Clyde is setting up a fund of $12,000 fund to purchase a brand new cellphone. If he deposits $800 in a bank every end of the month which pays an interest of 9% compounded monthly, how long will it take him to raise the desired amount?
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- Please answer using GUFSA method and please also use the formulas attached. 1. Mario would like to save P3,000 at the end of each month, for six months, in a fund that gives 9% interest compounded monthly: How much is the amount or future value of his savings after 6 months? 2. Gus purchased a laptop, and he would like to know the present value of his monthly payment of P3,000 when interest is 9% compounded monthly. How much is the present value of his payments at the end of 6 months? 3. Renato paid P200,000 as down payment for a car. The remaining amount is to be settled by paying P16,200 at the end of each month for 5 years. If interest is 10.5% compounded monthly what is the cash price of his car? 4. In order to save for her high school graduation, Mariglenn decided to save P200 at the end of each month. If the bank pays 0.250% compounded monthly how much will her money be at the end of 6 years? 5. The buyer of a car pays P169,000 cash and P12,000 every month for 5 years. If…Walter deposits S380.89 each month into an annuity account for his child's college fund in order to accumulate a future value of $90,000 in 15 years. How much of the $90,000 will Walter ultimately deposit in the account, and how much is interest earned? Round your answers to the nearest cent, if necessary. Formulas AnswerHow to enter your annwer fopens in new window Keypad Keyboard Shortcuts Amount Walter will deposit: S ev Ne Interest earned: $Hal wants to establish a savings fund from which a community organization could draw $890 a year for 20 years. If the account earns 2.5 percent annual interest, what amount does he have to deposit now to achieve this goal? Use Exhibit 1B-4. (Round time value factors to 3 decimal places and final answer to the nearest dollar amount. Omit the "$" sign in your response.) Amount to be deposited $
- Laura wants to accumulate $150,000 in her bank account by depositing $1000 at the beginning of each month. If interest on the account is 5% compounded quarterly, for how long does Laura have to deposit the money? Please include the cashflow diagram and what kind of annuity formula can we use on this question aside from the excel format?Aiden starts a retirement fund 10 years before retirement. He pays $100 per month into the annuity for 10 years with an interest rate of 5% per year compounded monthly. Find the value of Aiden's annuity at the time of retirement. Use a TVM solver to solve this problem. Fill in the information that you typed into the TVM solver. Round the final answer to two decimal places. 120 IN = I%= 5 PV = 0 PMT= -100 Final Answer: $ 17,537.13 FV = P/Y = C/Y = PMT: (End/Begin) End✔ alpha 12 12 X ✓ B✓Solve the following problems on a sheet of paper. What Have I Learned So Far? Solve the following problems on a sheet of paper. Your parents wanted to establish a travel fund that will provide them an annual traver 1. allowance of P250 000 for 10 years when they retire, How much should they invest in a trust fund that earns 4% interest compounded monthly if they are to retire in 5 years? 2. How much should a mother invest now for a long-term investment that offers 10% interest compounded monthly if she desires to provide her son a 5-year college fund of P120 000 annually, 6 years from now?
- 1. Car loan Planning to give his son a car as a gift when he graduated from college 2 years from now, Adam decided to set aside a fund to enable him to pay the expected monthly amortization of P 21,500.00 every month for 3 years. If a bank offers to pay an interest of 7.5% compounding monthly, how much should be set aside in order to achieve his plan? Sketch a time diagram or timeline for this problem(using simple annuity) A recent chemistry graduate starts a savings program, to eventually mount a small plant. In June 30, 2022 until December 31 2026, he deposit $ 300 in an investment fund that will pay j4 = 8%(convert every 3 months at 8%) until March 31, 2025 and from j4 = 6% (convert every 3 months at 6 %)onwards. In September 30 2027, he will take quarterly withdrawals of $ 500 . What will your account balance after the last withdraw at june 30 2019show working using both a financial calculator and spreadsheet. after, show answer rounded off to the nearest dollar. Sam is in discussion with you about saving for his retirement. You are to advise him on how much he should deposit annually to meet his retirement needs. Assume that he will deposit a fixed annual amount for the next 20 years into a retirement savings account, starting one year from now. Sam has a son who will be attending college and plans to make 5 withdrawals (starting one year after making his final deposit into the retirement account) of $35,000 each to pay for his annual tuition for the following 5 years. Commercial Banks will be paying 6 percent on such retirement accounts for the next 25 years. Kindly advise Sam on how much he should place in the account annually to cover his retirement needs.
- Cynthia wants to accumulate at least $40,000 by depositing $1,200 at the end of each month into a fund that earns interest at 5.75% compounded monthly. a. How many deposits does she need to make in order to reach her goal? Round to the next payment b. How long will it take Cynthia to reach her goal? year(s) month(s) Express the answer in years and months, rounded to the next payment periodStudy and illustrate the cash flow time diagram of the annuity being referred to by the following problem: a. Peter started to deposit P5,000 monthly in a fund that pays 1% compounded monthly. How much will be in the fund after 8 months? b. Ann's parents are planning for a house lease agreement. How much money will they prepare in a house that has 6% interest rate compounded annually in order to pay P30,000 semi-annually for 5 years?Garrett wants to accumulate at least $35,000 by depositing $1,500 at the end of each month into a fund that earns interest at 4.5% compounded monthly. a. How many deposits does she need to make in order to reach her goal? Round to the next payment b. How long will it take Garrett to reach her goal? o year(s) o month(s) Express the answer in years and months, rounded to the next payment period