Seamus has made deposits of $84 into his savings account at the end of every month for 20 years. if interest is 11% per annum compounded semi annually and he leaves the accumulated balance for another 5 years what would be the balance in his account then
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Seamus has made deposits of $84 into his savings account at the end of every month for 20 years. if interest is 11% per annum compounded semi annually and he leaves the accumulated balance for another 5 years what would be the balance in his account then
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- Seamus has made deposits of $97.00 into his savings account at the end of every three months for 10 years. If interest is 8 % per annum compounded monthly and he leaves the accumulated balance for another 2 years, what would be the balance in his account then?Ron has made deposits of $80.00 into his savings account at the end of every three months for 10 years. If interest is 12% per annum compounded semi-annually and he leaves the accumulated balance for another 4 years, what would be the balance in his account then?Kolby has made deposits of $140.00 into his savings account at the end of every three months for 20 years. If interest is 9% per annum compounded semi-annually and he leaves the accumulated balance for another 3 years, what would be the balance in his account then?
- 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?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?Louis is saving for his retirement by making annual end of year deposits for 30 years into a bank account that pays interest at a nominal rate of 8% compounded quarterly. For the first 10 years the deposits are level at $5000 each year. After the 10 th year, each deposit is 3% more than the year before. A) Give an actuarial expression for the account balance after the final deposit is made ? B) What is the account balance after the final deposit is made ?
- At the end of each of the past 14 years, Vanessa deposited $450 in an account that earned 8% compounded annually. How much is in the account today? How much would be in the account if the deposits were made at the beginning of each year (PMT Type) than at the end of each year? (Use Future Value of an Annuity) Suppose your opportunity cost (interest rate/year) is 11% compounded annually. How much must you deposit in an account today if you want to pay yourself $230 at the end of each of the next 15 years? How much must you deposit if you want to pay yourself $230 at the beginning of each of the next 15 years? Bruce invested $1,250 (present value - enter as a negative number) 10 years ago. Today, the investment is worth $3,550 (future value). If interest is compounded annually, what annual rate of return did Bruce earn on his investment? (Use Solving for r - Rate of Return- on a Lump Sum) Mario wants to take a trip that costs $4,750 (future value), but currently he only has $2,260…At the end of each of the past 14 years, Vanessa deposited $450 in an account that earned 8% compounded annually. How much is in the account today? How much would be in the account if the deposits were made at the beginning of each year (PMT Type) than at the end of each year? (Use Future Value of an AnnuityJoe opens an investment account with an initial deposit of $200. He then sets up monthly deposits of $50 to the account. If the account earns 5.25% interest compounded monthly, how much money will he have in the account in 6 years?
- 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.John already has $50,429 in his savings account. He plans to make contributions of $1,658.65 at the end of every six months, until he reaches $73,400. The interest rate is 2.13% compounded quarterly. a) In how many years and months will he reach his goal? Round up to the next month. P/Y = N = He will reach his goal in A year(s) and A month(s). b) After John reaches $73,400, he wants to withdraw $600 at the start of each month. For how many years and months can he make the withdrawals? Round up to the next month. P/Y = A N = A He will withdraw for A A/ year(s) and A/ month(s).Starting at age 25, you deposit $2,000 a year into an IRA account. Treat the yearly deposits into the account as a continuous income stream. If money in the account earns 5%, compounded continuously, how much will be in the account 40 years later, when you retire at age 65? How much of the final amount is interest?