what lump sum do parents need to deposit in an account earning 7% compound monthly so that it will grow to 10000 for their son college tuiton in 15 years? answer is $35,100.69

Q: You want to save $50,000 in 18 years for a college fund for your child by making regular,…

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Q: Suppose you deposit $1050 into an account earning 3.4% simple interest for 21 months. How much is in…

A: Formula used: The future value of investment of principle amount P after t years by simple interest…

Q: Suppose you want to have $600,000 for retirement in 30 years. Your account earns 10% interest. Using…

A: We will use recurring method of Banking to find solution to the chapter .

Q: In order to accumulate enough money for a down payment on a house, a couple deposits $724 per month…

A: We will find out the required value.

Q: Your total payment on a 2 year loan, which charged 9.5% annual simple interest, amounted to $70,560.…

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Q: What lump sum do parents need to deposit in an account earning 14%, compound monthly, so that it…

A: Compound interest: Formula : A=P 1+rnnt, where A is the amount P is the principal or the invested…

Q: A teenager receives $50 for his birthday, and his sister wants to borrow it from him for 15 weeks.…

A: The formula for simple interest is I= Prt Where I= Interest earned, P=Principal amount, r=rate of…

Q: You take out a loan of $59,000 for a term of two years at 11% interest compounded annually. What is…

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Q: How much would you need to deposit in an account now in order to have $4,000.00 in the account in 14…

A: We will find the principal for given problem.below find the detail solution in image.

Q: Marwan provides a donation of $5511 to a college with the provision that a scholarship is paid at…

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Q: Ann and Tom wants to establish a fund for their grandson's college education. What lump sum must…

A: let they deposit    $ Po P=Po1+rnntP= final amount Po= initial Amount r= intrest raten=number of…

Q: Demetrius Jackson places $37,000 in a 10-year certificate of deposit yielding 6% compounded daily.…

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Q: ou deposit $400 each month into an account earning 6% interest compounded monthly. a) How much will…

A: Formula is as below : here P = $400 r = 6 % n = 12 t = 20 years

Q: Sarah deposited $6,800 in an account paying 2.5% per annum compounded semi-annually. How much will…

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Q: How much would you need to deposit in an account each month in order to have $40,000 in the account…

A: For Cash Flow at period 1=C1, rate of return = r and number of periods = n, the Present Value…

Q: Hungen Inc. borrowed $100,000.00 from a financial company with an ordinary simple interest rate of…

A: Here money is borrowed from tbe financial company for simple interest rate . So here we can apply…

Q: mount must be set aside now to generate payments of $40,000 at the beginning of each year for the…

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Q: O The total simple interest owed on a loan of $8,000 after 60 months is $1,280. What is the yearly…

A: Given that total amount of loan is P=$8000 , time is 60 months or t=6012=5 years, total simple…

Q: Brad invests $2,700.00 in an account paying 10% compounded quarterly. How much is in the account…

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Q: If a family borrows $12,033 for an addition to their home, and the loan is to be paid off in monthly…

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Q: Melissa Blum deposits $7500 of lottery winnings in an account paying 6% interest compounded monthly.…

A: Effective rate for compound interest: If r is the annual stated rate if interest and m is the number…

Q: You take out a loan of $120,000 for a term of ten years at 10% interest compounded semi-annually.…

A: We need to find the total interest.

Q: Andrew deposited half of PhP 130,000 in a certificate of deposit (CD) paying 4% interest, compounded…

A: The compound interest formula is given by A=P(1+rn)nt. where, A is the final amount, P is the…

Q: In order to accumulate enough money for a down payment on a house, a couple deposits $209 per month…

A:

Q: Consider a 30-year fixed-rate home loan of $555,500 with an interest rate of 3.25%. What is the…

A: Given: Time = 30 years, Initial Value =  $555,500, Interest rate = 3.25%. Let us first find the…

Q: If you buy a computer directly from the manufacturer for $2,654 and agree to repay it in 48 equal…

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Q: To afford the installation of solar panels on her house, Erin borrowed for $19,500 at 4.2% APR for…

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Q: Engr. Velasco decided to subscribe in a globe promo which must be paid one thousand pesos per month…

A: Since in the given question, the payment will start three years from present, that  is the amount…

Q: If you buy a computer directly from the manufacturer for $2,436 and agree to repay it in 48 equal…

A:

Q: Juan De Mesa borrowed P50k at 2% per month payable in 36 equal end the month payments. a. How…

A: Juan De Mesa borrowed 50,000 at a interest rate of 2% payable in 36 equal end of the month payments.…

Q: How much would you need to deposit in an account each month in order to have $10,000 in the account…

A: Let the monthly payment be P . It is provided that future value, A=10000 . The rate of interest, r…

Q: A $25,000 United States Treasury bill, purchased at 1.66% interest, matures in 98 days. The…

A: Given problem:- A $25,000 United States Treasury bill, purchased at 1.66% interest, matures in 98…

Q: Dylan deposited $4,000 in a 3-year CD account that pays 3.08% interest, compounded weekly. What is…

A: Use formula of compound interest weekly.

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

A:

Q: Kiara is expected to settle a loan by paying $8,500. What amount should she pay if she decides to…

A: The given data is: To settle a loan by paying P=$8,500 Interest rate r=3.50% ( compounded monthly)…

Q: A farmer purchased 225 acres of land for $4,300/acre. He paid 25% down and obtained a loan for the…

A: This is compound interest problem

Q: The owner of Oak Hill Squirrel Farm deposits $1,000 at the end of each quarter into an account…

A: We will find out the required value.

Q: find the total amount due and the amount of simple interest earned. round to the nearest cent…

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Q: Maritess bought a television set using her credit card with monthly payment of 1,200 php at 3%…

A: topic - application of geometric progression

Q: What principal would you need to invest at a rate of 7% to earn $150 in 9 months? Round your answer…

A: To find: principal amount

Q: Consider a 30-year fixed-rate home loan of $545,500 with an interest rate of 4.25%. What is the…

A: We need to find out the total interest paid.

Q: Mary has agreed to loan Karen $1,125.37 for 5 years at 7%% simple interest. How much will Karen…

A: # Mary will receive the amount when loan is repaid as Mary has agreed to give loan to Karen The…

Q: You deposit $300 each month into an account earning 4% interest compounded monthly. Round to the…

A: a) P=$300 r=0.04 n=12 t=20 So,

Q: A merchant sells an item worth 64,999 php. If an initial payment of 20,000 php was paid to the…

A: Given: Item worth 64,999 php initial payment was 20,000 php, interest rate is 8% compounded semi…

Q: What is the simple interest paid on $1600 at 3 % for 4 years? Round your answer to the nearest cent.

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Q: Find the missing interest earned.   Principal   Rate   Compounded   Time   Final Amount…

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Q: How much would you need to deposit in an account each month in order to have $40,000 in the account…

A:

Q: Jane Frost wants to receive yearly payments of $16,000 for 8 years. How much must she deposit at her…

A: We want to find intereste compound annually.

Q: How much will you pay on interest if you buy a $217k home on 3.5% interest with monthly payments on…

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Q: What is the amount of an annuity that consists of 90 monthly payments of $400 into an account that…

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