Suppose that youe want to purchase a used car for $11000. You currently have $8000. If you invest your $8000 at an annual interest rate of 2%, compounded monthly, how long will it take (in years) before you can purchase the car?

Q: Tom wants to have $6,000 in three years. At 4.75% interest compounded monthly, how much does he need…

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Q: If you deposit $4500 at 5% annual interest compounded quarterly, how much m oney will be in the…

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Q: Suppose that at age 25, you decide to save for retirement by depositing $95 at the end of every…

A: It is given that, at age 25, you decide to save for retirement by depositing $95 at the end of every…

Q: A recent college graduate with $24, 000 in student loans decides to leave the country without making…

A: Given: P = $24000 r = 9% = 0.09 t = 30 years n = 360   Formula used: A=P1+rnnt

Q: Mr. Chua had a P50,000 business loan that is to be paid for 1 year. If the interest rate is 10%…

A: Solution :-

Q: suppose that at age 25, you decide to save for retirement by depositing $95 at the end of every…

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Q: How much should Linda Bryan set aside now to buy equipment that costs ​$8,000 in one​ year? The…

A: For simple interest, the amount formula is, A = P + PRT100 and for compound interest, the formula is…

Q: How much should you deposit at the end of each month into an investment account that pays 8.5%…

A: Here, we need to find the amount we deposit at the end of each month into an investment account that…

Q: Find the amount due at the end of 8 years and 6 months if P4, 000 is invested at 7% compounded…

A: Principal amount:  $ 4000 Interest Rate:  r = 7% Time Period:  t = 8 year 6 months

Q: Manhattan Island is said to have been bought from the Indians by Peter Minuit in 1626 for 24…

A: we have to find the compound interest annually with the given formula A(t)=P1+RNNT Where, A = Amount…

Q: Steve decided to deposit $4,680 into a savings account with 6.5% interest, compounded quarterly.…

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Q: Lily is going to invest $750 and leave it in an account for 18 years. Assuming the interest is…

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Q: Nolan invested $5,300 in an account paying an interest rate of 3.8% compounded annually. Assuming no…

A: The formula for the compound interest is: A=Pert Given that P=5300, A=6880 and r=3.8%  =3.8100…

Q: How much money will be in your account three years after the previous deposit? If you make six…

A: The given data is: P=$2000 r=10%t=3 years Given that compounded semi-annually, therefore Interest…

Q: If you save $270 per quarter for retirement in an account that earns 8% interest per year compounded…

A: Given; Saving $270 per quater Rate of interest = 8% Compounded quaterly, n=4 Number of years=…

Q: Suppose you purchase a car and you are going to finance $14,000 for 48 months at an APR of 6.6%…

A: Given:  Finance amount (P)=$14,000             Time (t)= 48 months= 4 years             Interest…

Q: A man deposits $ 36,200 into a bank, which pays 12% interest that is compounded quarterly. What will…

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Q: Suppose you deposit $1, 000 twice a year for 30 years into an account that is compounded…

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Q: Pamela invests $16,300 in a savings account for which interest is compounded monthly, and if the…

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Q: Beck would like to be a millionaire in 35 years. How much would she need to invest quarterly in a…

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Q: Ian invested $90,000 in an account paying an interest rate of 2.6% compounded quarterly. Assuming no…

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Q: A recent college graduate with $24, 000 in student loans decides to leave the country without making…

A: The student loan is $24,000. If the interest rate on those student loans was 9% compounded daily,…

Q: If you placed $1 into an account that paid interest at a rate of 6% and compounded the interest…

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Q: If you retire at the age of 65 with $1,000,000 sitting in an account that pays 9% p.a interest…

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Q: A family wants to have a $170,000 college fund for their children at the end of 17 years. What…

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Q: find the present value of $75,000 if interest is paid at a rate 3% per year, compounded monthly for…

A: Only you have to careful what the question saying...wheather it is compounded yearly or compounded…

Q: (a) If you invest $5,000 in an account that earns an APR of 3% with quarterly compounding, what will…

A: P = 5000 APR = 3% t = 10 year

Q: If Amy needs $15,000 in years 6 for a down payment on a home how much should be invested today at…

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Q: Allison is 28 years old and plans to retire at age 65 with ​$530,000 in her retirement account.…

A: Let the principal amount be P He retires at an age of 65, that is, in 37 years from the date of…

Q: Steve decided to deposit $3,285 into a savings account with 4.5% interest, compounded quarterly.…

A: Here we have to find how much money Steve have after 4 years in his account. The details calculation…

Q: How much will you get out after 12 years if you put away 1800 at 6% compounded monthly?

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Q: If you invest $10,400 at an interest rate of 2.5% compounded monthly, when will your investment be…

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Q: 3. Francisco invest $10,500 at a annual rate of 6% compounded monthly per year. How much money will…

A: Given, P=$10,500 r=6% t=8 years Compounded monthly

Q: Allison is 34 years old and plans to retire at age 65 with ​$1,380,000 in her retirement account.…

A: Given: Final amount is $1,380,000 Interest is 4% that is compounding daily Time is 31 years (from…

Q: How much will you have after 25 years if you put $2000 per month in the account that instead earns…

A: The solution is given below:

Q: If money is worth 5% compounded quarterly, find the equated time for paying a loan of P150,000.00…

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Q: (a) If you invest $8,000 in an account that earns an APR of 4% simple interest, what will be the…

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Q: How much must a person put into the bank today if he wants $50,000 in 5 years at 6% compounded…

A: Sol

Q: A family wants to have a $180,000 college fund for their children at the end of 18 years. What…

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Q: Suppose you want to borrow $20,000 for a new car. You can borrow at 6% per year, compounded every…

A: P = monthly payment PV = loan amount r = rate of interest n = number of periods

Q: Erin has $250,000 saved for retirement in an account earning 3.4% interest, compounded quarterly.…

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Q: If you invested $300 now at 6.5% interest compounded monthly, how much money do you have available…

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Q: (d) If found a bank that paid 6% interest compounded annually rather you than 5%, how much (in $)…

A: We will use compound interest formula and solve this.

Q: How much should be deposited now in order to have $45,000 in 8 years, if the account earns 6.57%…

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Q: Suppose you want to have $300,000.00 for retirement in 35 years. You plan to make regular monthly…

A: Consider the given: FutureValue F.V.=$300,000,00time, t=35 yearsInterest, r=8%Compounded Monthly,…

Q: A young, investing-savvy artist plans to retire in 30 years and is planning to save $1,000 every…

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Q: How much should Shane have in a savings account that is earning 2.50% compounded monthly, if she…

A: Given information Regular withdraw d=$1,900 Interest rate r=2.50% ⇒r=2.50100=0.025 Number of…

Q: b. Suppose you as a businessman leave an initial amount of $600 in a savings account at an annual…

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Q: If you were to invest $400 at 3% interest compounded annually or each year, what would be your…

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Q: How much would you have to pay into an account at the beginning of every six months to accumulate…

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