Use the savings plan formula to answer the following question. You put $300 per month in an investment plan that pays an APR of 3.5%. How much money will you have after 19 years? Compare this amount to the total deposits made over the time period.
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- 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?You have been depositing money into an account yearly based on the following investment amounts, rates and times. What is the value of that Investment account at the end of that period?Use the savings plan formula to answer the following question. You put $300 per month in an investment plan that pays an APR of 2.5%. How much money will you have after 17 years? Compare this amount to the total deposits made over the time period. After 17 years the investment plan will contain blank ? The total deposits made over the time period is?
- In this project, you will use a graphing calculator to compare savings plans. For instance, suppose you are depositing $1000 in a savings account and are given the following options: 4 • 6.2% annual interest rate, compounded annually 6.1% annual interest rate, compounded quarterly 6.0% annual interest rate, compounded continuously •Use the savings plan formula to answer the following question:. Suppose you find a fund that offers an APR of 5%. How much should you deposit monthly to accumulate $82000 in 17 years?1. If you receive $176 each month for 12 months and the discount rate is 0.04, what is the future value? (show the process and can use financial calculator)
- Use the present value and future value tables 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? $fill in the blank 1 B. If you place $6,100 in a savings account, how much will you have at the end of 7 years with a 12% interest rate? $fill in the blank 2 C. You invest $7,000 per year for 9 years at 12% interest, how much will you have at the end of 9 years? $fill in the blank 3 D. You win the lottery and can either receive $760,000 as a lump sum or $40,000 per year for 19 years. Assuming you can earn 8% interest, which do you recommend and why?Use the present value and future value tables to answer the following questions. A. If you would like to accumulate $2,600 over the next 5 years when the interest rate is 15%, how much do you need to deposit in the account? $fill in the blank 1 B. If you place $6,300 in a savings account, how much will you have at the end of 7 years with a 12% interest rate? $fill in the blank 2 C. You invest $7,000 per year for 11 years at 12% interest, how much will you have at the end of 11 years? $fill in the blank 3 D. You win the lottery and can either receive $740,000 as a lump sum or $50,000 per year for 20 years. Assuming you can earn 8% interest, which do you recommend and why? Take the lump sum $740,000 because it is more money.Suppose you have estimated that you will need $2,500 per month in your retirement to meet your expenses and live comfortably, and that you have found or chosen a fund (account) which pays monthly interest 4% APR . What principal, or balance, will your account need to maintain in order to be able to pay you this amount each month? Round/take your answer to the nearest cent.
- You are planning to save $1.5 million for retirement over the next 34 years. (a) If you are earning interest at the rate of 7% and you live 24 years after retirement, what annual level of living expenses will those savings support? (b) Suppose your retirement living expenses will increase at an annual rate of 2% due to inflation. Determine the annual spending plan for the first year of retirement in line with your inflation. Click the icon to view the interest factors for discrete compounding when i = 2% per year. Click the icon to view the interest factors for discrete compounding when i = 7% per year. (a) The annual level of living expenses is $ 1030 (Round to the nearest dollar.)Use the present value and future value tables 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 6 years with a 12% Interest rate? C. You Invest $9,000 per year for 9 years at 12% Interest, how much will you have at the end of 9 years? D. You win the lottery and can either recelve $750,000 as a lump sum or $60,000 per year for 20 years. Assuming you can earn 8% Interest, which do you recommend and why? Take the lump sum $750,000 because it is more money. ✓Choose the appropriate formula type for answering the following question: Suppose you want to have $410,500 for retirement in 15 years. Your account earns 6.5% interest. How much would you need to deposit in the account each month? Annuity Compound Interest Loan/Payout Annuity