Assume you want to have $4050 saved in a sinking fund in 1 year. The account pays 3.5% compounded monthly. What should be your monthly payments?
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- You want to invest $8,000 at an annual Interest rate of 8% that compounds annually for 12 years. Which table will help you determine the value of your account at the end of 12 years? A. future value of one dollar ($1) B. present value of one dollar ($1) C. future value of an ordinary annuity D. present value of an ordinary annuityAssume that you want to have $ 2900 saved in a sinking fund in 1 year. The account pays 5% compounded monthly. What should be your monthly payments? Monthly Payment =Suppose your savings account pays 6% interest compounded monthly. If you deposit $18,000 forfour years, how much will you have?
- Suppose you want to save $1,000,000 for a retirement fund in 35 years. You anticipate making regular, end-of-month deposits in an annuity that pays 9% compounded monthly. How much should you deposit each month? Use this formula: How much of the $1,000,000 retirement fund comes from deposits and how much comes from interest?Assume that you just deposited $1000 into a savings account that earns an interest rate of3% per year. How much will you be able to withdraw each year if you make your first annual withdrawal one year from today and your final withdrawal six years from today?Assume that you deposit RM700 in a savings account that pays 5% per year over 6 years. Your savings benefits from _____ as you leave the interest earnings in your account, and your interest earnings increases every year. Select one: a. compounding b. accumulating c. discounting d. aggregating
- You are going to make the following contributions into a savings account: Year 1: $0 (1 year from today) Year 2: $1000 Year 3: $1000 Year 4: $2000 Year 5: $0 Year 6: $0 The account will earn 7.23% in interest per year. How much will be in the account exactly 6 years from today? To nearest $0.01Assume you borrow $2000 now at 7% per year for 10 years and must repay the loan in equal yearly payments. Determine the symbols involved and their values.You put \$1,000$1,000 into a savings account today that offers a 5\%5% APR with semi-annual compounding (i.e., two times per year). What is the effective annual rate of the saving account?
- If you invest $1,000 in an account that pays an annual interest rate of 6.4%, compounded monthly, how long will it take for your money to double?Choose the appropriate formula type for answering the following question: Suppose you want to have $410,500 for retirement in 15 years. Your account earns 6.5% interest. How much would you need to deposit in the account each month? Annuity Compound Interest Loan/Payout AnnuitySuppose you put $ 600 a month for retirement into an annuity earning 7.5% compounded monthly. If you need $ 550000 to retire, in how many years will you be able to retire?
