You have decided that you would like to save $10,000 to build a house in the next 10 years. If you deposit money in an account that earns 5% compounded monthly, how much will you need to deposit now to reach your goal? Round to the nearest penny.

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: You have decided to open a savings account and put $5000 in your local bank. If you had an interest…

A: Let t months would take you to earn at least $800 in interest. Given: interest rate: 1.3%…

Q: A recent college graduate with $24, 000 in student loans decides to leave the country without making…

A: Given: P = $24000 r = 9% = 0.09 t = 30 years n = 360   Formula used: A=P1+rnnt

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

A: Given: The total cost of four-year private education is estimated to be $50,000. The rate of the…

Q: Pesse Jinkman, a chemistry student at PCC, will be depositing $15,000 at the end of every quarter…

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Q: Manhattan Island is said to have been bought from the Indians by Peter Minuit in 1626 for 24…

A: we have to find the compound interest annually with the given formula A(t)=P1+RNNT Where, A = Amount…

Q: Parents wish to have $160,000 available for a child's education. If the child is now 10 years old,…

A: The formula for the future value is given by FV=PV1+rnnt  where PV is the present value, r is the…

Q: (a) If $1000 is invested at 5% compounded monthly, howmuch is there after 8 months?(b) If you want…

A: Given:         Amout of compound interest is given by,A=P1+rnntWhere,A= amount, P= initial amount,r=…

Q: Charley’s credit card APR is 28.95% compounded daily. What is her actual interest rate per year?

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Q: How much money will be in your account three years after the previous deposit? If you make six…

A: The given data is: P=$2000 r=10%t=3 years Given that compounded semi-annually, therefore Interest…

Q: You can afford monthly deposit of only $150 into an account that pays 8.5% compounded monthly. How…

A: Let n be the number of periods (months) Periodic payment = 150  Future value = 7000  Rate of…

Q: A recent college graduate with $24, 000 in student loans decides to leave the country without making…

A: The student loan is $24,000. If the interest rate on those student loans was 9% compounded daily,…

Q: Against expert advice, you begin your retirement savings at age 40. You plan on retiring at age 65.…

A: Recall that the annunity formula is given byPn = d(1+r1212n -1r12Where d is the monthly deposit…

Q: If you placed $1 into an account that paid interest at a rate of 6% and compounded the interest…

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Q: Jeremiah invested $70,000 in an account paying an interest rate of 6.8% compounded daily. Assuming…

A: A=$99000  P=$ 70000 r=6.8%=0.068 n=365 ( compounded daily)

Q: If you borrowed $200,000 to buy a house at 6% interest per year, compounded monthlyand paid back the…

A: Time =t= 30 years Compounded monthly , so n=number of times compounded in a year= 12interest rate =…

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

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Q: You can afford monthly deposits of $250 into an account that pays 3.0% compounded monthly. How long…

A: This is a problem of compound interest. By using general formula we will solve the given question.

Q: If you invest $10,000 at an interest rate of 3.2% compounded monthly, when will your investment be…

A: Initial amount=P=$10000Final amount=A=$15000Interest rate=r=3.2%=0.032Time=t=?Number of times…

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: If Amy needs $15,000 in years 6 for a down payment on a home how much should be invested today at…

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Q: A homeowner planning a kitchen remodeling can afford a $300 monthly payment. How much can the…

A: NOTE: Refresh your page if you can't see any equations. . here we have PMT=300 r=9%=0.09 t=4 years…

Q: Adam wishes to have $20,000 available in 18 years to purchase a new car for his son as a gift for…

A: Adam wishes to have $20,000 available in 18 years to purchase a new car for his son as a gift for…

Q: If you invest $10,400 at an interest rate of 2.5% compounded monthly, when will your investment be…

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Q: 3. Francisco invest $10,500 at a annual rate of 6% compounded monthly per year. How much money will…

A: Given, P=$10,500 r=6% t=8 years Compounded monthly

Q: You want to have a $ 93,477 college fund in 10 years.  How much will you have to deposit now in an…

A: Given Data: The expected accumulated balance after 10 years is: A=93477 $ The interest rate is:…

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: Approximately how much money would Manny have if he invested $1,200 at an interest rate of 5% for 7…

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Q: Compare two retirement savings options and answer the follow up questions. Polly deposits $300 per…

A: Given Data: The amount of money Polly deposits is: P1=$300 The annual percentage rate of interest of…

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

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Q: How much will you have after 25 years if you put $2000 per month in the account that instead earns…

A: The solution is given below:

Q: Jason thinks he can save enough to deposit P1,200 in the bank at the end of each year for the next…

A: The future value of an annuity is given by FV=PMT×1+in-1iWhereFV=future value of annuityPMT=cash…

Q: Jane Roznowski wants to invest some money now to buy a tractor in the future. If she wants to have…

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Q: (a) If you invest $8,000 in an account that earns an APR of 4% simple interest, what will be the…

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Q: If $7,000 had been invested in a certain investment fund on September 30, 2008, it would have been…

A: Thanks for the question :)And your upvote will be really appreciable ;)

Q: At the birth of their child, how much should a couple invest to have $20,000 on the child's 18-th…

A: The principal investment required to get a total amount of $20,000.00 from compound interest at a…

Q: You know that you will need $100,000 for your child’s education in 18 years. If your account earns…

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Q: If you invest $1,000,000 in an account paying 12%, how much will you have after 20 years if the…

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Q: You have just received $135,000 from the estate of a long-lost rich uncle. If you invest all your…

A: Solution:-

Q: Riley invested $5,100 in an account paying an interest rate of 7-% compounded quarterly. Ryan…

A: Use the formula A=P1+rnnt. Where P is the principle amount, r is the rate of interest, n is number…

Q: Andrea wishes to accumulate a retirement fund of $650,000. How much should she deposit each month…

A: given that , final amount= A= 650000 interest rate=r= 5.5%= 0.055 number of times compounded in a…

Q: Erin has $250,000 saved for retirement in an account earning 3.4% interest, compounded quarterly.…

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Q: Fred is an employee of a company that specializes in repossessing aircrafts owned by private…

A: topic - compound interest

Q: John wants to have $40,000 in cash four years from now in order to pay for part of his mortgage on…

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Q: Jane Roznowski wants to invest some money now to buy a new tractor in the future. If she wants to…

A: Here we need to apply the concept of compound interest compounded monthly

Q: To help pay for Arthur's estimated $33,000 in college expenses, Ryann and Austin make a deposit into…

A: Let, Ptincipal(P)= Semi-annual deposit (R)= x Given, Amount (A)=$ 33000 Rate of interest (i)= 8%…

Q: when you retire in 15 years. If you can earn 3%

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

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Q: you want to retire with $1,500,000 in 40 years and can earn a rate of 10.8% with monthly…

A: We can find pmt using Excel .

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…