Daniel deposits $20,000 into an account earning interest at 6% per year compounded quarterly. He wishes to withdraw $400 at the end of each month. For how many months can he make these withdrawals?
Q: Ar. Rosales deposits P75,000 at the end of each month in a bank which pays 9% compounded month ho…
A: Honor code: Since you have asked multiple questions, we will solve the first question for you. If…
Q: Sam Musso is planning to retire in 20 years. He can deposit money at 12% compounded quarterly. What…
A: The present value is the value of the sum received at time 0 or the current period. It is the value…
Q: Priscilla deposits $200 at the end of each month for seven years at 5% interest compounded monthly.…
A: Future Value = R [ (1+i)n - 1]i where, R = Monthly deposits n = Number of months i = Interest Rate…
Q: Joe plans to deposit $300 at the end of each month into a bank account for a period of 3 yr, after…
A: To solve this question we have to first find the future value of monthly annuity of $ 300 after…
Q: Jesse received a loan of $26,000 from the bank at 5.50% compounded monthly. If he had to repay $300…
A: First we need to find the total tenure of loan. Loan amount = PV of instalments PV = E(1-(1+r)-p)/r…
Q: Lauren plans to deposit $5000 into a bank account at the beginning of next month and $200/month into…
A: Future value is the amount accumulated on the deposit made along with interest earned on the…
Q: You deposit $4,500 per year at the end of each of the next 25 years into an account that pays 10…
A: Given information: Annual deposit amount is $4,500 Annual interest rate is 10% Number of years is 25…
Q: Timothy invests $5000 at 17% interest compounded daily for three years. How much does he have in the…
A: 17% interest compounded daily means the interest rate will be divided by 365 and n will be…
Q: Catelyn makes deposits of $1438 at the beginning of every 6 months into an account earning 6.86%…
A: The future value after 2 years can be calculated with the help of future value of annuity due…
Q: to attend school Sam deposits $130 at the end of every month for two and one half years.what is the…
A: Future Value of Ordinary Annuity refers to the concept that finds out the value of the sum of all…
Q: Lauren plans to deposit $5000 into a bank account at the beginning of next month and $150/month into…
A: Time value of money (TVM) refers to the method used to measure the amount of money at different…
Q: Andy borrowed P20,000 with interest at 4% compounded quarterly. He agreed to pay P1,500 at the end…
A: Given: Loan =P20,000 Interest rate = 4% compounded quarterly So, quarterly rate = 0.04/4 =1%…
Q: You deposit $23,000.00 in an account that pays 4% compounded annually and immediately start making…
A: In this question future value would also be find out so that payment per year can be find out.
Q: A man is planning to retire in 25 years. He wishes to deposit a regular amountevery three months…
A: Excel Spreadsheet: Excel Workings:
Q: Kim Baker invested $250 at the end of every 3-month period, for 5 years, at 8% interest compounded…
A: If money has been deposited in an account at the beginning of every period for a specified duration…
Q: Ron has made deposits of $80.00 into his savings account at the end of every three months for 10…
A: The compound interest is when the interest earned in a period is reinvested thereby earning more…
Q: Mark Welsch deposits $7,200 in an account that earns interest at an annual rate of 8%, compounded…
A:
Q: Diane invested $4500 in an account that pays an annual interest rate of 3.7%, compounded monthly.…
A: Amount in the account after one year= $ 4669.35 Effective rate of interest = 3.76%
Q: Suppose that Jacob would like to invest at the end of each month for the next 15 years into an…
A: Ordinary Annuity refers to series of equalized payments that are made at end of period for certain…
Q: If Jackson deposits $120 at the end of each month in a savings account earning interest at a rate of…
A: Saving Account is a type of financial service offered to general public by banks with limited…
Q: A man deposits $11,000 at the beginning of each year for 10 years in an account paying 5% compounded…
A: The process of compounding involves addition of additional interest into the amount that is already…
Q: Ahmed deposits in Alex Bank $25000 for 30 month at 8% per year, how much money will be owed at the…
A: Note: As per our guidelines, we can only answer one question at once. Please post other questions…
Q: An accountant wants to withdraw $30,000 from an investment at the beginning of each quarter for the…
A: Time value money is the concept widely used by the management and individual to determine the…
Q: Jovaira deposits ₱10,000 every 3 months in a time deposit account giving 7% interest rate compounded…
A: The amount at the end of 5 years can be computed with the help of future value of annuity
Q: Peter deposits $75 at the end of each quarter for 15 years into an account that pays 3.14%…
A: Given data; payment amount= $75 number of years = 15 annual rate = 3.14% compounding frequency = 4…
Q: Amy invested 5,300 pesos in an account that pays an annual interest rate of 3.4%, compounded daily.…
A: Future Value refers to the value of the current asset or investment or of cash flows at a specified…
Q: How much should Mang Juan deposit in his account every month to accumulate 1,000,000 in 15 years if…
A: Given information : Expected amount 1000000 Time period 15 Interest rate 7% Effective…
Q: A man is planning to retire in 20 years. He wishes to deposit a regular amount every three months…
A: Annual payments he will receive = $95000 Time period = 18 years Interest rate = 8% Compounding =…
Q: Sid has made deposits of 960 at the end of every 6 months for five years. If interest is 5%…
A: Semi annual deposit (P) = 960 Interest rate = 5% Semi annual interest rate (r) = (1+0.05)1/2-1…
Q: Sam Salverri is planning to retire in 15 years. Money can be deposited by 8% compounded quarterly.…
A: Convert 8% compounded quarterly to its equivalent interest rate for monthly interval. Here, 'R'…
Q: At the end of every 3 months, Sam deposits $150 into an account that pays 6% compounded quarterly.…
A: Investors invest in particular securities with an expectation of receiving some gains in future. The…
Q: Jason makes six end-of-year deposits of $2,000 each in a savings account paying 5% compounded…
