Time Value Personal Finance Problem Misty needs to have $22,000 in 7 years to fulfill her goal of purchasing a small sailboat. She is willing to invest a lump sum today and leave the money untouched for 7 years until it grows to $22,000, but she wonders what sort of investment return she will need to earn to reach her goal. Use your calculator or spreadsheet to figure out the approximate annually compounded rate of return needed if she can invest $14,500 today. The annually compounded rate of return Misty needs to earn to reach her goal is %. (Round to two decimal places.)

(Click on the into a spreadsheet.) Annuity B C Premium paid today $24.098.32 $22,274.30 $31,240.13 $30,150.95 Annual benefit $3,200 $4100 $4,000 $4,200 Life (years) 20 10 15

Future value with periodic rates. Denise has her heart set on being a millionaire. She decides that at the end of every year, she will put away $4,800 into her "I want to be a millionaire account" at her local bank. She expects to earn 6.5% annually on her account. a. How many years must Denise faithfully put away her money to succeed at becoming a millionaire? b. If Denise switches to a monthly savings plan and puts one-twelfth of the $4,800 away each month ($400), how much will she have in 43 years at the 6.5% APR? c. Why is the future value under the monthly savings plan more than the $1,000,000 goal?

Time to accumulate a given sum Personal Finance Problem Manuel Rios wishes to determine how long it will take an initial deposit of $7,000 to double. a. If Manuel earns 8% annual interest on the deposit, how long will it take for him to double his money? b. How long will it take if he earns only 5% annual interest? c. How long will it take if he can earn 10% annual interest? d. Reviewing your findings in parts a, b, and c, indicate what relationship exists between the interest rate and the amount of time it will take Manuel to double his money. a. If Manuel earns 8% annual interest, the amount of time to double his money is years. (Round to two decimal places.) C

WITH SOLUTION PLS  Suppose you make an annual contribution of P8,698 each year to a college fund for a niece. He is 6 years now, and you will start next year and make the last deposit when he is 18. The fund is a money market account earning 5.29% per year. What will it be worth immediately after the last deposit?

Future value.   Jack and Jill are saving for a rainy day and decide to put ​$40 away in their local bank every year for the next 20 years. The local​ Up-the-Hill Bank will pay them 6​% on their account.   a.  If Jack and Jill put the money in the account faithfully at the end of every​ year, how much will they have in it at the end of 20 ​years? b. ​ Unfortunately, Jack had an accident in which he sustained head injuries after only 10 years of savings. The medical bill has come to ​$400. Is there enough in the​ rainy-day fund to cover​ it? a. If Jack and Jill put the money in the account faithfully at the end of every​ year, how much will they have in it at the end of 20 ​years?   ​$nothing ​(Round to the nearest​ cent.)

It has been proposed that in order to retire with the same lifestyle you currently have, you will need to have at least 1.5 million dollars saved by retirement. How much would you have to invest right now in order to achieve your goal? Assume you can find an investment that pays 5.6% compounded monthly. You're current age is 30 and youwould like to retire in 35 years.      2.  What interest rate would you need in order to reach this goal if you             had $8000 to invest?

You calculate that you will need $75,000 in ten years to be able to pay for your daughter's college education. If you invest $20,000 today, what rate of return will you need to achieve this goal? Select one: A. Between 12% and 13% B. Between 13% and 14% C. Between 14% and 15% D. Between 15% and 16%