You have $22,241.93 in a brokerage account, and you plan to deposit an additional $4,000 at the end of every future year until your account totals $220,000. You expect to earn 10% annually on the account. How many years will it take to reach your goal? Round your answer to the nearest whole number. years

Q: If your account earns 9% interest compounded monthly, how much will you need to deposit each month…

A: Present Value of Annuity: It represents the present value of a future stream of annuity cash flows.…

Q: Your friend plans to invest $1,000 per month into an account expected to have an effective annual…

A: Here, EAR is 6.2% Monthly payment (PMT) is $1,000 Required Amount (FV) is $100,000

Q: You need to accumulate $10,000. To do so, you plan to make deposits of $1,300 per year - with the…

A: Here we are given the following: future value (fv) = 10,000 periodic payment (or annuity i.e. P) =…

Q: You plan to put some money into an account so that for the next 4 years you can withdraw $912 from…

A: Present Value can be calculated using PV function in excel   PV (rate, nper, pmt, [Fv], [type])…

Q: If you deposit $9,000 in a bank account that pays 10% interest annually, how much will be in your…

A: Calculate the future value as follows: Future value = Amount * (1+ rate)^ years

Q: 2. You have $42,180.53 in a brokerage account, and you plan to deposit an additional $5,000 at the…

A: We will make use of the excel function NPER to get this answer. This function returns the number of…

Q: You expect to receive $3,200 upon your graduation and will invest your windfall at an interest rate…

A: Future Value = Present Value * (1+r)^n where,  r = rate of interest per period  i.e. 0.45% or say…

Q: You deposit $23,000.00 in an account that pays 4% compounded annually and immediately start making…

A: In this question future value would also be find out so that payment per year can be find out.

Q: If you deposit $6800 today in an account that pays 5.0% per year, compounded quarterly, how much…

A: A study that proves that the future worth of the money is lower than its current value due to…

Q: Assume you deposit $5,200 at the end of each year into an account paying 10 percent interest. a.…

A: deposit made at the end of each year = $5200                        interest rate annum     = 10%…

Q: IF you deposit $300 each quarter into an account earning 3.2% compunded quarterly, how many years…

A: Quarterly payment (PMT) is $300. Annual rate of return is 3.2% and Rate of return per quarter is…

Q: Suppose you invest $140 a month for 3 years into an account earning 8% compounded monthly. After 3…

A: Future value of ordinary annuity(cash flow due at the end of year) can be calculated by using this…

Q: You will deposit $2,000 per year for the next 10 years. Then, you will start drawing money out of…

A: Future value is the value of the present cash flows in future. Investor will deposit same equal…

Q: How many years will it take to reach your goal?

A: Year Opening Balance ($) Interest % Interest Amount ($) Additional Deposit ($) Balance at year end…

Q: An investment promises to pay into an account that pays you 6 percent annually, $151 per month for…

A: In this we have to calculate future value FACTOR and get future value.

Q: An investment promises to pay into an account that pays you 6 percent annually, $150 per month for…

A: In this question, first of all, we have to calculate the future value of the annuity in the next 20…

Q: TIME TO REACH A FINANCIAL GOAL You have $33,556.25 in a brokerage account, and you plan to deposit…

A: Given, Present value = $33556.25 Future value   = $220000 interest r         12/100 = 0.12% Years…

Q: Assume you deposit $5700 at the end of each year into an account paying 11.25 percent interest.…

A: Given: Deposit = $5,700 Interest rate = 11.25% Future value= ?

