9. Penny wants to save $2500 in one year. What amount must she save from each paycheque if she is paid bi- weekly? a. $104.17 b. $96.16 C. $48.08 d. $208.33
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- 25. Mary plans to retire in 15 years and would like to have $1,000,000 in her account. If the interest on her account is 5.9% compounded monthly, how much should she put into her account every month? A. $346.80 B. $3,467.97 C. $5,555,56 D. $2,033.586. Erika opened a savings account today and she immediately put $10,000 into it. She plans to contribute another $20,000 one year from now, and $50,000 two years from now. The savings account pays a 6 percent annual interest rate. If she makes no other deposits or withdrawals, how much will she have in the account 10 years from today? a.$ 8,246.00 b.$116,937.04 c$131,390.46 d.$164,592.62 e.$190,297.04 2/4Howard is saving for a long holiday. He deposits a fixed amount every month in a bank account with an EAR of 8.9%. If this account pays interest every month then how much should he save from each monthly paycheck in order to have $15,000 in the account in two years' time? A. $920 B. $460 C. $575 Your answer is correct. D. $805
- 44. Clara wants to go on a cruise in 5 years. She plans on putting $25 everyweek into an account that earns 2.4% interest, compounded weekly. Howmuch will she have?A. $1,592.02B. $7,287.32C. $6,904.39D. $6,921.95Howard is saving for a long holiday. He deposits a fixed amount every month in a bank account with an EAR of 7.9%. If this account pays interest every month then how much should he save from each monthly paycheck in order to have $11,000 in the account in five years' time? O A. $212 O B. $151 O C. $121 O D. $242How much money does Suzie need to have in her retirement savings account today if she wishes to withdraw $25,000 a year for 3 years? She expects to earn an average rate of return of 13 percent. A. $59,028.81 OB. $65,419.81 OC. $71,533.33 OD. $85,160.98 E. $87,391.34
- Suppose you receive $500 in graduation money. You decide to put it into an account paying 5%. If you deposit $175 into that same account every month for 7 years, how much money will you have at the end? $14,700.00 B $15,200.00 $16,195.49 $18,266.53 (E) $25,482.80Bob has saved $585 each month for the last 4 years to make a down payment on a house. The account earned aninterest rate of .44 percent per month. How much money is in Bob's account?Multiple ChoiceA. $29.833.38B. $28,080.00 C. $30,113.95D. $30,383.25E. $31,189.442. Suppose Miss Roxanne Davenport is 25 years old right now and puts away $1,800 per quarter in an account that returns 6% interest. a. How much will be in the account when she turns 65? b. What is her total contribution to the account? How much interest did she earn?
- 2.63. Louis Trichardt would like to save $15,000 to use as a down payment on a house. He will deposit $500 a month in a savings account that pays interest at the rate of 6% per year, compounded monthly. How long will it take him to accomplish his objective?Please help me answer the following time value of money question. Suppose Nicole deposits $50,000 in an account that pays 9% compounded annually. How long does it take before her balance is $125,000?A woman went to the Beneficial Loan Company and borrowed S10,000. She must pay S323.53 At the end of each month for the next 60 months. A. What is the Monthly Interest rate she is paying? What is the Nominal Interest rate? С. What is the Effective Interest rate? Make your cash flow diagram and solve. B.
