If I save up to go on a family vacation in five years and invest $2300 into account with an annual interest rate of 1.42% compounded quarterly how much do I make in five years?
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If I save up to go on a family vacation in five years and invest $2300 into account with an annual interest rate of 1.42% compounded quarterly how much do I make in five years?
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- You want to invest $8,000 at an annual Interest rate of 8% that compounds annually for 12 years. Which table will help you determine the value of your account at the end of 12 years? A. future value of one dollar ($1) B. present value of one dollar ($1) C. future value of an ordinary annuity D. present value of an ordinary annuityCalculating interest earned and future value of savings account. If you put 6,000 in a savings account that pays interest at the rate of 3 percent, compounded annually, how much will you have in five years? (Hint: Use the future value formula.) How much interest will you earn during the five years? If you put 6,000 each year into a savings account that pays interest at the rate of 4 percent a year, how much would you have after five years?How much money will you have available to you after five years if you put aside $100.00 a month in an account that gives you 6.75% interest compounding monthly?
- You would Ilike to have $59,000 in 5 years for the down payment on a new house following graduation by making deposits at the end of every three months in an annuity that pays 4.25% compounded quarterly. (a) How much should you deposit at the end of every three months? (b) How much of the $59,000 comes from deposits? (c) How much of the $59,000 comes from interest? (Round UP to the nearest dollar. For example, $247) OPensyrooo n 21 l 1e0 (6)' s 6Tei 0hcc doirdW (b)Saaviz wDi 26. 7 1 0 59.000 6 00Suppose that Jacob would like to invest at the end of each month for the next 15 years into an account paying 6.72% compounded monthly in order to accumulate $10,000 at the end of that time? How much money must Jacob deposit into the account each month? How much interest will he have earned?You would like to have $1,000,000 when you retire in 40 years. How much should you invest each quarter if you can earn a rate of 4.7% compounded quarterly?a) How much should you deposit each quarter?b) How much total money will you put into the account?c) How much total interest will you earn?
- If you desire to have $15,000 for a down payment for a house in six years, what amount would you need to deposit today? Assume that your money will earn 2 percent.You would like to have $550,000 when you retire in 40 years. How much should you invest each quarter if you can earn a rate of 6.4% compounded quarterly? a) How much should you deposit each quarter? b) How much total money will you put into the account? c) How much total interest will you earn?You would like to save $250,000 for retirement. If you are planning to retire 30 years from now, how much should you deposit each month into an account that pays 7.2% interest compounded monthly? What is the total interest earned?
- You would like to have $25,000 in 5 years for the down payment on a new house following college graduation by making deposits at the end of every three months in an annuity that pays 4.25% compounded quarterly. How much should you deposit at the end of every three months? How much of the $25,000 comes from deposits and how much comes from interest?By the end of five years, you want to save a down payment amount of $25,000 in order to purchase a vacation home. Assuming your savings account pays a 7% annual compounded interest rate, how much do you need to save annually for the next five years?You deposit $200 each month into an account earning 5% interest compounded monthly. How much will you have in the account in 20 years? How much total money will you put into the account? How much total interest will you earn?