Q: An ambitious saver plans to deposit $1,000 in a bank account starting 1 quarter from now and wants…

A: Future value : Future value is the value of a current asset at a future date based on a projected…

Q: Suppose you invest $120 a month for 5 years into an account earning 9% compounded monthly. After 5…

A: Computation:

Q: You deposit $27,000.00 in an account that pays 4% compounded annually and immediately start making…

A: Given:

Q: You expect to receive $3,200 upon your graduation and will invest your windfall at an interest rate…

A: We need to calculate how much time it will take for $3,200 invested at 0.45% per quarter to become…

Q: CNB, Inc. will deposit $25,000 into a money market account at the end of each year for the next…

A: Compound Amount= A=P(1+r)nt   A= FInal amount P= Initial Investment r= interest rate t= No. of times…

Q: Aunt Tillie has deposited $33,000 today in an account which will earn 10 percent annually. She plans…

A: Hey, since there are multiple questions posted, we will answer the first question. If you want any…

Q: 0. You expect to earn 12% annually on the account. How many years will it take you to reach your goa

A: Information Provided: Present value = $40,000 Payment additional every year = $5000 Future value =…

Q: Determine the size of your investment account 23 years from now (when you plan to retire) if you…

A: Future value: It is the value of the current asset, depending on the assumed rate of the growth, at…

Q: You have set a goal to save ​$ 10000 in a savings account that earns interest at​ 2.54% compounded…

A: Annuity due are the payments which are made at the beginning of the period.

Q: You have just deposited $12,000 into an account that promises to pay you an annual interest rate of…

A: Calculate the future value at the end of the year 8 as follows: Future value = Present…

Q: A leading broker has advertised money multiplier certificates that will triple your money in nine…

A: future value is the value of a current asset at a future date based on growth rate and required rate…

Q: You have $29,307.61 in a brokerage account, and you plan to deposit an additional $4,000 at the end…

A: The number of years required to accomplish the goal can be find out by using the future value of…

Q: You plan to accumulate R450,000 over a period of 12 years by making equal annual deposits in an…

A: Annuity due is a type of annuity under which payment is deposit at starting of the each period and…

Q: Another client at ZBX Fin Planning currently has $95,000 in their retirement account that is…

A: Current Amount in account is $95,000 Deposits per month is $950 Interest rate is 10.56% APR…

Q: Suppose you invest $140 a month for 3 years into an account earning 8% compounded monthly. After 3…

A: The future value is the future worth of the amount that will be paid or received at future.

Q: You want to be able to withdraw $4500 from an account at the end of each 6-month period (that is,…

A: Using Excel PV function

Q: Mr. Gordon plans to invest $600 at the end of each month in an account that pays 12%, compounded…

A: a) An ordinary annuity may be a set of identical installments paid over an indicated sum of the time…

Q: You want to have 75000 in your savings account 12 years from now, and you’re prepared to make equal…

A: Given information: Amount at the end (Future value) 75000 Time Period (in years) 12 Interest…

Q: You need to accumulate $10,000. To do so, you plan to make deposits of $1,450 per year - with the…

A: Given: Interest rate = 7% = 0.07 Future value (FV) = $10000

Q: You want to be able to withdraw $30,000 each year for 25 years. Your account earns 8% interest…

A: Given: Yearly withdrawal (d) =$30,000 Rate of interest (r)= 8% = 0.08 Compounding frequency (k) = 1…

Q: You need to accumulate $10,000. To do so, you plan to make deposits of $1,450 per year - with the…

A: Future value of an annuity can be calculated as: = Annuity payment * FVAF (i%, n years)

Q: Your bank will pay you an interest rate of .097 percent per week. You want to have $22,000 in 10…

A: Given: Interest rate = 0.097% Future value = $22,000 Years = 10

Q: A person plans to make a series of equal quarterly deposits of $1,500 each into a savings account,…

A: Equal Quaterly deposits are of $1,500 Interest rate is 6.5% compounded daily Time period is 10 years…

Q: Six years from today you need $10,000. You plan to deposit $1,500 annually, with the first payment…

A: An annuity is the fixed payment that an investor receives from an investment or fixed deposits made…

Q: An investment promises to pay into an account that pays you 6%  annually, $150 per month for the…

A: In this question, first, we will calculate the future value of annuity after 22 years and then the…

Q: You expect to retire in 25 years. After you retire, you want to be able to withdraw $3000 dollars…

A: Present Value:  The present value is the value of cash flow stream or the fixed lump sum amount at…

Q: You have $23,067.36 in a brokerage account, and you plan to deposit an additional $6,000 at the end…

A: The computations as follows: Hence, it will take 14 years to reach your goal.