FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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How much must I deposit into an account every month to have $1,500,000 in 15 years at a rate of 7% compounded monthly?
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- How much must be deposited at the beginning of each month in an account that pays 6% compounded monthly, so that the account will contain $31,000.00 at the end of 7 years?The monthly payments are $arrow_forwardWhat amount must I deposit in the bank to receive $6,000 in twelve years if my account pays 3.5% compounded Monthly?arrow_forwardHOW MUCH MONEY SHOULD BE DEPOSITED TODAY IN AN ACCOUNT THAT EARNS 4% COMPOUNDED MONTHLY, SO THAT IT WILL ACCUMULATE TO 13000 IN THREE YEARS.arrow_forward
- You deposit $100 each month into an account that earns 3% annual interest, with interest compounded monthly.a) How much will you have in the account in 15 years?b) How much total money will you deposit into the account over the 15 years?c) How much total interest will you earn in the 15 years?arrow_forwardIf you want to have $7700 at the end of 9 years, how much money you need to deposit today into an account that pays 9.0% interest per year, compounded monthly?arrow_forwardYou deposit $470 each week into an account earning 2.3% interest compounded weekly. a) How much will you have in the account in 35 years? b) How much total money will you put into the account? c) How much total interest will you earn?arrow_forward
- How much would you need to deposit in an account now in order to have $4000 in the account in 5 years? Assume the account earns 7% interest compounded monthly.arrow_forward5. I have $5,000 and want to triple my money in 10 years. I am depositing money into my account every month. The bank pays me 1.2% APR with monthly compounding. How much should I deposit each month (starting from next month) into this account?arrow_forwardYou want $800,000 for retirement in 35 years your account earns 9% How much would you need to deposit into the account each month?arrow_forward
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