A grandmother left a will to her grandson an amount of P25,000 and was deposited in a bank with a time deposit rate of 8% compounded quarterly. The grandson will receive that money when it reaches P45,000. When will he receive that money?
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- A grandmother left a will to her grandson an amount of P25,000 and was deposited in a bank with a time deposit rate of 8% compounded quarterly. The grandson will receive that money when it reaches P45,000. When will he receive that money?
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- Minnie owns a qualified annuity that cost 78,000. The annuity is to pay Minnie 650 per month for life after she reaches age 65. Minnie turns 65 on September 28, 2019, and receives her first payment on November 1, 2019. a. How much gross income does Minnie have from the annuity payments she receives in 2019? b. Shortly after receiving her payment on October 1, 2034, Minnie is killed in an automobile accident. How does the executor of Minnies estate account for the annuity on her return for the year 2034? c. Assume that the accident does not occur until November 1, 2043. How does the executor of Minnies estate account for the annuity on her 2043 return?On the day his son was born, a father deposited to a trust company a sufficient amount of money so that his son could receive money in the future. There was a provision that the son can withdraw an amount of P10,000 each year for 3 years starting on his 13th birthday and P16,600 ten months after the last withdrawal. The interest rate is 6% compounded monthly. What is the effective interest rate? How much did the father deposit? How much money can he receive on his 13th birthday, if he decided to withdraw all the money at once?On the day his son was born, a father deposited to a trust company a sufficient amount of money so that his son could receive money in the future. There was a provision that the son can withdraw an amount of P10,000 each year for 3 years starting on his 18th birthday and P15,000 eight months after the last withdrawal. The interest rate is 5% compounded monthly. 1. What is the effective interest rate? 2. How much did the father deposit? 3. How much money can he receive on his 18th birthday, if he decided to withdraw all the money at once?
- A girl inherits $30,000.00 under the rules of a will, with the condition that her guardian maintain the money in trust until it reaches $60,000.00. If the money is invested at 8% compounded quarterly, when will the girl get it?Your grandmother left you an inheritance in the form of a trust. The trust agreement states that you are to receive R2 500 on the first day of each year, starting immediately and continuing for fifty years. What is the value of this inheritance today if the applicable discount rate is 6,20%? a. b. d. R66 811,30 R40 706,92 R39 942,42 R49 942,42A mother wants to insure the education of his son. On the 7th birthday of the son, he invest in a fund the amount of P 200,000.00 earning at 6.5% interest rate compounded monthly; on the 10th birthday another P 200,000.00 at an interest rate of 7.3% compounded monthly: on the 15th birthday another sum of money at 8% compounded monthly. If on the 18th birthday the son have a total withdrawable amount of P1.3M, how much is the 3rd investment?
- On the day his son was born, a father deposited to a trust company a sufficient amount of money so that his son could receive money in the future. There was a provision that the son can withdraw an amount of P10,000 each year for 3 years starting on his 18th birthday and P15,000 eight months after the last withdrawal. The interest rate is 5% compounded monthly. How much money can he receive on his 18th birthday, if he decided to withdraw all the money at once?At the time of her grandsons birth, a grandmother deposits 8,000 in an account that pays 2% compounded monthly. What will be the value of the account after the child’s 21st birthday, assuming that no other deposits or either are made during this periodToday is a Tamara's 25th birthday, she decided to deposited a 14500 at a rate of 12% per annum to her personal account. If she increases his deposit by 10% each year until the 30th birthday, find the present worth of her money. (2 decimal places only, rounded off) Amount -
- 6. By the conditions of a will, the sum of P25,000 is left to a girl to be held in trust by her guardian until it amounts to P45,000. When will the girl receive the money if the fund is invested at 8% compounded quarterly? Ans, 7.42 years 7. At a certain interest rate compounded semiannually, P5,000 will amount to P20.000 after 10 years. What is the amount at the end of 15 years? Ans. P40.029.72By the condition of a will, the sum of P 20,000 is left to a girl to be held in trust fund by her guardian until it amounts to P 50,000. When will the girl receive the money, if the fund is to be invested at 8% compounded quarterly?If Mr. X wants to retire at an age of 56 and he wants to accumulate in his bank account at that time TK 1,00,00,000 at the end of 56th year what amount should be deposited each year on a semiannual basis in the bank account to gain that money if the bank gives a rate of 8% on deposits? He is 25 year old now