A rich man deposits money at a bank with 17.17% interest compounded annually 7 years ago. After that, he uses this money as his retirement fund, receiving 103,832.11 pesos monthly 152 times at the start of each month. Find the amount of 7 years after the initial deposit.
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A rich man deposits money at a bank with 17.17% interest compounded annually 7 years ago. After that, he uses this money as his retirement fund, receiving 103,832.11 pesos monthly 152 times at the start of each month. Find the amount of 7 years after the initial deposit.
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- Imelda opens a savings account with $12,000, which pays an annual interest rate of 7.8%. If she reinvests the generated interest every month and also deposits $2,300 each month, how much will be in the account after 2 years? The interest is reinvested on the same day as the $2,300 deposit. Otions: 69177.89 71052.15 73548.61 70524.79A rich man deposits money at a bank with 18.00% interest compounded annually 20 years ago. After that, he uses this money as his retirement fund, receiving 50,000.00 pesos monthly 50 times at the start of each month. Find the total amount of money he got from the fund. OWN WORK PLEASE FOR UPVOTEA rich man deposits money at a bank with 11.28% interest compounded annually 5 years ago. After that, he uses this money as his retirement fund, receiving 53,921.93 pesos monthly 123 times. Find the total amount of money he received.OWN WORK PLEASE FOR UPVOTE
- Bill started saving for his retirement when he was 37. Each month he deposited $100.00 into an annuity that earns 3.2% compounded monthly. Assume the interest rate stays the same while the account is open. You may round your answers to the nearest cent. How much will be in the account when Bill turns 70? Future Value $ Of this future account balance, how much comes from Bill's deposits? Total Deposited $ How much interest, in total, will he earn? InterestUpon graduating from college 40 years ago, Dr. Nick Riviera was already planning for his retirement. Since then, he has made deposits into a retirement fund on a weekly basis in the amount of $25.Nick has just completed his final payment and is at last ready to retire. His retirement fund has earned 9 percent compounded weekly. Use five decimal places for the periodic interest rate in your calculations. a. How much has Nick accumulated in his retirement account? b. In addition to this, 10 years ago Nick received an inheritance check for $20,000 from his beloved uncle. He decided to deposit the entire amount into his retirement fund. What is his current balance in the fund?Jada deposited an amount of money in a bank 8 years ago. If the bank had been paying interest at the rate of 4%/year compounded daily (assume a 365-day year) and she has $21,000 on deposit today, what was her initial deposit? (Round your answer to the nearest cent.) $ Need Help? Talk to a Tutor
- Slick Sam has a special relationship with his banker. The nature of the relationship is as follows: • The bank owes Sam $100 per year forever. The 1st payment is due in 1 year. • The bank will borrow or lend money to Sam at a constant effective rate of i per year. Today, Sam calculated the present value of the payments that are due to him as X. Sam can receive his first 16 payments at the end of year 16 in a lump sum. If he does that, then the total value of the lump sum and future payments at the end of the sixteenth year is X + 2,000. Calculate X. A B с D E 3,330 3,350 3,400 3,450 3,500To prepare for his retirement in 13 years, Tekla deposited 10,000 in an account paying 9%. Nine years after, he deposited another 10,000. How much will be available at his retirement?* Find the simple interest earned in an account where 5,000 is on deposit from March 14, 2020 to your birthday next year at 5%. Write your birthday. Use all methods discussed.* For what rate it is possible for a deposit of 40,000 to earn 8,400 in simple interest if the money is to be left on deposit for 5½ years?* Find the principal necessary to earn 500 in simple interest if the money is to be left on deposit for 5 years and earns (A) 8.5%; (B) 8%; (c) 7.5%.* Michelle signs a note for 2,000 due in 9 months at 3%. Three months after the note is signed, the holder of the note sells it to Donita who charges 3.5%. How much does the holder receive?* Tekla owes 100 due in 5 months and 700 due in 9 months. What single payment in 6 months will discharge these obligations if the settlement is based on an interest…↑ A woman deposits $8000 at the end of each year for 13 years in an account paying 8% interest compounded annually. (a) Find the final amount she will have on deposit. (b) Her brother-in-law works in a bank that pays 7% compounded annually. If she deposits money in this bank instead of the other one, how much will she have in her account? (c) How much would she lose over 13 years by using her brother-in-law's bank? (a) She will have a total of $on deposit. (Simplify your answer. Round to the nearest cent as needed.) CUL
- Mrs. Quiton deposited Php 120,000.00 into a college fund at the beginning of every month for 10 years . The fund earns 9% annual interest , compounded monthly . She paid at the end of the month . How much is in the account right after the last deposit ? 1. What is the type of annuity illustrated in the given problem? A. Simple Annuity B. General Annuity C. Deferred Annuity D. Complex Annuity 2. Determine the present value of the deposit. A. Php 12,000.00 B. Php 30,000.00 C. Php 60,000.00 D. Php 75,000.00Ed wants to have $10, 000 in 5 years. He opens a savings account in a bank which pays 7.2% interest compounded monthly. He can either deposit a single lump sum or schedule monthly deposits. Find the amount Ed has to deposit as a single lump sum and the total interest earned. Find the amount of each monthly deposit Ed has to make and the total interest earned.Dick Eckel recently set up a TDA to save for his retirement. He arranged to have $120 taken out of each of his biweekly checks; it will earn 9-% interest. He just had his twenty-ninth birthday, and his ordinary annuity comes to term when he is 65. Find the following. (Round your answers to the nearest cent.) (a) The future value of the account $ x (b) Dick's total contribution to the account $ 112320 (c) The total interest $ x