Suppose you invest $140 a month for 6 years into an account earning 7% compounded monthly. After 6 years, you leave the money, without making additional deposits, in the account for another years. How much will you have in the end? 30
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A: We will make use of the excel function NPER to get this answer. This function returns the number of…
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A: The following formula will be used:
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A: Computation as follows: Hence, each month deposit will be $480.62.
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A: The future value is the future worth of the amount that will be paid or received at future.
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A: Monthly deposit (P) = $300 Interest rate = 3% Monthly interest rate (r) = 3%/12 = 0.25% Period = 15…
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A: Investment = $ 20,000 Annual interest rate = 8% Annual withdrawal = $ 2000 Period = 15 Years
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A: Computation as follows: Hence, amount to be deposited in each month is $1515.02.
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- Compoundin g Amount invested today 238,000 Annual rate of return 8.3% Years until maturity 21 You are thinking about retirement, and would like to compute how much you will have some time in the future. Using the data from above, please compute future amounts, and then answer these questions: #1 How much MORE will you have if compounding is monthly rather than annually? #2 How much MORE will you have if compounding is daily rather than monthly? A Between 4,000 and 10,000 B Between 10,000 and 12,000 C Between 12,000 and 14,000 D…Q5. A systems engineer who invested wisely can retire now because she has $2,000,000 in her self-directed retirement account. Determine how many years she can withdraw (a) $100,000 per year, or (b) $150,000 per year (beginning 1 year from now) provided her account earns at a rate of 5% per year. (c) Explain why the increased annual withdrawal from $100,000 to $150,000 per year is important.! Use Data Given ! bartleby = 3 max questions 7. An investment of P 20000 earned P350 for 180 days, what is the annual rate of interest? 8. Bench loaned P10000 in a bank to be paid after 3 years with an interest of 10% compounded semi-annually and P15000 to be paid after 4.25 years at 8% compounded quarterly. How much must he pay after 7 yrs at an interest rate of 12% compounded monthly to settle everything?