Erika inherits $20,000, and decides to invest it in an account earning 6.25% interest, compounded semiannually. How much money will she have in that account if she leaves it in there for 10 years?
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Erika inherits $20,000, and decides to invest it in an account earning 6.25% interest, compounded semiannually. How much money will she have in that account if she leaves it in there for 10 years?
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- Bobbi opens an IRA account in which she deposits $3,000 per year until she retires in 50 years. If Bobbi earns 12% per year on that account, how much will she have accumulated at the end of the 50 years?Elif received a bonus of $100,000 at the age of 30 and she decides to invest this money to a savings account with the annual interest rate of 6.8%. At what age she should retire, so that she has $1,000,000 in her savings account when she is retired?Gina deposits her inheritance into an account earning interest of 4% compounded annually. She will not withdraw the money until the balance has doubled. How long will Gina have to leave the money in the account?
- jesse recieved $5,000 from his grandmother when he turned 18. if he invests it at 5.5%(12), how much will he have in the account at the end of four years?Tameshia deposits $5500 in her retirement account every year. If her account pays an average of 6% interest and she makes 38 deposits before she retires, how much money can she withdraw in 20 equal payments beginning one year after her last deposit?Destiny invests $20,000 today into a retirement account. She expects to earn 7 percent, compounded annually, on her money for the next 30 years. After that, she wants to be more conservative, so only expects to earn 4 percent, compounded annually. How much money will she have in her account when she retires 40 years from now, assuming this is the only deposit he makes into the account? O $225,359.94 O $152.245.10 O $377,605.04 $299,489.16 O None of the answers is correct
- Marcus receives an inheritance of $11,000. He decides to invest this money in a 15-year certificate of deposit (CD) that pays 6.0% interest compounded monthly. How much money will Marcus receive when he redeems the CD at the end of the 15 years? Marcus will receive (Round to the nearest cent.)Gabriela wants to withdraw $5,000 from her account at the end of 5 years, and $7,000 at the end of 6 years, leaving a zero balance after the second withdrawal. If she earns 8% a year on her balance, how much should she deposit today to reach her goal on those dates?A woman inherits $30,000 and decides to put it into a savings account that earns interest compounded monthly at an annual rate of 3%. After 4 years she decides to move the money in the savings account to a mutual fund that earns 10% compounded daily. If she leaves the money in this mutual fund how much will she have 13 years after the inheritance? Round your answer to the nearest cent.
- Millie has inherited $4500 and has the choice between two options to invest her money. The first option will compound the interest quarterly at 4.5%. She will be able to retrieve the money after six years. The second option will compound the interest continuously at 6%. She will be able to retrieve the money after four years. How much money will be in each account by the time she can retrieve it? Which would be the better option for her to use?Mary plans to make the following contributions to her retirement account: $10,000 for each of the next ten years, and $12,000 for each of the ten years after that. If her savings earn 5%, how much will she have at the end of the 20 years. Ignore taxes and assume that the contributions are made at the end of the year.Ashley invests $250 a month in her 401(k) retirement account, which earns an 8 percent annual return. After 35 years, how much money will she have in the account over and above the amounts she will contribute through the years?