Assume that you want to have $ 3100 saved in a sinking fund in 1 year. The account pays 4.5% compounded monthly. What should be your monthly payments

Q: Determine the value of an account after 10 years if a principal amount of 11000 was deposited with…

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Q: Mark deposits $1000 at the end of every 6 months in his bank account. If the bank pays 6% compounded…

A: Given, Mark deposits $1000 at the end of every 6 months in his bank account. If the bank pays 6%…

Q: To save for retirement, you decide to deposit $1000 into an IRA at the end of each year for the next…

A: PMT = 1000N = 30 years Rate = 10%

Q: Find the cost of purchasing an annuity that pays $25,000 per year for 20 years. The interest rate is…

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Q: Kristy Joe deposits ​$110 each month in an ordinary annuity to save for a new car. If the annuity…

A: It is given that the Cash deposit per period is P = $110.Monthly interest rate is i = 1.03%. Time…

Q: Suppose you deposited ​$40 per month into a savings plan for 5 years and at the end of that period…

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Q: You want to be able to withdraw $50,000 from your account each year for 25 years after you retire.…

A: Given that, You want to be able to withdraw $50,000 from your account each year for 25 years after…

Q: A person pays $200,000 for a new house. A down payment of $70,000 leaves the mortgage of $130,000…

A: GivenDown payment =$70,000Mortgage p=$130,000Interest r=10% per year The monthly mortgage payment is…

Q: Suppose that Juanita borrows $500 for 6 months at the simple interest rate of 9% per annum. What is…

A: Given :- Suppose that Juanita borrows $500 for 6 months at the simple interest rate of 9% per annum.…

Q: Supposed to deposit $100 every six months into an account that pays 6% compounded semiannually. If…

A: Annuity formula is as below: here,d=100N=3 yearsr=6 %=0.06k=2

Q: John and Rosamond want to retire in 5 years and can save $170 every three months. They plan to…

A: The annuity formula is given by  A=m1+rnnt-1rn where r is the rate of interest  n is the number of…