Wendy has $23,000.00 invested in a bank that pays 14.25% annually. How long will it take for her funds to triple? Round your answer to two decimal places. For example, if your answer is $345.667 round as 345.67 and if your answer is .05718 or 5.718% round as 5.72. Group of answer choices

Q: An individual wants to deposit $112,100 into two investment accounts. One account pays 66% annual…

A: Note: Assuming, the question has repeated rate of return displayed, hence taking 6% and 15%, other…

Q: USE EXCEL TO SOLVE THIS PROBLEM AND SHOW THE FORMULA! Jake Mai deposited ¥300,000 in a bank account…

A: The present value is the value of the sum received at time 0 or the current period. It is the value…

Q: If Martha puts P1,000 in the bank today at 6%, how much will she have in three years? *

A: It is not given here whether Martha puts this money at simple interest or compounding interest,…

Q: Ronnie Cox has just inherited $27,000. How much of this money should he set aside today to have…

A: We know that, PV=FV(1 + r)t PV=$17000 (1 + 0.018)1 PV=$16,699.41

Q: Wendy has $23,000.00 invested in a bank that pays 9.75% annually. How long will it take for her…

A: INTEREST RATE 9.75% PRESENT VALUE  $                 23,000.00 FUTURE VALUE (23000*3)  $…

Q: Ali is making $1,000 monthly deposits into a fund that pays interest at a rate of 6% compounded…

A: Given: Monthly deposit = $1,000 Interest rate = 6% Years = 10

Q: If Martha puts P1,000 in the bank today at 6%, how much will she have in three years?

A: Future value = Present value(1 + Rate)^Time where, Present value = P1,000 Rate = 6% Time = 3 years

Q: If Martha puts P1,000 in the bank today at 6%, how much will she have in three years?

A: Future Value- Future value (FV) is the worth of a current asset at a future date based on an assumed…

Q: A person wants to have $2,000 available to spend on an overseas trip four years from now. If such…

A: Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: Scott wants to invest RM1,000 for 1 year. At Bank A, his investment will collect 3% interest…

A: Calculate the effective annual rate of return for both the banks and select the bank that offers a…

Q: Janice has $5,000 invested in a bank that pays 2.8% annually. How long will it take for her funds to…

A: A concept through which it is studied that the current worth of money is higher than its future…

Q: Tiffany has accumulated $60,000 in a mutual fund. If she continues to deposit $300 at the beginning…

A: Future value of a fund is the accumulated amount in the fund over a period of time with deposits and…

Q: Ms. Maya Manaco has P2,500,000 to invest for a ear. She can lend it to his brother who has agreed o…

A: Solution Given Alternative 1 Simple interest Rate 10% Present value 2500000…

Q: A recent college graduate's gift from her grandparents is $24,000. How much will this provide at the…

A: Compound interest formula: A=P1+rnnt A = Accumulated amount at the end P = Principalr = Nominal…

Q: Cecilia wants to pay for her daughter's college for four years by banking 20,000 dollars per year.…

A:

Q: Your brother, who is 6 years old just received a trust fund that will be worth $25,000 when he is 21…

A: For this we will need to calculate the present value of the fund. using present value = future value…

Q: Lily has an account that pays 3.48% simple interest per year and wants to accumulate $4,000 in…

A: Interest per year can be calculated as: = Principal * Rate * Time

Q: Susan Myer had invested $2500 in an ABC bank Certificate of Deposit when she inherited trust funds…

A: Calculation of Compound Interest Rate per monthly   Formula  r = n[(A/P)1/nt-1] Where r = Annual…

Q: Your friend bought $7,000 worth of mutual funds with a redemption fee of 8 percent if she sells…

A: Redemption Fees of 8% shall apply only if she sells within the first year from the date of purchase.…

Q: ) Gabrielle needs $200,000 in eight years. She has set up a sinking fund that earns 5% compounded…

A: Future Value is $200,000 Time period is 8 years Interest rate compounded monthly is 5% To Find:…

Q: Ronnie Cox has just inherited $27,000. How much of this money should he set aside today to have…

A: the formula for calculating present value =  A = P ( 1 + i ) n  P = A / ( 1 + i )n     A = $18000…

Q: A father wants to set up a bank account that will pay his daughter $12,000 at the end-of-quarter…

A: Quarterly interest rate (r) = 2% We need to equate the present value of deposits with present value…

Q: Wendy has $8,000.00 invested in a bank that pays 13.75% annually. How long will it take for her…

