Benji wants to purchase a new car in 4 years. He plans on putting $8,000 down. He will be putting a sum away at the beginning of each month to accumulate this amount in an account paying 9% that compounds monthly. What payment will he have to make to reach his goal?
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Benji wants to purchase a new car in 4 years. He plans on putting $8,000 down. He will be putting a sum away at the beginning of each month to accumulate this amount in an account paying 9% that compounds monthly. What payment will he have to make to reach his goal?
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- Raya is saving for a new car. He needs to have OMR 21000 for the car in three years. How much will he have to invest today in an account paying 8 percent annually to achieve his targetJamal wants to save $55,000 for a down payment on a home. How much will he need to invest in an account with 8 APR, compounding daily, in order to reach his goal in 5 years?James wants to buy a car in 5 years. The car is expected to cost $30,000 at that time. How much money would James need to put as a single lump-sum amount today in a savings account earning 4% per year in order to accumulate that $30,000 in five years?
- Max wants to save $500,000 to give to the local clown college. Max decides he can afford to deposit $10000 each month into an account which pays 4% monthly. How many full deposits will Max need to make? a) What will be the size of the concluding deposit one month after the last full depositPhil graduates in 3.5 years and wants to buy a new car then. How much should he save now to have $3,600 for the down payment for the car by the time he graduates if he can invest it at 6% compounded monthly?Syariqul Haq is trying to save up for a big vacation. He plans to take a trip around Japan when he graduates in four years. If he can earn 8 percent return on investment semiannually, calculate the amount that he needs to deposit every year to have RM10,000 upon his graduation.
- Ryan has always dreamed of opening a cafe by the seaside. He decides he will save to help open the cafe by depositing money and in order ordinary annuity that earned 7.8% interest, compounded annually. Deposits will be made at the end of the year. How much money will he need to deposit into the annuity each year for the annuity to have a total value of $24,000 after 8 years?Danny is saving towards his vacation. He has determined that the total cost including airfare and accommodation will amount to $5,000. a. If he sets aside $400 per month from his salary, starting from the end of this month, in an account that pays interest of 9% per annum, will he have enough to make the trip at the end of the year? b. How much more will he have in the account if he made his first deposit of $400 today? What kind of annuity is this?Joe has an amount of money X that he would like to invest in some way. He has two options: He can invest the money in an account that pays an annual effective rate of interest of 9%. Joe would receive an interest payment at the end of each year and reinvest it in another account that pays an annual effective rate of interest of 6%. This will continue for 15 years. Joe can lend the money to his friend Ted, who will repay Joe with a series of 15 yearly payments. Each payment will be $100, and the first payment will occur in one year. Joe will reinvest these payments at an annual effective rate of interest of 6%. Joe notices that the amount of money that he will have at the end of 15 years is the same under either option. To the nearest dollar, what is the amount of money X? A $406.00 B $417.00 C $752.00 D $1,063.00 E $1,111.00
- Stephen plans to purchase a car 4 years from now. The car will cost $35,175 at that time. Assume that Stephen can earn 7.38 percent (compounded monthly) on his money. How much should he set aside today for the purchase? Round the answer to two decimal places.Syariqul Haq is trying to save up for a big vacation. He plans to take a trip around Japan when he graduates in four years. If he can earn 8% return on investment semiannually, calculate the amount that he needs to deposit every year to have RM10,000 upon his graduation.Todd can afford to pay $335 per month for the next 5 years in order to purchase a new car. The interest rate is 5.7 percent compounded monthly. What is the most he can afford to pay for a new car today?