Daniel deposits $20,000 into an account earning interest at 6% per year compounded quarterly. He wishes to withdraw $400 at the end of each month. For how many months can he make these withdrawals?
Q: Ar. Rosales deposits P75,000 at the end of each month in a bank which pays 9% compounded month ho…
A: Honor code: Since you have asked multiple questions, we will solve the first question for you. If…
Q: Sam Musso is planning to retire in 20 years. He can deposit money at 12% compounded quarterly. What…
A: The present value is the value of the sum received at time 0 or the current period. It is the value…
Q: Priscilla deposits $200 at the end of each month for seven years at 5% interest compounded monthly.…
A: Future Value = R [ (1+i)n - 1]i where, R = Monthly deposits n = Number of months i = Interest Rate…
Q: Joe plans to deposit $300 at the end of each month into a bank account for a period of 3 yr, after…
A: To solve this question we have to first find the future value of monthly annuity of $ 300 after…
Q: Jesse received a loan of $26,000 from the bank at 5.50% compounded monthly. If he had to repay $300…
A: First we need to find the total tenure of loan. Loan amount = PV of instalments PV = E(1-(1+r)-p)/r…
Q: Lauren plans to deposit $5000 into a bank account at the beginning of next month and $200/month into…
A: Future value is the amount accumulated on the deposit made along with interest earned on the…
Q: You deposit $4,500 per year at the end of each of the next 25 years into an account that pays 10…
A: Given information: Annual deposit amount is $4,500 Annual interest rate is 10% Number of years is 25…
Q: Timothy invests $5000 at 17% interest compounded daily for three years. How much does he have in the…
A: 17% interest compounded daily means the interest rate will be divided by 365 and n will be…
Q: Catelyn makes deposits of $1438 at the beginning of every 6 months into an account earning 6.86%…
A: The future value after 2 years can be calculated with the help of future value of annuity due…
Q: to attend school Sam deposits $130 at the end of every month for two and one half years.what is the…
A: Future Value of Ordinary Annuity refers to the concept that finds out the value of the sum of all…
Q: Lauren plans to deposit $5000 into a bank account at the beginning of next month and $150/month into…
A: Time value of money (TVM) refers to the method used to measure the amount of money at different…
Q: Andy borrowed P20,000 with interest at 4% compounded quarterly. He agreed to pay P1,500 at the end…
A: Given: Loan =P20,000 Interest rate = 4% compounded quarterly So, quarterly rate = 0.04/4 =1%…
Q: You deposit $23,000.00 in an account that pays 4% compounded annually and immediately start making…
A: In this question future value would also be find out so that payment per year can be find out.
Q: A man is planning to retire in 25 years. He wishes to deposit a regular amountevery three months…
A: Excel Spreadsheet: Excel Workings:
Q: Kim Baker invested $250 at the end of every 3-month period, for 5 years, at 8% interest compounded…
A: If money has been deposited in an account at the beginning of every period for a specified duration…
Q: Ron has made deposits of $80.00 into his savings account at the end of every three months for 10…
A: The compound interest is when the interest earned in a period is reinvested thereby earning more…
Q: Mark Welsch deposits $7,200 in an account that earns interest at an annual rate of 8%, compounded…
A:
Q: Diane invested $4500 in an account that pays an annual interest rate of 3.7%, compounded monthly.…
A: Amount in the account after one year= $ 4669.35 Effective rate of interest = 3.76%
Q: Suppose that Jacob would like to invest at the end of each month for the next 15 years into an…
A: Ordinary Annuity refers to series of equalized payments that are made at end of period for certain…
Q: If Jackson deposits $120 at the end of each month in a savings account earning interest at a rate of…
A: Saving Account is a type of financial service offered to general public by banks with limited…
Q: A man deposits $11,000 at the beginning of each year for 10 years in an account paying 5% compounded…
A: The process of compounding involves addition of additional interest into the amount that is already…
Q: Ahmed deposits in Alex Bank $25000 for 30 month at 8% per year, how much money will be owed at the…
A: Note: As per our guidelines, we can only answer one question at once. Please post other questions…
Q: An accountant wants to withdraw $30,000 from an investment at the beginning of each quarter for the…
A: Time value money is the concept widely used by the management and individual to determine the…
Q: Jovaira deposits ₱10,000 every 3 months in a time deposit account giving 7% interest rate compounded…
A: The amount at the end of 5 years can be computed with the help of future value of annuity
Q: Peter deposits $75 at the end of each quarter for 15 years into an account that pays 3.14%…
A: Given data; payment amount= $75 number of years = 15 annual rate = 3.14% compounding frequency = 4…
Q: Amy invested 5,300 pesos in an account that pays an annual interest rate of 3.4%, compounded daily.…
A: Future Value refers to the value of the current asset or investment or of cash flows at a specified…
Q: How much should Mang Juan deposit in his account every month to accumulate 1,000,000 in 15 years if…
A: Given information : Expected amount 1000000 Time period 15 Interest rate 7% Effective…
Q: A man is planning to retire in 20 years. He wishes to deposit a regular amount every three months…
A: Annual payments he will receive = $95000 Time period = 18 years Interest rate = 8% Compounding =…
Q: Sid has made deposits of 960 at the end of every 6 months for five years. If interest is 5%…
A: Semi annual deposit (P) = 960 Interest rate = 5% Semi annual interest rate (r) = (1+0.05)1/2-1…
Q: Sam Salverri is planning to retire in 15 years. Money can be deposited by 8% compounded quarterly.…
A: Convert 8% compounded quarterly to its equivalent interest rate for monthly interval. Here, 'R'…
Q: At the end of every 3 months, Sam deposits $150 into an account that pays 6% compounded quarterly.…
A: Investors invest in particular securities with an expectation of receiving some gains in future. The…
Q: Jason makes six end-of-year deposits of $2,000 each in a savings account paying 5% compounded…
