FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Transcribed Image Text:2. Elena's aunt bought her a $150 savings bond when she was born. When Elena is 20
years old, the bond will have earned 105% in interest. How much will the bond be
worth when Elena is 20 years old?
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- Melissa wants to retire with $45,000 per month.she needs $4,500,000 in principal at the time she retires in order to generate this amount of monthly income if the interest rate is 12%.If Melissa has 28 years before retirement and has $90,000 to invest today.What simple interest rate does she need to achieve the necessary amount of principal?arrow_forwardYour brother plans to start investing. He will invest $655 today; $1073 in 3 year and $1280 in 6 years. How much will he have in 14 years if he earns a 11.2% rate of interest? Answer:arrow_forwardWillie just bought a home and financed his purchase with a $1,000,000 6% 20- year mortgage. (a) What is Willie's monthly mortgage payment? (b) What will be the balance on Willie's mortgage after 12 years? 1. How did you get the monthly mortgage payment of $7,164.31? 2. How did you get the balance of $545,169.90 after 12 years?arrow_forward
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