to pay for Brianna's…

A: Amount of deposit is equal to present value of rental payments

Q: Mrs. Santos deposits P5,500 at the end of every six months in a savings account for her daughter's…

A: Deposit = 5500 every 6 months End of month deposits Interest rate = 4% semi annual period N = 21…

Q: You deposit $1,000 in an account at the Lifelong Trust Savings and Loan that pays 7% interest…

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

Q: Jovaira deposits ₱10,000 every 3 months in a time deposit account giving 7% interest rate compounded…

A: Quarterly deposit (P) = P 10,000 Annual interest rate = 7% Quarterly interest rate (r) = 7%/4 =…

Q: At the end of each quarter, Patti deposits $1,600 into an account that pays 12% interest compounded…

A: Deposit amount = $1600 Interest = 12% Compounding = Quarterly Quarterly interest rate = 12%/4 = 3%…

Q: How much should a family deposit at the end of every 6 months in order to have $2000 at the end of 5…

A: Given data; Future value of annuity = $2000 interest rate = 5.1% number of years = 5  frequency of…

Q: How much monthly deposit must be made for 8 years in order to accumulate ₱125,000 at 7% compounded…

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

Q: Your bank pays 5% annual interest compounded semiannually on your savings account. You don't expect…

A: SEMI ANNUAL INTEREST RATE  (5%/2) 2.50% PERIOD (4*2) 8 PRESENT VALUE $2,700 PMT 0

Q: ABC bank pays interest at the rate of 2% compounded quarterly. How much will Ken have in the bank at…

A: Periodic Payment = P 3,000 per month Interest Rate = 2% compounded Quarterly Time period = 5 Years

Q: At the end of each quarter, a life insurance client deposits Ph 6,366 for 5 years. If money is worth…

A: Solution:- When an equal amount is deposited each period at end of period, it is called ordinary…

Q: Beatrice deposits $75 at the end of each month into an account earning 4.75% compounded monthly. How…

A: Compound interest refers to the interest accrued not only on principal amount but also on the…

Q: Jane invests $700 at the end of each year for 5 years. If interest is paid at 7%/a compounded…

A: Data given: Investment amount = $ 700 (at the end of each year) n= 5 years Interest = 7% p.a.…

Q: How much Alex must deposit annually if he wants to have $800,000 in 25 years by making equal annual…

A: Annual payments refers to the periodic payment which can be used for a variety of purposes like for…

Q: Under your six-year savings plan, you deposit P1,000 now and P1,000 at the end of the fourth year,…

A: Future value is a value of an investment or asset on a specific date in the future. Compound…