Carol wants to invest money in an investment account paying 8% interest compounding semi-annually. Carol would like the account to have a balance of $58,000 three years from now. How much must Carol deposit to accomplish her goal?
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Carol wants to invest money in an investment account paying 8% interest compounding semi-annually. Carol would like the account to have a balance of $58,000 three years from now. How much must Carol deposit to accomplish her goal?
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- Frances plans to save money for a down payment on a house using an investment account that pays an interest rate of 5.3% per year. She wants to have $425, 000 available five years from today. Frances intends to deposit an amount today and at the end of each of the next five years into her investment account (i. e. she will make a total of six deposits, all of the same amount). How much will each of these deposits be? (Enter your answer to two decimal places)Charlotte wishes to accumulate $100,000 in a savings account in 10 years. If she wishes to make a single deposit today and the bank pays 4% compounded annually on deposits of this size, how much should Charlotte deposit in the account?A man wants to set up a 529 college savings account for his granddaughter. How much would he need to deposit each year into the account in order to have $80,000 saved up for when she goes to college in 15 years, assuming the account earns a 8% annual return. Annual deposit:
- Karen wants to have $22,011 in her investment account in 6 years. If her bank offers an annual compound interest rate of 2% with monthly compounding, how much should she deposit today?Carol wants to invest money in an investment account paying 10% interest compounding semi-annually. Carol would like the account to have a balance of $53,000 three years from now. How much must Carol deposit to accomplish her goal? Note: Use tables, Excel, or a financial calculator. Round your final answer to the nearest whole dollar. (FV of $1, PV of $1, FVA of $1, and PVA of $1).Cheryl is setting up a payout annuity with her bank. She wants to receive a payout of $1200 per month for 20 years. A. How much will she have to deposit if she earns 8% interest compounde monthly? B. What's the total she will receive from her payout annuity?
- Tanja wants to establish an account that will supplement her retirement income beginning 25 years from now. Find the lump sum she must deposit today so that $600,000 will be available at time of retirement, if the interest rate is 6%, compounded quarterly. How much must Tanja invest? P=$ (Round to the nearest cent as needed.)Mrs Sam has deposited $ 18,000 in a bank at the rate of 7% per annum. Find out how much she will receive after 12 years? Also comment on what effect will she get on her initial deposit if the rate is changing to 10% if she still willing to receive the same sum after 12 years.Ms. Boatright wants to withdraw $2000 from an account at the end of year 1, $4000 at the end of year 2, $5000 at the end of year 3, and $4,000 at the end of year 4. If she earns an interest rate of 8%, how much money will she need to deposit today to fully fund these withdrawals? How much money will be in her account after she makes the second withdrawal?
- Abby Ellen wants to attend Ithaca College. She will need $75,000 6 years from today. Assume Abby's bank pays 6% interest compounded semi-annually. What must Abby deposit today to have $75,000 in 6 years?Karen wants to have $22,559 in her investment account in 5 years. If her bank offers an annual compound interest rate of 1.2% with monthly compounding, how much should she deposit today? Round your answer to the nearest dollar.Sarah opens an investment account with an initial deposit of $1900. She then sets up monthly deposits of $120 to the account. If the account earns 2% interest compounded monthly, how much money will she have in the account in 8 years?
