Essentials Of Investments
11th Edition
ISBN: 9781260013924
Author: Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher: Mcgraw-hill Education,
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Depositing $1,000 in a 5 percent account at age 40 will give you $3387 at age 65. Please show formula to getting the answer of $3387
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- Y our great aunt put some money in an account for you on the day you were born. This account pays 8% interest per year. On your 21st birthday the account balance was $5033.83. Your Questions: 1) What is the amount of money that your great aunt originally put in the account? 2) What is the amount of money that would be in the account if you left the money there until your 65th birthday?arrow_forwardTom just won a lottery. he plans to create a money market certificate in a bank to prepare a down payment for a house $400,000. The down payment is 20% of the house price, and the current five-year APY is 3.25%. How much should you put in the money market certificate account to accumulate the down payment? Group of answer choices $340,886.41 $93,872.91 $469,334.56 $68,117.28arrow_forwardAt age 20, you begin depositing $50 each month into a savings account with an APR of 5% compounded monthly. At age 40, your employer begins to deposit $300 a month into an account with an APR of 6% compounded monthly. If you continue to make your $50 monthly deposits, what will your total nest egg be by 4. age 65?arrow_forward
- 3arrow_forwardNeed help with Case C & D and Chart thanks.arrow_forwardUse excel to calculate the total interest on a $ 731,242 loan for a small business making monthly payments with an interest rate of 4% over 20 years. Round your answer to the nearest hundredth and enter your answer as a positive number. Please help I do not have excelarrow_forward
- You start investing $43,000 annually and the bank provides you 7.20% interest in your account compounded annually. At what age should you start saving in order to reach your retirement goal of $1,210,000 at age 69 ?arrow_forwardplease dont provide aanswer in image format thank you At age 60, you want to start withdrawing $2,500 at the beginning of each month for25 years. You are now 25 years old.If your savings account earns 5.94% compounded annually, how much do you have to deposit into the account at the end of each month? calculations with BA11 plus calculatorsarrow_forwardYou estimate you'll need $100,000 per year for 25 years starting on your 65th birthday to live on during your retirement. Today is your 50th birthday and you want to make equal deposits into an account paying 9% interest per year, the first deposit today and the last deposit on your 64th birthday. How much must each deposit be? Group of answer choices $49, 380 $33, 455 $66, 909 $ 85, 840arrow_forward
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