A: Annual deposits = $2,000 Rate = 5% First calculate the future value of annuity at the and of 6…
Q: You agree to make 24 deposits of $500 at the beginning of each month into a bank account. At the end…
A: Data given:: No. of deposits = 24 Amount deposited at the beginning of each month = $500 FV= $12800…
Q: You deposit $27,000.00 in an account that pays 4% compounded annually and immediately start making…
A: Given:
Q: To prepare for an early retirement, a self-employed businessman makes deposits of $6200 at the begin…
A: Investment means engaging your funds to accumulate the required amount when needed. It follows the…
Q: Suppose you deposit $1,000 today in an account that pays 5% interest at the end of each year. If…
A: Here, Deposit Amount is $1,000 Interest Rate is 5%
Q: Cena deposits a certain amount of money into his family’s savings account at the beginning of each…
A: Future value = $ 100,000 Period = 4 Years Period in quarters = 4*4 = 16 Annual interest rate = 8%…
Q: On the first day of the year, a man deposits ₱1,000 in a bank at 8% per year compounded annually.…
A: future value = present value *(1+ rate) value at the end of 1st year = 1000 * 1.08 = 1080 amount…
Q: Erica deposits $1,400 at the end of every 3 months in an RRSP that is earning 6.90% compounded…
A: Using excel NPER Function
Q: Lauren plans to deposit $4000 into a bank account at the beginning of next month and $200/month into…
A: A lumpsum payment is made at the beginning of next month. Future value of this lumpsum at the end of…
Q: A man deposits 320 at the end of each three months in an account paying 6% converted quarterly. In…
A: No of deposits required can be calculated using the formula of the future value of annuity.
Q: ABC bank pays interest at the rate of 2% compounded quarterly. How much will Ken have in the bank at…
A: Periodic Payment = P 3,000 per month Interest Rate = 2% compounded Quarterly Time period = 5 Years
Q: Beatrice deposits $75 at the end of each month into an account earning 4.75% compounded monthly. How…
A: Compound interest refers to the interest accrued not only on principal amount but also on the…
Q: Sam Salverri is planning to retire in 15 years. Money can be deposited by 8% compounded quarterly.…
A: in this we have to calculate monthly interest rate and from that we can get required value.
Q: How much Alex must deposit annually if he wants to have $800,000 in 25 years by making equal annual…
A: Annual payments refers to the periodic payment which can be used for a variety of purposes like for…
Q: Demar won a prize of $45 000. He has decided to invest in an account paying 3.5% per annum,…
A: Annuity means finite no. of payments which are same in size and made in equal intervals. Person gets…
Daniel deposits $20,000 into an account earning interest at 6% per year compounded quarterly. He wishes to withdraw $400 at the end of each month. For how many months can he make these withdrawals?
Trending now
This is a popular solution!
Step by step
Solved in 3 steps with 2 images
- Daniel deposits $20,000 into an account earning interest at 6% per year compounded quarterly. He wishes to withdraw $400 at the end of each month. For how many months can he make these withdrawals? Round entry down to the nearest month. Please show all work! Thank you!!Daniel deposits $20,000 into an account earning interest at 6% per year compounded monthly. He wishes to withdraw $1,200 at the end of each quarter. For how many quarters can he make these withdrawals?Joe plans to deposit $300 at the end of each month into a bank account for a period of 3 yr, after which he plans to deposit $400 at the end of each month into the same account for another 4 yr. If the bank pays interest at the rate of 8%/year compounded monthly, how much will Joe have in his account by the end of 7 yr? (Assume no withdrawals are made during the 7-yr period.)
- Suppose that Jacob would like to invest at the end of each month for the next 15 years into an account paying 6.72% compounded monthly in order to accumulate $10,000 at the end of that time? How much money must Jacob deposit into the account each month? How much interest will he have earned?Derek currently has $12,962.00 in an account that pays 5.00%. He will withdraw $5,837.00 every other year beginning next year until he has taken 8.00 withdrawals. He will deposit $12962.0 every other year beginning two years from today until he has made 8.0 deposits. How much will be in the account 29.00 years from today?Bob wants to deposit $5000 into a bank account at the beginning of the next month and $200 per month into that same account at the end of that month and each subsequent month for the next 5 years. If the bank pays interest at the rate of 3% per year compounded monthly, how much will Bod have in his account at the end of 5 years? Assume that he makes no withdrawals during the 5 year period.
- If Jackson deposits 100 dollars at the beginning of each month in a savings account earning interest at the rate of 8%/year compounded monthly, how much will he have on deposit in his savings account at the end of 6 yr, assuming that he makes no withdraws during that period?John deposits $1500 into a savings account earning simple interest at 2.19%annually. How much will he have in the account after 30 months?Cena deposits a certain amount of money into his family’s savings account at the beginning of each quarter for the next 4 years. He wishes to have $100,000.00 after 4 years. The interest rate is 8% compounded quarterly. How much does he need to deposit at the beginning of each quarter? Create an amortization table.
- Billy plans to deposit $200 into a bank account at the end of every month. The bank account has an nominal interest rate of 8% and interest is compounded monthly. How much will Billy have in the account at the end of 2 1/2 years?If Jackson deposits $120 at the end of each month in a savings account earning interest at a rate of 3%/year compounded monthly, how much will he have on deposit in his savings account at the end of 6 years, assuming he makes no withdrawals during that period? (Round your answer to the nearest cent.)Juan deposits $5,000 into a savings account that pays 7.2% per year, continuously compounded. What is the effective annual interest rate Determine the value of his account at the end of two years.