A: Annual deposits = $2,000 Rate = 5% First calculate the future value of annuity at the and of 6…
Q: You agree to make 24 deposits of $500 at the beginning of each month into a bank account. At the end…
A: Data given:: No. of deposits = 24 Amount deposited at the beginning of each month = $500 FV= $12800…
Q: You deposit $27,000.00 in an account that pays 4% compounded annually and immediately start making…
A: Given:
Q: To prepare for an early retirement, a self-employed businessman makes deposits of $6200 at the begin…
A: Investment means engaging your funds to accumulate the required amount when needed. It follows the…
Q: Suppose you deposit $1,000 today in an account that pays 5% interest at the end of each year. If…
A: Here, Deposit Amount is $1,000 Interest Rate is 5%
Q: Cena deposits a certain amount of money into his family’s savings account at the beginning of each…
A: Future value = $ 100,000 Period = 4 Years Period in quarters = 4*4 = 16 Annual interest rate = 8%…
Q: On the first day of the year, a man deposits ₱1,000 in a bank at 8% per year compounded annually.…
A: future value = present value *(1+ rate) value at the end of 1st year = 1000 * 1.08 = 1080 amount…
Q: Erica deposits $1,400 at the end of every 3 months in an RRSP that is earning 6.90% compounded…
A: Using excel NPER Function
Q: Lauren plans to deposit $4000 into a bank account at the beginning of next month and $200/month into…
A: A lumpsum payment is made at the beginning of next month. Future value of this lumpsum at the end of…
Q: A man deposits 320 at the end of each three months in an account paying 6% converted quarterly. In…
A: No of deposits required can be calculated using the formula of the future value of annuity.
Q: ABC bank pays interest at the rate of 2% compounded quarterly. How much will Ken have in the bank at…
A: Periodic Payment = P 3,000 per month Interest Rate = 2% compounded Quarterly Time period = 5 Years
Q: Beatrice deposits $75 at the end of each month into an account earning 4.75% compounded monthly. How…
A: Compound interest refers to the interest accrued not only on principal amount but also on the…
Q: Sam Salverri is planning to retire in 15 years. Money can be deposited by 8% compounded quarterly.…
A: in this we have to calculate monthly interest rate and from that we can get required value.
Q: How much Alex must deposit annually if he wants to have $800,000 in 25 years by making equal annual…
A: Annual payments refers to the periodic payment which can be used for a variety of purposes like for…
Q: Demar won a prize of $45 000. He has decided to invest in an account paying 3.5% per annum,…
A: Annuity means finite no. of payments which are same in size and made in equal intervals. Person gets…
Daniel deposits $20,000 into an account earning interest at 6% per year compounded quarterly. He wishes to withdraw $400 at the end of each month. For how many months can he make these withdrawals?
Trending now
This is a popular solution!
Step by step
Solved in 3 steps with 2 images
- Joe plans to deposit $300 at the end of each month into a bank account for a period of 3 yr, after which he plans to deposit $400 at the end of each month into the same account for another 4 yr. If the bank pays interest at the rate of 8%/year compounded monthly, how much will Joe have in his account by the end of 7 yr? (Assume no withdrawals are made during the 7-yr period.)Daniel deposits $20,000 into an account earning interest at 6% per year compounded quarterly. He wishes to withdraw $400 at the end of each month. For how many months can he make these withdrawals? Round entry down to the nearest month. Please show all work! Thank you!!Suppose that Jacob would like to invest at the end of each month for the next 15 years into an account paying 6.72% compounded monthly in order to accumulate $10,000 at the end of that time? How much money must Jacob deposit into the account each month? How much interest will he have earned?
- Daniel deposits $20,000 into an account earning interest at 6% per year compounded monthly. He wishes to withdraw $1,200 at the end of each quarter. For how many quarters can he make these withdrawals?Bob wants to deposit $5000 into a bank account at the beginning of the next month and $200 per month into that same account at the end of that month and each subsequent month for the next 5 years. If the bank pays interest at the rate of 3% per year compounded monthly, how much will Bod have in his account at the end of 5 years? Assume that he makes no withdrawals during the 5 year period.If Jackson deposits 100 dollars at the beginning of each month in a savings account earning interest at the rate of 8%/year compounded monthly, how much will he have on deposit in his savings account at the end of 6 yr, assuming that he makes no withdraws during that period?
- Derek currently has $13, 229.00 in an account that pays 6.00%. He will withdraw $ 5,251.00 every other year beginning next year until he has taken 8.00 withdrawals. He will deposit $13229.0 every other year beginning two years from today until he has made 8.0 deposits. How much will be in the account 28.00 years from today?John deposits $1500 into a savings account earning simple interest at 2.19%annually. How much will he have in the account after 30 months?Cena deposits a certain amount of money into his family’s savings account at the beginning of each quarter for the next 4 years. He wishes to have $100,000.00 after 4 years. The interest rate is 8% compounded quarterly. How much does he need to deposit at the beginning of each quarter? Create an amortization table.
- If Jackson deposits $120 at the end of each month in a savings account earning interest at a rate of 3%/year compounded monthly, how much will he have on deposit in his savings account at the end of 6 years, assuming he makes no withdrawals during that period? (Round your answer to the nearest cent.)Billy plans to deposit $200 into a bank account at the end of every month. The bank account has an nominal interest rate of 8% and interest is compounded monthly. How much will Billy have in the account at the end of 2 1/2 years?Juan deposits $5,000 into a savings account that pays 7.2% per year, continuously compounded. What is the effective annual interest rate Determine the value of his account at the end of two years.
