You currently have $18,000 in a bank account earning 4.9% interest. You think you will be able to deposit an additional $7,000 at the end of each of the next five years. How much will you have in five years?
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You currently have $18,000 in a bank account earning 4.9%
interest. You think you will be able to deposit an additional
$7,000 at the end of each of the next five years. How much
will you have in five years?
Step by step
Solved in 2 steps
- What uniform annual payment for 30 years is equivalent to spending $10,000 immediately, $10,000 at the end of 10 years, $10,000 at the end of 20 years, and $2,000 a year for 30 years? Assume an interest rate of 8%.P863,171 is placed in an account at 3.66% compounded quarterly for 7 years. How much is in the account at the end of the term?Write your answer in two decimal places.how much did you deposit at the end of each month in an IRA that pays 7% compounded monthly to earn $70,000 per year from interest alone, while leaving the principal untouched, to be withdrawn at the end of each year after you retire in 30 years?
- P89,650 is placed in an account at 5.92% compounded daily for 7 years. How much is in the account at the end of the term?Write your answer in two decimal places.find the present value of $175 perpetuity if the interest rate is 6 percent compounded quarterly. payments are at the beginning of the period.If you want to buy a car in two years that cost $20,000.00, how much should put away every month if you can get a six percent nominal annual interest rate-compounded monthly?
- A principal of P27,723 is placed in a saving account at 5.23% per annum compounded annually. How much is in the saving account after 3 years?Write your answer in two decimal places.Determine the principal that would have to be invested to provide $200 of simple interest income at the end of two years if the annual interest rate is 9% ?Find the present value (in dollars) of an annuity that pays $7,000 at the end of each 6-month period for 7 years if the interest rate is 6% compounded semiannually. (Round your answer to two decimal places.) $
- Suppose a man purchases a luxury car with an initial down payment of $20,000 and then makes quarterly payments: $2000 at the each of each quarter for six years and $3500 at the end of each quarter for eight more years. Given an interest rate of 6% compounded quarterly, find the present value of the payments and the list price of the luxury car.You are considering investing $4,000 at an interest rate of 5% compoundedannually for five years, or investing the $4,000 at 6% per year simple interestfor seven years. Which option is better?If you deposit $4,800 at the end of each of the next 15 years into an account paying 11.3 percent interest, how much money will you have in the account in 15 years? How much will you have if you make deposits for 30 years?