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?
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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?
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- If Jackson deposits $120 at the end of each month in a savings account earning interest at a rate of 6%/year compounded monthly, how much will he have on deposit in his savings account at the end of 5 yr, assuming he makes no withdrawals during that period? (Round your answer to the nearest cent.) $ Need Help? Master ItIf Jackson deposits $120 at the end of each month in a savings account earning interest at a rate of 2%/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.)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?
- 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?Derek will deposit $1,169.00 per year into an account starting today and ending in year 5.00. The account that earns 7.00%. How much will be in the account 5.0 years from today?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.
- At the end of each of the past 14 years, Vanessa deposited $450 in an account that earned 8% compounded annually. How much is in the account today? How much would be in the account if the deposits were made at the beginning of each year (PMT Type) than at the end of each year? (Use Future Value of an Annuity) Suppose your opportunity cost (interest rate/year) is 11% compounded annually. How much must you deposit in an account today if you want to pay yourself $230 at the end of each of the next 15 years? How much must you deposit if you want to pay yourself $230 at the beginning of each of the next 15 years? Bruce invested $1,250 (present value - enter as a negative number) 10 years ago. Today, the investment is worth $3,550 (future value). If interest is compounded annually, what annual rate of return did Bruce earn on his investment? (Use Solving for r - Rate of Return- on a Lump Sum) Mario wants to take a trip that costs $4,750 (future value), but currently he only has $2,260…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.)Peter deposits $500 at the end of every month for 3 years in a savings account. The account pays 12% interest, compounded monthly. Peter calculates that the future value of the ordinary annuity is $21,538.44. What would be the future value if deposits were made at the beginning of each period rather than the end? (Calculate the future value by formula)
- Find each future value of single deposit by using the future value of a single deposit formula. Timothy invests $5,000 at 17% interest compounded daily for three years.How much does he have in the account at the end of the three years?Peter makes a deposit at the end of every three months into a savings account that earns interest at 5.8% compounded annually. He saves for 19 years, and then converts his savings into an annuity that pays him $340 at the beginning of each month for 18.5 years at the same interest rate. What size of the deposit Peter makes while he is saving?Peter makes a deposit at the end of every three months into a savings account that earns interest at 5.8% compounded semi-annually. He saves for 7 years, and then converts his savings into an annuity that pays him $400 at the beginning of each month for 7.5 years at the same interest rate. What size of the deposit Peter makes while he is saving?