Michelle Payne deposited $16,000 in a savings account paying 6.25% simple interest. How long (in years) will it take for her investment to amount to $28,000? years Need Help? Read It
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- Lily has an account that pays 3.48% simple interest per year and wants to accumulate $4,000 in interest from it over the next 12 years. How much money should Lily invest in this account to meet her goal? (Use I = Prt) a. $2,000.00 b. $1.670,40 $9.578.54 d. $6,030.27Michelle Payne deposited $4,000 in a savings account paying 6.25% simple interest. How long (in years) will it take for her investment to amount to $7,000? 1 X yearsPlease help me answer the following time value of money question. Chuck deposited $25 in an account that pays 4.25%, how much will be in his account in 15 years? 45 years? 110 years?
- You discover a savings account belonging to your great-grandmother. It has been earning 1¾% annually for 50 years. The balance is $35,712. How much money did your great-grandmother originally put in the account, to the nearest dollar? (Round your answer to the nearest whole dollar amount.)Solve the following problems on a sheet of paper. What Have I Learned So Far? Solve the following problems on a sheet of paper. Your parents wanted to establish a travel fund that will provide them an annual traver 1. allowance of P250 000 for 10 years when they retire, How much should they invest in a trust fund that earns 4% interest compounded monthly if they are to retire in 5 years? 2. How much should a mother invest now for a long-term investment that offers 10% interest compounded monthly if she desires to provide her son a 5-year college fund of P120 000 annually, 6 years from now?i 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 2/4
- 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?Amy Jolly deposited $2 000 in a savings account. The annual rate is 10 per cent compounded semi-annually. How many years will it take for her money to grow to $2 680.20? Show workingA man wants to set up a 529 college savings account for his granddaughter. How much would he need to deposit each year into the account in order to have $80,000 saved up for when she goes to college in 15 years, assuming the account earns a 8% annual return. Annual deposit:
- I need Question 4,5 and 6 Joanna has $1,500 to put into one of two savings accounts. The first pays 5.6% simple interest each year. The second pays 4.8% annual interest compounded monthly. Use a TVM Solver is necessary. Write an equation to model the balance of the first account after any number of years (t). 2. How much money will she have after 15 years in the first account? 3.How many years until Joanna would have $3,500 in the first account? 4. Write an equation to model the balance of the second account after any number of years (t). 5.How much money will she have after 15 years in the second account? 6.How many years until Joanna would have $3,500 in the second account? 7.Which account would you recommend for Joanna? Explain your answer.Amy Jolly deposited $2 000 in a savings account. The annual rate is 10 per cent compounded semi-annually. How many years will it take for her money to grow to $2 680.20? Bridget invested $5 000 in a growth mutual fund and in ten years her investment had grown to $15 529.24. What annual rate of return did Bridget earn over this ten-year period.Scott wants to accumulate $2,500 over a period of 7 years so that a cash payment can be made for roof maintenance on his summer cottage. To have this amount when it is needed, he will make annual deposits at theend of each year into a savings account that earns 8% annual interest per year. How much must each annual deposit be? a. $244 b. $259 c. $280 d. $357.