A: In compound interest, the amount of interest received will be added to the principle  every year and…

Q: On January 1, 2005, a person’s savings account was worth $200,000. Every month thereafter, this…

A: Here, Worth of Saving Account on January 1, 2005 (PV) is $200,000 Cash Contribution Every month…

Q: Jeffery Johnson is saving $1,450,000 per year in a savings account that is paying annual compound…

A: The value of equal payments or a single payment at any specific date which falls in future is called…

Q: Banking Hanna has an income of $120.000 that she is willing to spend over a year, f her bank account…

A: Total Income = $1,20,000 Bank gives 4% That is 1,20,000 * 4% = $4,800

Q: Your friend, Kitty Kardashian, of Hidden Hills, CA, bought $5,000 worth of mutual funds with a…

A: Redemption fee = worth of mutual fund x redemption fee%

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

A: As per our guidelines we are supposed to answer only one question (if there are multiple questions…

Q: Amy will need PHP 1.75M on July 4, 2015. To prepare for this, she places equal deposits at the end…

A: Future value required on July 4 2015 (FV) = PHP 1,750,000 Interest rate (r) = 8% Number of annual…

Q: Janice has $5,000 invested in a bank that pays 2.8% annually. How long will it take for her funds to…

A: The time period or the number of years (NPER) refers to the time it would require for the investment…

Q: Your uncle has $298,000 invested at 7.7%, and he now wants to retire. He wants to withdraw $35,000…

A: using NPER function excel NPER is the no. of withdrawal

Q: Elena wanted to invest in a trust fund. She borrows from a credit cooperative that charges 8% simple…

A: First, we need to compute the interest for 2 years @ 8% i.e. 16% and this interest will be deducted…

Q: Isabella purchased $20,000 worth of 26-week T-Bills for $19,700. What will be the rate of return on…

A: Initial investment (P) =$19,700 Maturity value(S)=$20,000 since maturity period is 26 week= 26*7=182…

Q: Suppose you make an annual contribution of P9,993 each year to a college fund for a niece. He is 6…

A: Annual contribution (P) = P 9,993 Period from 6th year to 19th year (n) = 13 Annual interest rate…

Q: Jenny  is  planning  to  deposit  ₱17,000.00 Quezon  Metropolitan  Bank  is  offering 7.5%…

A: Compound interest is also called as interest on the amount of interest. In other words this is the…

Q: Devin started a fund that would pay out $1,400.00 every month in perpetuity. The fund earns 3.72%…

A: Perpetuity Perpetuity is the series of fixed payments which is incurred or received for the infinite…

Q: Aunt May has three sums of money invested, one at 12%, one at 10%, the last at 8%. His total annual…

A: When we make investments the investment amount earns interest. Interest rate varies from one type of…

Q: rest per year, and SOY Rural Bank pays 10% per year. If the total interest earned on the investment…

A: Ryan has invested in two different banks for the gain of interest income. The total investment is…

Q: Julia just retired with $340,000 in her retirement account. Assuming that she can earn 4.8%…

A: Information Provided: Present value = $(340,000) Future value = $0 Payment = $4000 Rate = 0.4%…

Q: Millet wants to provide a P200,000 graduation gift for her daughter Mae who is now 16 years old. She…

A: Present value = Future value/(1 + r)n Present value = Amount needed to be deposited Future value =…

Q: How long will it take for your funds to triple?

A: It will take 28.01 years to triple $5,000 invested in a bank that pays 4% annually.

Q: Sarah Wiggum would like to make a single investment and have $1.2 million at the time of her…

A: Future Value = $1.2 million Time Period = 30 years Rate of Return = 4%

Q: Wendy has $23,000.00 invested in a bank that pays 11.75% annually. How long will it take for her…

A: Principal (P) = $23,000 Amount (A) = $69,000 ( Triple)  Annual interest rate = 11.75% The equation…

Q: Your parents will retire in 23 years. They currently have $290,000 saved, and they think they will…

A: The present value is $290,000.The future value is $900,000.Number of years is 23.

Q: Garrett wants to accumulate at least $35,000 by depositing $1,5 month into a fund that earns…

A: Amount to be accumulated is $35000 Monthly deposit is $1500. Rate 4.5% compounded monthly

Q: A woman is considering giving an endowment to a university in order to provide payments of P55,000,…

A: Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: Eleanor makes year-end deposits of 500 the first year, 550 the second year, 605 the third year, and…

A: Year End Opening Bal Fresh Investment 12% Compounded Annually Year-End Balance 1       500 2 500…