If you make monthly $500 deposits into your investment account paying 9.58% interest annually, how long will it take for your account value to be $100,000? (The beginning balance of the account is $0)
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If you make monthly $500 deposits into your investment account paying 9.58% interest annually, how long will it take for your account value to be $100,000? (The beginning balance of the account is $0)
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- 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.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.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?Suppose you deposit $1,500.00 into and account 7.00 years from today into an account that earns 14.00%. How much will the account be worth 14.00 years from today?You plan to deposit $500 in a bank account now and $600 at the end of the year. If the account earns7% interest per year, what will be the balance in the account right after you make the second deposit?
- You decide to invest $7,500 into an account that pays 1.1% annual compound interest. Write an equation for the balance of the account (B) after t years.You deposit $700 each month into an account earning 3% interest compounded monthly. a) How many months will you need to make deposits to reach a value of $40000 ? $ b) How much total money will you put into the account? $ c) How much total interest will you earn?Suppose you deposit $1,681.00 into an account today that earns 11.00% p.a. It will take years for the account to be worth $2,936.00.
- If you deposit $4,000 at the end of each year into an account which earns 10.3%, how many years will it take until your account is worth $1,000,000? (using a spreadsheet)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 ?Suppose you want to have $800,000 for retirement in 25 years. Your account earns 7% interest.a) How much would you need to deposit in the account each month?$b) How much interest will you earn?$