I need to save $5000 for building an emergency fund in 5 years. How much do I need to save every year to achieve my goal. Assume current interest rates are 5%
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- You decide to make monthly payments into a retirement fund earning 4.75% compounded monthly. Note: Payments are made at the end of each period.A schools parent council wants to setup up a scholarship fund. How much needs to be invested today so that a scholarship of $1000 can be awarded every year for the next 10 years. Interest on the fund is 7% and will be compounded annuallyA person is offered a gift of $5,000 now or $8,000 five years from now. If such funds could be expected to earn 8 % over the next 5 years, which is the better choice?
- Your company wants to create a scholarship program that will cost $17,000 dollars a year. They will begin annually starting one year from now. 1) What amount must be invested today at 8.5% compounded annually to fund the scholarship program in perpetuity?Suppose your client is 35 years old and has already saved $150,000 for retirement. How much does your client need to contribute to a fund each month for the next 25 years (first payment at the end of this month), to reach a retirement goal of 4,000,000, if the fund is expected to earn an effective annual rate of 12%?Your realized income is $2,085.44, and your fixed expenses are 30%. You want to save 6 months worth in an emergency fund. How much do you need to save?
- Your goal is to create a college fund for your child. Suppose you find a fund that offers an APR of 5%. How much should you deposit monthly to accumulate $85,000 in 15 years?If a donation of $100,000 is expected to pay out scholarships of $10,000 every year and the funds earn 7.5% compounded annually, how long will it be before the first annual payment can be made?A person sets up a sinking fund in order to have P100,000 after 10 years for his children’s college education. How much amount should be set aside after every 6 months into an account paying 5% per annum compounded half-yearly?
- Present value: Tracy Chapman is saving to buy a house in five years. She plans to put 20 percent down at that time, and she believes that she will need $35,000 for the down payment. If Tracy can invest in a fund that pays 9.25 percent annually, how much will she have to invest today? Please use Excel to solveYou want to create an endowment income of $35,000 per year for Oxtordshire Charity, but the Tirst payment will not be made until the 4th year's time. a. If you can earn a return of 8% APR on your investment, and if the payment is made on a monthly basis, calculate how much to invest now? $5,133,086.81 B. $4,133,086.81 $5,233,086.81 $4,233,086.81 $5,250,000.81Your retirement fund's balance is $50,000 right now. You want to retire in 30 years with $1,000,000. You add $6000 annually, but what interest rate do you need to earn in order to reach your goal? please calculate manually
