9. How much money should a company deposit in an account with a nominal rate of 7% compoundedmonthly to have $100,000 for a certain piece of machinery in five years?

Answered: 9. How much money should a company…

Calculus: Early Transcendentals

8th Edition

ISBN:9781285741550

Author:James Stewart

Publisher:James Stewart

Chapter1: Functions And Models

Section: Chapter Questions

Problem 1RCC: (a) What is a function? What are its domain and range? (b) What is the graph of a function? (c) How...

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10. A sinking fund needs to be $10,000 after 5 years. The fund has an annual interest rate of 3%, compounded once a month. How much should I deposit per month?
3. Clarissa saved RM17,500 in a bank account which offers an interest rate of 6.3% compounded monthly. After 4 years and 7 months, she withdrew RM7,500 from the same account to buy a new refrigerator. No use excel. What is the total amount in her account at the end of 5 years and 5 months after the withdrawal?
12. What lump sum should be deposited in an account that will earn 9% compounded quarterly to grow to $1.2 million for retirement in 25 years?
3. An account that pays 1.6% compounded monthly has $1,000 deposited every month. Find the value of the account at the end of the year.
9. In order to have P1 million in a fund at the end of 15 years, how much must be deposited in the fund every quarter if money can be invested at 10.5% compounded quarterly?
11. What lump sum do parents need to deposit in an account earning 10% compounded monthly so that it will grow to $80,000 for their son's college fund in 18 years?
5. At the end of 6 years, after being charged interest at 0.8% per year, compounded weekly, Cliff had to pay back $7973.67 on a loan. How much did Cliff borrow? How much interest did he pay?
2. How much must you deposit today into an account with quarterly compounding interest and an APR of 6% in order to have $30,000 in 10 years for a down payment on a house? Assume no additional deposits are made. How much of the money saved is interest?
1. What will be the accumulated value of $15,575 invested at 8.25% interest, compounded semiannually, for 12 years? What is the total amount of interest earned?
3. Sheren makes quarterly payments of $750 into an account that pays 7% per year, compounded quarterly. How much money will be in her account in 5 years? a. $17 252.22 b. $15 861.08 c. $17 776.20 d. $17 776.21
2. What investment would have to be made today into an account which earns interest at a rate of3.3%a compounded semi-annually, so that$3600will be accumulated at the end of seven years?
7) A student wants to save $20,000 in 5 years. What principal must be invested now if the account is paying interest at a rate of 3% compounded monthly? Round to the nearest cents.

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9. How much money should a company deposit in an account with a nominal rate of 7% compounded monthly to have $100,000 for a certain piece of machinery in five years?