Use the formula for present value of money to calculate the amount you need to invest now in one lump sum in order to have $⁢1,000,000 after 40years with an APR of 9% compounded quarterly. Round your answer to the nearest cent, if necessary

Q: How much would you need to deposit in an account now in order to have $3000 in the account in 5…

A: From the provided information is  Present value=Amount*(1+rate)-period  PV=3000*(1+(0.066))-6*5…

Q: What lump sum do parents need to deposit in an account earning 12%, compounded monthly, so that it…

A: Given, The amount obtained after 10years is $100,000. interest rate is 12% & compounded monthly.…

Q: Adam wishes to have ​$16,000 available in 22 years to purchase a new car for his son as a gift for…

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Q: What interest will be earned if $6600 is invested for 2 years at 10% compounded monthly? (Round your…

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Q: What lump sum do parents need to deposit in an account earning 5%, compounded monthly, so that it…

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Q: What lump sum do parents need to deposit in an account earning 13%, compounded monthly, so that it…

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Q: What lump sum do parents need to deposit in an account earning 15%, compounded monthly, so that it…

A: Given:F.V=100,000r=15%t=18years

Q: How much would you need to deposit in an account now in order to have $5000 in the account in 5…

A: P=Principle=?t=time=5 yearsr=interest rate=6%=0.06A=final amount=$5000n=number of times compounded…

Q: Use the compound interest formula to determine the accumulated balance after the stated period.…

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Q: Use the compound interest formula to determine the accumulated balance after the stated period.…

A: Solution of question as follows

Q: A perpetuity earning 4.00% compounded semi-annually is started with a $159,000.00 investment. How…

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Q: Find the total amount of interest to the nearest cent if the interest is compounded annually. $2750…

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Q: An amount of $29,000 is borrowed for 15 years at 8.25% interest, compounded annually. If the loan is…

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Q: What present value amounts to $5,000 if it is invested for 15 years at 8% compounded annually?…

A: When an amount is invested at rate r compounded annually then amount after time t years will be…

Q: Find the effective annual yield at an APR of seven 1/2% compounded monthly. (Answer to the nearest…

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Q: What lump sum do parents need to deposit in an account earning 9%, compounded monthly, so that it…

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Q: How much money would you have to invest at 10% compounded semiannually so that the total investment…

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Q: What lump sum do parents need to deposit in an account earning 5%, compounded monthly, so that it…

A: For monthly compound interest, we know, Where,  A = Accumulated amount  P = Principal amount r =…

Q: What lump sum do parents need to deposit in an account earning 11%, compounded monthly, so that it…

A: This is a question of compound interest. Amount, A =$80000 Rate, R= 11% number of years, n= 13 let…

Q: How much do you need to invest at 3 % interest, compounded quarterly, in order to have $8500 in 10…

A: Given that rate of interest is 3%, the final amount is $8500 and time period is 10 years.

Q: Find the effective rate of interest corresponding to a nominal rate of 12%/year compounded in the…

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Q: Attucks College predicts that in 12 years it will take $⁢250,000 to attend the college for four…

A: Given Information A =$250000,  rate of interest = 11% = 0.11 n = 12 (Compounded monthly) t = 12…

Q: A bank has decided to set its interest rates to compound monthly on all deposits in order to give…

A: The amount accumulated for an amount P deposited for t years at an interest rate of r% compounded n…

Q: What lump sum do parents need to deposit in an account earning 7%, compounded monthly, so that it…

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Q: A house was valued at $120,000 in the year 1994. The value appreciated to $145,000 by the year 2004.…

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Q: Use the formula for present value of money to calculate the amount you need to invest now in one…

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Q: Find the amount we would need to deposit today as a lump sum to achieve $420,000 in 30 years at 6%…

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Q: How much would you need to deposit in an account now in order to have $5000 in the account in 5…

A: To solve the following problem when compounded anually.

Q: Use the formula for present value of money to calculate the amount you need to invest now in one…

A: Given data,  Final amount (A) = $ 1,000,000 Time period (t) = 40 years Annual percentage rate(r) =…

Q: Use the compound interest formula to determine the accumulated balance after the stated period $2000…

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Q: How much should a mother invest at the time her son is born in order to provide him with $100,000 at…

A: Given Rate of interest 3% compounded monthly amount=$100,000 n=21 years   To evaluate Principal…

Q: How much would you need to deposit in an account now in order to have $6000 in the account in 10…

A: The future value of the deposit is $6000. The period is 10 years and the monthly compounded interest…

Q: What lump sum do parents need to deposit in an account earning 5%, compounded monthly, so that it…

A: Given information A=$90,000 Rate of interest r=5% ⇒r=5100=0.05 Time t=11 years Since, interest is…

Q: Use the formula for present value of money to calculate the amount you need to invest now in one…

A: The future value (FV) of an investment of present value (PV) dollars earning interest at an annual…

Q: An initial deposit of $11,000 earns 4% interest, compounded monthly. How much will be in the account…

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Q: Write down the formula for B if an annual interest rate of 4. 8% is compounded every second month.

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Q: If you need $50,000 five years from now, what is the minimum amount of money you need to deposit…

A: Let I have to deposit $P  Final amount=A=50000 Time=t=5 years Interest rate=3%=0.03   a) Number of…

Q: A company plans to purchase a new piece of equipment in 24 months. If $4938 is deposited into a…

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Q: Find the annual percentage yield​ (APY) in the following situation.   A bank offers an APR of 4.27​%…

A: Given:   r = 4.27%    n = 12

Q: How much would you need to deposit in an account now in order to have $4000 in the account in 15…

A: Compound Interest Formula:  A=P1+rnnt where A = Amount            P= Principal            r = Annual…

Q: What lump sum do parents need to deposit in an account earning 10%, compounded monthly, so that it…

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Q: What lump sum do parents need to deposit in an account earning 6%, compounded monthly, so that it…

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Q: Use the compound interest formula A=P(1+ r/n)nt   to approximate the final value of $3300 at 3%…

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Q: Use the compound interest formula to determine the accumulated balance after the stated period.…

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Q: What is the balance in a college fund after 20 years if $5000 was invested at 5% nt compounded…

A: The principle invested is P=$5000. The time period is 20 years. The rate of interest is 5% and it is…

Q: Find the effecctive annual interest rate r of the given nominal annual interest rate. Round your…

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Q: determine the accumulated balance after the stated period.   ​$6000 invested at an APR of 7​% for 8…

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Q: Robin, who is self-employed, contributes $6000/year into a Keogh account. How much will he have in…

A: Given, Robin, who is self-employed, contributes $6000/year into a Keogh account

Q: Use the compound interest formula to determine the accumulated balance after the stated period.…

A: the compound interest formula is given by

Q: An amount of $28,000 is borrowed for 15 years at 7.5% interest, compounded annually. If the loan is…

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