How much would you need to deposit in an account now in order to have $2000 in the account in 15 years? Assume the account earns 2% interest compounded annually. Round your answer to the nearest cent. (Note: this is a one-time deposit, not an annual deposit.)
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How much would you need to deposit in an account now in order to have $2000 in the account in 15 years? Assume the account earns 2% interest compounded annually. Round your answer to the nearest cent. (Note: this is a one-time deposit, not an annual deposit.)
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- You put $600 in the bank for 3 years at 15%. A. If Interest Is added at the end of the year, how much will you have in the bank after one year? Calculate the amount you will have in the bank at the end of year two and continue to calculate all the way to the end of the third year. B. Use the future value of $1 table In Appendix B and verify that your answer is correct.You put $250 in the bank for S years at 12%. A. If interest is added at the end of the year, how much will you have in the bank after one year? Calculate the amount you will have in the bank at the end of year two and continue to calculate all the way to the end of the fifth year. B. Use the future value of $1 table in Appendix B and verity that your answer is correct.Use the tables in Appendix B to answer the following questions. A. If you would like to accumulate $4,200 over the next 6 years when the interest rate is 8%, how much do you need to deposit in the account? B. If you place $8,700 in a savings account, how much will you have at the end of 12 years with an interest rate of 8%? C. You invest $2,000 per year, at the end of the year, for 20 years at 10% interest. How much will you have at the end of 20 years? D. You win the lottery and can either receive $500,000 as a lump sum or $60,000 per year for 20 years. Assuming you can earn 3% interest, which do you recommend and why?
- Use the tables in Appendix B to answer the following questions. A. If you would like to accumulate $2,500 over the next 4 years when the interest rate is 15%, how much do you need to deposit in the account? B. If you place $6,200 in a savings account, how much will you have at the end of 7 years with a 12% interest rate? C. You invest $8,000 per year for 10 years at 12% interest, how much will you have at the end of 10 years? D. You win the lottery and can either receive $750,000 as a lump sum or $50,000 per year for 20 years. Assuming you can earn 8% interest, which do you recommend and why?If you deposit $250 each month into an individual retirment account that earns 4.8% interest compounded monthly, a.) How much will you have in the account 30 years from now ? b.) What is the interest earned on the account ?If you deposit $250 into an account that earns 4.8% interest compounded monthly, How much will you have in the account 30 years from now ? What is the interest earned on the account ?
- How much would you need to deposit in an account right now in order to have $2,000 in the account in 10 years? Assuming that the account earns 2% interest compounded monthly.How much would you need to deposit in an account now in order to have $3,500.00 in the account in 20 years if the interest is:(a) 8.35% simple interest? (b) 8.35% compounded monthly?If you make quarterly deposits of $415.00 into an ordinary annuity earning an annual interest rate of 6.43%, how much will be in the account after 14 years? How much interest did you earn in those 14 years? How much is in the account after 14 years? How much interest was earned after 14 years? (Note: Your answer is a dollar amount and should include a dollar sign)
- How much would you have to deposit at the end of the year in an account that pays an interest rate of 7.6% compounded monthly, if at the end of 15 years you want $20,000 in the account? Use the TMV calculator to fill in the table.You have a bank deposit now worth $5000. How long will it take for your deposit to be worth more than $8000 if a. The account pays 5 percent actual interest every half-year and is com- pounded every half-year? b. The account pays 5 percent nominal interest, compounded semiannually?Compute the future value of a $1500 deposit, after eight years, in an account that pays an interest rate of 7% that compounds monthly. How much interest will be paid to this account?