Start working with a savings account with a quarter in it and your boss double it each day for 3weeks including weekends
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Start working with a savings account with a quarter in it and your boss double it each day for 3weeks including weekends
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- Your best friend is saving $1,800.00 and will earn 0.17 percent per month. Determine the number of months until the account grows to $2,000.00.How much did Shawn deposit every month in his savings account if he had $7,000 after 21 month-end deposits? The money in his savings account was growing at 2.62% compounded monthly. Showing me how to do it on Excel would be appreciated as well :)Suppose you deposit $3600 to open an account that earns 6% interest compounded monthly. You are trying to save money and find that you are able to put away an additional $50 each month. Write a recursive formula to show the amount of money you will have in the account at the end of each month.
- you have a job, working for Big Stuff. Today, you worked four hours and expect to be paid next week at a rate of $15 per hour, or $60. When on the way home, you put gas in your car to replace what you used today. You put the charge of $20 on your credit card. When you get home, you look at your bank account online and find that you were paid by Big Stuff last week, and $100 has been added to your checking account. You also have received a bill from the electric company for $85 and decide to pay it. You started out today with $45 in your checking account. You never have any cash in your wallet. Your Ending Cash Balance is $60. 1. Using the BASE Method, what is your Beginning Cash balance? Show your work. 2. Now that you know the beginning cash balance, your ending cash of $60, and that you had paid a bill for $85, how much money had been added to your checking account from collecting your earnings? Show your work. 3. How about if you knew the beginning cash…a) Anu wants to put aside an amount at the beginning of each month while working for the next 5 years (60 months). At the end of 60 months, she wants to start a business and she plans to have a budget for it of at least $50,000. How much should she put aside each month if interest payable on her savings is 0.125% per month? [Hint: think about a Geometric Sequence (GP).] (Give your answer to 2 decimal places.) b) Suppose that the sum of $100 is invested at an annual rate of interest of 10%. Calculate the value of the investment in 5 years’ time if the interest is compounded (i) weekly and (ii) semi-annually Show all your calculations. (Give your answer to 2 decimal places.)Suppose you get paid every two weeks. You determine that you can afford to divert $80 from each check to pay for a car. Suppose you get approved for a loan with $80 biweekly payments over 6 years at an APR of 7%. What is the most expensive car you can afford to purchase with this loan? Note: In finance, biweekly means every two weeks. Hint: If you make payments every two weeks, how many payments do you make in a year
- The manger of a technology store wants to save $40,000 in 3 years to make a down payment on a condominium. How much (in dollars) does the manager need to invest at the beginning of each week into an account that earns 9.75% interest compounded weekly? Round your answer to the nearest cent.)The balance (debt) on your credit card is $1000. Your credit card APR is 12%. You are spending $100 each month using your credit card. You are paying $200 to your credit card each month. How many months it takes to pay all your debt (balance)?Jon plans to start a saving account. His plan is to deposit $59 each month into a money market account that guarantees a 6% interest rate compounded monthly as long as you do to remove any money from the account. How long will it take the account to accumulate to $1000?
- Abena currently has $3,450 in their savings account. If they started depositing $50 a week into their savings account it would take them weeks to double their money. This is (longer/short) than a year since there are weeks in a year.After carefully going over your budget, you have determined you can afford to pay $854 per monthtoward a new car. You call up your local bank and find out that the going rate is 1% per month for 48 months.How much can you borrow?Jim Hayes wants to buy some electronic equipment for $1000. Jim has decided to save a uniform amount at the end of each month so that he will have the required $1000 at the end of one year. The local credit union pays 6% interest, compounded monthly. How much does Jim have to deposit each month?