You wish to have $21,000 in 12 years. Use Table 11-2 to create a new table factor, and then find how much you should invest now (in $) at 6% interest, compounded quarterly in order to have $21,000, 12 years from now. (Round your answer to the nearest cent.

Q: A person donated OMR 6420 to a college with the provision that a scholarship is paid at the end of…

A: When the interest is compounded, then the formula used is A=P1+rnnt , where, A is the final amount,…

Q: Use Table 11-2 to solve the problem. Stuart Daniels estimates that he will need $23,000 to set up a…

A: The compound interest formula:A=P1+rnntP=initial principal investmentA=final amountr=interest rate…

Q: An amount of $43,000 is borrowed for 6 years at 6.5% interest, compounded annually. If the loan is…

A: Interest is compounded annually, therefore n=1

Q: A newborn child receives a $5,000 gift towards a college education from her grandparents. How much…

A: Given that  A newborn child receives a $5,000 gift towards a college education from her…

Q: An amount of $23,000 is borrowed for 14 years at 6.75% Interest, compounded annually. If the loan is…

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Q: If $4000 is deposited at the end of each half year in an account that earns 6.7% compounded…

A: According to the given information it is required to find the number of half years it will take so…

Q: f you $15,000 in an account with a 4.5% interest rate, compounded quarterly, how much money will you…

A: The formula for final Amount if compound interest calculated. A=P(1+rn)nt…

Q: A year-end bonus of $25,000 will generate how much money at the beginning of each month for the next…

A: Given that the year-end bonus is $25,000 that can be invested at 6.15% compounded monthly.

Q: How many years are required for your money to triple if it is invested at 9% compounded? a. annually…

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Q: If $1,000 is invested at 8% compounded (A) annually; (B) semiannually; (C) quarterly; (D) monthly;…

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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: Consider the provided question, Given Principal = $100,000 Time = 20 years Rate of interest = 5%

Q: A newborn child receives a $5,000 gift toward a college education from her grandparents. How much…

A:

Q: An amount of $25,000 is borrowed for 5 years at 4% interest, compounded annually. If the loan is…

A:

Q: If you invest $2000 at 6% compounded monthly, how long will it take the account to double in value?

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Q: A year-end bonus of $24,000 will generate how much money at the beginning of each month for the next…

A:

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: At age twenty six , Dick shoemaker desposited 2,000 into an IRA , where it earns 3% compounded…

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Q: An amount of $43,000 is borrowed for 7 years at 5% interest, compounded annually. If the loan is…

A:

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

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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: How much do we earn if we invest $1000 at 10% compounded annually for 10 years?  Round to the…

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Q: $3500 is deposited at the end of each quarter in an account that earns 4% compounded quarterly,…

A:

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: Tom deposits $25,000 in a savings deposit paying 5%, compounded monthly.  What amount would he have…

A: Given that ,principal amount that investedP=$25,000the rate of interest r=5%=5100=0.05time in…

Q: Stuart Daniels estimates that he will need $29,000 to set up a small business in 7 years. (a) How…

A: Here, Amount, A= 29,000 time, t=7 rate, r=0.08 compounded quarterly so, n=4

Q: Robin, who is self-employed, contributes $4500/year into a Keogh account. How much will he have in…

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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: 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: Abby and George are setting up a college fund for their newborn daughter and want to have $150,000…

A: Use compound interest formula

Q: (a) If $1,000 is irvested at 8% compounded (A) annually; (B) semiannually; (C) quarterly; (D)…

A:

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

A: Recent sales of some real estate and record profits makeit possible for a manufacturer to set a side…

Q: A year-end bonus of $27,000 will generate how much money at the beginning of each month for the next…

A: An annuity is an investment put in a certain amount of money each year or each month. there are two…

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

A:

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

A: given, principal (P)=$1       interest rate (R)=6%=6/100 =0.06      time (t)  = 300 years…

Q: Rowan invests $600 into an account with a 2.9% interest rate that is compounded quarterly. How much…

A: Given p=$600, r=2.9% (r=0.029), t=5 years  for compounded quarterly n=4

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

A: Given:  P=$1,000,000r=6.7%=0.067n=2t=12 year To determine: The amount that can be withdrawn from…

Q: How long will it take money to double if it is invested at  (A) 10% compounded  quarterly? (B)  8%…

A: (A) we knew the formula that  amount = principle1+rate of…

Q: (d) If found a bank that paid 6% interest compounded annually rather you than 5%, how much (in $)…

A: We will use compound interest formula and solve this.

Q: If you invest $1000 at 4.5% compounded monthly, how long will it take the account to get to $5000?…

A: Let it takes t time to get that amount  Use the compound interest formula Since it is compounded…

Q: If $1500 is deposited at the end of each quarter in an account that earns 3% compounded quarterly,…

A: Consider the formula for future value for annuity: F=P1+rn+1r Where,

Q: A year-end bonus of $24,000 will generate how much money at the beginning of each month for the next…

A: The present value of an annuity is given by  Present Value=PMT1−1+i−ni1+i For a year, n = 12. Since…

Q: A year-end bonus of $22,000 will generate how much money at the beginning of each month for the next…

A: The payment that has to be done at the beginning of each period is Annuity. In this problem, the…

Q: Suppose you are depositing an amount today in an account that earns 6.25% interest, compounded…

A: The details calculation is given below.

Q: Jerome will be buying a used car for ​$8,000 in 3 years. How much money should he ask his parents…

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Q: How much more will an investment of $10,000 be worth after 25 years if it earns 6% compounded…

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Q: How much monthly deposits must be made for 8 years and 6 months in order to accumulate P250,000 at…

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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,…

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

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…

Q: If $18,000 is invested at 6% compounded monthly, what is the amount after 5 years?

A: Answer to question 1. The principal amount is, P = $18,000. The interest rate is r = 6%. The number…