When your first child is born, you begin to save for college by depositing $125 per month in an account paying 12% interest per year. You increase the amount you save by 2% per year. With continuous investment and compounding, how much will have accumulated in the account by the time your child enters college 18 years later? (Round your answer to the nearest cent.)

Q: Suppose that the purchase price of Manhattan in 1626 was recently re-estimated by historians to be…

A: Given that, Annual Amount=$31 Annual rate of interest=5.7% r=0.057 Time (T) = 2015-1626 T=389 years…

Q: If $11,000 had been invested in a certain investment fund on September 30, 2008, it would have been…

A:

Q: You want to have a $40,000 college fund in 6 years. How much will you have to deposit now in an…

A: To calculate the present value (amount to be invested) for the given conditions to be satisfied

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A:

Q: How much interest will you earn if you invest $800 for 3 years at a simple interest rate of 7%…

A: Principal Amount, P = $800 Time, t=3 yrs simple interest rate, r=7%=0.07 To evaluate : The interest…

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A: Given:

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A: We have to find time to quadruple.

Q: you invest 5,000 in an account that earns an apr of 3 percent with quarterly compounding what will…

A: Principal amount = P = 5000

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Q: Atticus College predicts that in 14 years it will take $250,000 to attend the college for four years…

A:

Q: If you have $40,000 in a bank account that is paying an interest rate of 6 percent that is being…

A: Given:- If you have $40,000 in a bank account that is paying an interest rate of 6 percent that is…

Q: In how many years will the amount of P10,000 triple if invested at an interest rate of 10%…

A:

Q: In order to pay for college, the parents of a child invest $30,000 in a bond that pays 9% interest…

A: Given : P = 30,000 r = 9% = 9/100 = 0.09  t = 19 Semi-annually means  n = 2

Q: When your first child is born, you begin to save for college by depositing $225 per month in an…

A: Initial amount of investment is $225 per month

Q: Suppose that the purchase price of Manhattan in 1626 was recently re-estimated by historians to be…

A: time period t = 2020-1626 t = 394 years p = $40 compounded quarterly n= 4 Formula of CI: A=P(1+rn)nt

Q: How much money would be in an account after 5 years that pays 3% interest, compounded quarterly (4…

A:

Q: The cost of a four-year private college education (after financial aid) has been estimated to be…

A:

Q: A homeowner planning a kitchen remodeling can afford a $200 monthly payment. How much can the…

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Q: A couple received a $138,000 inheritance the year they turned 46 and invested it in a fund that…

A: We have to find how much will this investment provide at the end of each half year (in dollars) for…

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: If $8,000 had been invested in a certain investment fund on September 30, 2008, it would have been…

A: If $8,000 had been invested in a certain investment fund on September 30, 2008, it would have been…

Q: The cost of a four-year private college education (after financial aid) has been estimated to be…

A:

Q: When your first child is born, you begin to save for college by depositing $700 per month in an…

A:

Q: Mr. Samal deposits 5,000 php at the end of each month at a product with an interest rate of 8%…

A:

Q: An amount of $2200 is invested at a 6.6% annual interest rate, compounded monthly. How many months…

A: Given amount is $2200 is invested at a 6.6% annual interest rate, compounded monthly. Let, after t…

Q: A homeowner planning a kitchen remodeling can afford a $400 monthly payment. How much can the…

A:

Q: Sumi Kato's savings account has a balance of $1292. After 12 years what will the amount of interest…

A: Compound interest formula

Q: How much should you invest each month in order to have $500,000 if your rate of return is 2.3%…

A: Given amount is A=$500,000. Since you have posted a question with multiple sub-parts, we will solve…

Q: Abigail invested $77,000 in an account paying an interest rate of 8% compounded annually. Gavin…

A:

Q: A homeowner planning a kitchen remodeling can afford a $800 monthly payment. How much can the…

A: Let's use the annuity formula   We need to calculate the PV

Q: Owen invested $81,000 in an account paying an interest rate of 3 % compounded continuously. Zoe…

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Q: Recent sales of some real estate and record profits make it possible for a manufacturer to set aside…

A: A manufacturer set aside a fund of $1200000. Thus, Adue=1200000 The payments are made at the…

Q: You invest $13,000 in Rapid Growth Funds, which appreciate by 2% per year, with yields reinvested…

A: Given that: Yield is being reinvested quarterly, hence its quarterly compounding

Q: You begin saving for your retirement by investing $680 per month in an annuity with a guaranteed…

A: First we find the revenue stream then we will find the final value or final amount

Q: Atticus college predicts that in 18 years it will take $250,000 to attend college for 4 years.…

A:

Q: When your first child is born, you begin to save for college by depositing $275 per month in an…

A: Given data Total money depositing per month is $275. Rate of interest is r=12%=0.12 per year.…

Q: If $1200 is invested at an interest rate of 2.75% per year, compounded quarterly, find the value of…

A: Use formula to calculate

Q: What rate compounded semi-annually will double any amount principal if it is invested in 13 years?…

A:

Q: You invest $10,000 in Rapid Growth Funds, which appreciate by 5% per year, with yields reinvested…

A: Present Value = $10,000 r=5%=0.05t=7 yearsn=4  compounded quarterly   Formula used: FV=PV1+rnnt

Q: A homeowner planning a kitchen remodeling can afford a $100 monthly payment. How much can the…

A:

Q: A homeowner planning a kitchen remodeling can afford a $700 monthly payment. How much can the…

A: The compound interest formula is defined as follows. A=P1+rnnt   where, A is the final amount P is…

Q: At the age of 24, you start depositing $200 each month into an IRA that pays 3.75% interest,…

A:

Q: At what nominal interest rate compounded quarterly will a certain amount of money be equal to 1.5…

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Q: How much more or less money would you have to invest today to have $12,000 in 2 years at 3.50%…

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Q: When your first child is born, you begin to save for college by depositing $400 per month in an…

A:

Q: Parents wish to have $150,000 available for a child's education. If the child is now 3 years old,…

A: Total years when child is of 18 =18-3 =15 yearrate =7% compounded semi annuallyLet they set  aside…

Q: A couple received a $127,000 inheritance the year they turned 48 and invested it in a fund that…

A: According to the question: Given that: Present value (P) = $ 127,000  Time (t) = 14 years= 28 years…

Q: Suppose Kylie has an account that will grow to $423,000.00 in 22 years. It grows at 4.9% annual…

A: We have to find the additional monthly contribution to meet the goal.

Q: How many years would it take for a debt of $22,338 to grow into $41,932 if the annual compound…

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Q: After several years of working, Katy has savings of $100,000. If she invests that $100,000 in a…

A: Given Principal = $100,000, Time, n = 20 years and Rate of interest, r = 5%. Obtain the interest…