A rich man deposits money at a bank with 8.66% interest compounded annually 13 years ago. After that, he uses this money as his retirement fund, receiving 89,132.55 pesos monthly 200 times at the start of each month. Find the money deposited. OWN WORK PLEASE FOR UPVOTE

Q: A young man saved his money every quarter for 5 years into his bank account. He deposits P2.000 per…

A: Quarterly deposit first 2 years = P 2000 Quarterly deposit next 3 years = P 4000 Annual interest…

Q: Lorna deposited $1,600, at the beginning of every six months for 10 years, in an account at her…

A: Future value is a value of an investment or asset on a specific date in the future based on growth…

Q: Michael Perez deposited a total of $3000 with two savings institutions. Bank A pays interest at the…

A: Total amount deposited = $3,000Bank ALet Amount deposited in Bank A be P.Annual interest rate = 6%…

Q: How long (in years) will it take for her investment to amount to $6,000?

A: Time value of money (TVM) means that the amount received in the present will have more value than…

Q: When Gerardo was born, his grandparents started a savings account for him with a beginning balance…

A: Interest earned:Interest gained is the income that gradually appears as a reward for the patience…

Q: You have just remembered that four years ago you placed $1,000 in a bank account. If the bank was…

A: PV x (1+r)n=FV

Q: A friend was left $50,000 by his uncle. He has decided to put it into a savings account for the next…

A: The effective annual rate of return is the actual rate of interest investment will generate after…

Q: A rich man deposits money at a bank with 11.28% interest compounded annually 5 years ago. After…

A: Total money received can be obtained by multiplying the total monthly payment multiplied by number…

Q: A self-employed person deposits $2,000 annually in a retirement account (called a Keogh or H.R. 10…

A: The value of current asset for the future date based on the growing interest will be known as the…

Q: Brain Hirt started business on January 1, 2000. Every year he plans to deposit Rs.2500 in his bank…

A: The present value is the value of the sum received at time 0 or the current period. It is the value…

Q: A year ago your Aunt Sheri deposited $ 1 comma 000 in a bank account. One year later, there was $ 1…

A: To find the Annual Percentage Rate (APR) compounded monthly, we can use the formula for compound…

Q: Michelle Payne deposited $4,000 in a savings account paying 6.25% simple interest. How long (in…

A: Calculation of Simple Interest The purpose to provide the interest for the loan is repayment with…

Q: Suppose 10 years ago your father deposited $ 25,000 in an account earning 4.6%. Every year you…

A: First step is to compute the future values of withdrawals staarting 9 yrs ago till today by applying…

Q: Howard is saving for a long holiday. He deposits a fixed amount every month in a bank account with…

A: Effective interest rate is 7.9% Future Value is $11,000 Time period is 5 years or 60 months To Find:…

Q: 5. A man decided to sell his farm and to deposit the fund in a bank. After computing the interest,…

A: In this, we have to calculate the present value of annuity today.

Q: What is Bianca's balance right after her last contribution?

A: Time value of money (TVM) refers to the method or technique which is used to measure the amount of…

Q: When Gerardo was born, his grandparents started a savings account for him with a beginning balance…

A: The objective of the question is to find out how much of the money in Gerardo's account was earned…

Q: Rajiv has a part-time job on the weekends. His net earnings for one month are shown. Pay Date Net…

A: Savings on April 01  is $142.40 Savings on April 08 is  $137.29 Savings on April 15 is $143.57…

Q: Current Attempt in Progress John and Patricia Garfield invested $7,600 in a savings account paying…

A: Future value is that amount which will be require to paid at some specified period of time. It…

Q: how much was in the account immediately after his 35th deposit if: a)the account earned annual…

A: The future value of an investment forecasts the expected value of an investment at a given future…

Q: Marwan just deposited $13,000 into his account at Bank Muscat. The bank will pay 2.3 percent…

A: Deposit amount (P) = $ 13000 Annual interest rate (R) = 2.3% Period (N) = 15 Years

Q: Michelle Payne deposited $16,000 in a savings account paying 6.25% simple interest. How long (in…

A: A method of computing interest amounts in which the compounding effect was not considered by the…

Q: A rich man deposits money at a bank with 17.17% interest compounded annually 7 years ago. After…

A: Present value is the equivalent value based on the time value of money today required based on…

Q: Sandy just received her annual bank statement. Exactly one year ago, she deposited $10,000 in a…

A: Future value is that amount which is received by the investor after a fixed period of time. If we…

Q: JACK plans to retire after 20 years. Deposit account in a bank for this He thinks to open it. The…

A: Retirement Time (N) = 20 years Interest rate = 12% p.a. Deposits every quarter End of quarter…

Q: Michelle Payne deposited $24,000 in a savings account paying 6.25% simple interest. How long (in…

A: Formula: FV=PV×1+rt

Q: Michelle Payne deposited $4,000 in a savings account paying 6.25% simple interest. How long (in…

A: The future value is the future worth of the amount that will be paid or received in the future.

Q: A woman deposits $8000 at the end of each year for 13 years in an acc (a) Find the final amount she…

A: Accrued amount refers to the compile sum of income, interest and all the desired expenses that needs…

Q: Suppose 27 years ago your father deposited $ 27992 in an account earning 9%. Every year you withdrew…

A: Amount in the account, 27 years ago = P = $ 27,992Period, T = 27 yearsAnnuity withdrawn at the end…

Q: Alan Hitchcock is 40 years old today and he wishes to accumulate $524,000 by his 65 th birthday so…

A: To calculate the annual deposit Alan must make, we can use the future value of an ordinary annuity…

Q: 1) Dave invests £500 in a building society account at the start of each year. The interest rate in…

A: Annual investment (C) = £500 Interest rate (r) = 0.072 Number of investments (n) = 12 Money in…

Q: You plan to retire 28 years later. Your account currently has $20,000 that you will leave aside for…

A: To solve this problem, we need to understand that it involves two parts: the growth of the initial…