A man wishes to have 280,000.00 when he retires 15 years from now. If he can expect to receive 4% annual interest, how much the set aside in each of 15 equal annual beginning of year deposits?

Q: Henry would like to have a retirement income of $3,000 per month (month-end payments). How much must…

A: The present value of annuity refers to the current value of a series of future cash flows or…

Q: You have just made your first $5461 contribution to your retirement account. Assume you earn a…

A: Simple interest is the amount of interest earned on saving or investing some particular amount. This…

Q: UVW will invest £1, 600 per quarter for her retirement at 3% compounding quarterly for 32 years. She…

A: Present value refers to the discounting of the future cash flow. The current value of the future…

Q: Assume that you contribute $150 per month to a retirement plan for 20 years. Then you can increase…

A: Future value refers to the value an investment or cash flow is expected to grow to at a specific…

Q: Starting on the day he retires, Bob wants to receive payments of $10,000 at the beginning of each…

A: Present value of the amount is the worth of that amount in current times that is expected to be…

Q: Suppose that Jerry's 401(k) will have an average APR of 8% for 40 years. Assume both he and his…

A: Investments made by investors earn returns in the form of interest. The accumulated value of the…

Q: Carla Lopez deposits $2,500 a year into her retirement account. If these funds have an average…

A: Future value of Annuity cash flows = A x [(1+i)^t -1] / iwhereA = Periodic cash flow = $2,500 per…

Q: Starling wants to retire with $2, 110,000 in his retirement account exactly 41 years from today. He…

A: The FV of an investment refers to the cumulative worth of the investment's cash flows at a future…

Q: I want 800000 for retirement in 25 years. How much would she need to deposit into the account each…

A: Future value (FV) = 800,000 Period = 25 Years Number of monthly deposits (n) = 25*12 = 300 Interest…

Q: Your brother has offered to give you either $60,000 today or $120,000 in 10 years. If the interest…

A: When an amount is receivable, every person will choose to receive higher amount. So, in the given…

Q: 5. A man wishes to have P 35,000.00 when he retires 15 years from now. If he can expect to receive…

A: Time Value of Money :— According to this concept, value of money in present day is greater than the…

Q: A man is planning to retire in 20 years Money can be deposited at 6% interest compounded monthly,…

A: For this we need to calculate compounded annually rate, i=(1+(r/m))^(m/q)-1 =(1+(0.06/12))^(12/1)-1…

Q: You plan to make your first $6,470 contribution to your individual retirement account in 2 years.…

A: Future value refers to the value of a current asset at some future date affected by interest rate,…

Q: When Jasmine retires she has $950,000 in a retirement account that earns 6% annual interest,…

A: Using PMT function in excel

Q: Suppose that Jacob would like to invest at the end of each month for the next 15 years into an…

A: Ordinary Annuity refers to series of equalized payments that are made at end of period for certain…

Q: Ginger Rogers deposits $3,000 a year into her retirement account. If these funds have an average…

A: The future value function or concept can be used to determine the future value of a present sum or…

Q: An engineer plans to deposit $3000 at the end of each year into a retirement account that pays 4%…

A: FV =P x [(1+r)n - 1] / rWhere: FV = Future value P = Amount deposited each year r = Interest rate…

Q: A woman who is now 28 years old invests $40,000 in a retirement account. What interest rate,…

A: Using time value of money formulae to calculate rate of interest

Q: Edgar wants to have $600,000 in his retirement account in thirty years.if he begins with a single…

A: Paying someone or something, or being compensated, is an event or a procedure.

Q: At the end of this year, you intent to contribute $5000 to your retirement account. You are…

A: This is a case of growing annuity. An annuity refers to a stream of cash flows occurring repeatedly…

Q: ) I will invest P15,000 per quarter for my retirement at 7.3% compounding quarterly for 10 years. I…

A: The future value of the annuity is the future worth of a cash flow series at a certain rate of…

Q: if i invest $8000 in a retirement account with 6% interest, and its compounded quarterly, how long…

A: Present value is the estimation of the current value of future cash value which is likely to be…

Q: Kenneth decides to put away an amount of R400,00 for 15 years, at the end of every month, towards a…

A: The present value of the annuity can be calculated using PV Function in excel. PV (rate, nper, pmt,…

Q: What should be the balance in a Registered Retirement Income Fund (RRIF) that will provide $3,000 at…

A: PV is the present value of the annuity,PMT is the payment made at each period (in this case,…

Q: % on your retirement savings. What would be the annual contribution required in order to achieve a…

A: Future value of investment is the amount of deposit done and amount of interest accumulated over the…

Q: Assume that you contribute $300 per month to a retirement plan for 15 years. Then you are able to…

A: An annuity is a way of fulfilling our future goals by investing a fixed amount for a fixed interval…

Q: Carla Lopez deposits $5, 200 a year into her retirement account. If these funds have an average…

A: Annual deposit=$5200Period=n=40 yearsInterest rate=r=6%Calculate future value.

Q: l invest $500 per month at the end of each month for my retirement at 7.3% compounding monthly for…

A: The given problem can be solved using FV function in excel. FV function computes amount required in…

Q: Andrew would like a retirement income of $3,000 per month (beginning of month payments) for 19 years…

A: Retirement income is $3000 per month Time period is 19 Years Interest rate is 3.6%

Q: andez wishes to have $368,765 in a retirement account 15 years from now. What payment would Noime…

A: There is need of proper planning for the retirement and proper planning lead to have good money on…

Q: I am 25 years of age.

A: Current age is 25. After 4 years, individual starts depositing on monthly basis. Deposits are made…

Q: A man is planning to retire in 20 years. He wishes to deposit a regular amount every three months…

A: Annual payments he will receive = $95000 Time period = 18 years  Interest rate = 8% Compounding =…

Q: Arthur is deciding to make end-of-year deposits of P1,200 per year. What rate of return would enable…

A: A rate of return can be defined as the net gain or net loss on an investment over a specified period…

Q: An employee wants to retire and receive P 5 000 a month. She wants to pass this monthly payment to…

A: Here, Monthly payments = P 5,000  Interest rate = 8% compounded annually To Find: Present value of…

Q: A person deposits an amount of 500 dinars on the tenth day of each month of the year 2020, and if…

A: Annuity means finite no. of payments which are same in size and made in equal time intervals. Person…

Q: Annie would like a retirement income of $4,000 per month (beginning of month payments) for 23 years…

A: Given:

Cost of Credit

The cost of credit is an extra amount that the borrower has to pay besides the loan amount. These credit charges may vary from loan to loan. The cost of credit includes interest charges, maintenance charges, and arrangement charges. Some of the costs are mandatorily collected by the lender based on the loan amount and tenure of the loan. The cost of credit is also called finance charges of the credit.