In order to accumulate enough money for a down payment on a house, a couple deposits $631 per month into an account paying 3% compounded monthly. If payments are made at the end of each period, how much money would that account be in four years?

Q: Tracy wants to have $400,000 when she retires in 40 years' time. How much should she deposit at the…

A: Payment per period can be calculated using PMT function in excel.   PMT(rate, nper, pv, [fv],…

Q: To start a new business Beth deposits $1000 at the end of each six-month period in an account that…

A: Semi annual deposit (P) = $1000 Interest rate = 7% Semi annual interest rate (r) = 7%/2 = 3.50%…

Q: A woman went to the Beneficial Loan Company and borrowed $10,000. She must pay $323.53 at the end of…

A: Given information: Borrowed amount is $10,000 Monthly payment is $323.53 Number of periods is 60…

Q: Today, Tiffany is starting to save up for a downpayment on a house. Currently she has $635 in an…

A: Down payment refers to the initial sum that is extended towards the purchase of something for which…

Q: Priscilla deposits $200 at the end of each month for seven years into savings account earning 5%…

A: Future Value is the value of current investments at a certain future date at the assumed…

Q: Taylor Swift, a college student of USEP decides to get a student loan amounting to $4,000 with an…

A: Amortized Loan:  Amortized loan is a type of loan in which the borrower would pay periodic payments…

Q: jose has determine dhe need to have $800000 for retirment in 30 years. His account earns 6%…

A: Amount need to be deposited in the account each month can be calculated using the formula of future…

Q: n order to accumulate enough money for a down payment on a house, a couple deposits $769 per month…

A: using excel PV and FV function   =PV(rate,nper,pmt,[fv])  =FV(rate,nper,pmt,[pv]) Where, rate = rate…

Q: One month from​ now, Kelly will make her first monthly contribution of ​$250 to a​ Tax-Free…

A: Future value = $55,000Interest rate = 7% compounded annuallyMonthly contributions = $250

Q: Alice borrowed $8,000 from her grandmother to buy The interest rate being charged is 4.5% compounded…

A: The present value of annuity due refers to the current value of a series of future payments. The…

Q: Carol borrows $27,663 to help pay for expenses. The loan is for 7 years and carries an annual rate…

A: Amortization is a financial concept that refers to the gradual repayment of a debt, typically…

Q: In order to accumulate enough money for a down payment on a house, a couple deposits $600 per month…

A: Accumulated value refers to the method of time, the value of money that is helpful in…

Q: In order to accumulate enough money for a down payment on a​ house, a couple deposits $ 234 per…

A: Here, The future value is "FV". The periodic payments are "P". The interest rate is "r". The…

Q: how much should the couple withdraw each month? If the couple decides to withdraw $6,000 a month…

A: An Annuity is a series of payments of fixed amounts and at fixed intervals. These can be of two…

Q: A​ woman, with her​ employer's matching​ program, contribute ​$700 at the end of each month to her…

A: Monthly withdrawal refers to the amount that is withdrawn from the bank on the respective date of…

Q: In order to accumulate enough money for a down payment on a house, a couple deposits $321 per month…

A: The future value of an ordinary annuity is the value of a series of equal payments made at regular…

Q: Panpan purchased a car. She paid 250,000 as down payment, and 5,500 payable at the beginning of each…

A: Equivalent cash price refers to the equivalent present cost of the car at the time of purchase. It…

Q: A couple who borrow $60,000 for 15 years at 8.4%, compounded monthly, must make monthly payments of…

A: Loan is a value which is borrowed from external sources like banks and this amount is repaid later…

Q: on needs to save some money to buy her first car after she graduates. At the beginning of each…

A: A key idea in finance and investment research is the future value, which is used to assess the…

Q: How much will they have in this account at the end of 1 year?

A: Information Provided: Term = 1 year Interest rate = 24% compounded monthly Monthly deposit = $1000…

Q: Isabelle makes deposits of $365 monthly (at the end of each month) into an account that pays 1.5%…

A: Annuity refers to series of equalized payments that are either made at start or end of specific…

Q: A couple would like to accumulate $20,000 in 3 years as a down payment on a house, by making…

A: The objective of the question is to find out the amount of weekly deposit that the couple needs to…

Q: Sharon has  an account that starts at $5,800. She  add $100 to it each month. It earns 7.4%…

A: Present value is the estimation of the current value of future cash value which is likely to be…

Q: A couple plans to retire in 25 years. At that time, they would like to have enough money in an…

A: The objective of this question is to find out the present value of an annuity due, which is the…

Q: A young couple wishes to accumulate $35,000 at the end of four years so that they may make a down…

A: Given: Particulars Amount Future value (FV) 35000 Years (NPER) 4 Interest rate (rate) 6%

Q: In order to accumulate enough money for a down payment on a house, a couple deposits $244 per month…

A: Future value refers to the future worth of a present sum. Annuity refers to the periodic payment…

Q: A man deposits ​$19,000 at the beginning of each year for 9 years in an account paying 6​%…

A: Future value refers to the method of time-value of money used for calculating the value of the…

Q: Suppose a recent college graduate's first job allows her to deposit $250 at the end of each month in…

A: The monthly deposit is $250. Interest per months is (9% ÷ 12) = 0.75%. The formula to calculate…

Q: Helen is buying a $12,375 car with a $3,000 down payment, followed by 36 months of $325. The down…

A: Price of car = $ 12,375 down payment = $ 3000 number of payments = 36 monthly payment = $ 325…

Q: Rebecca borrowed $20 400 from her local credit union to pay for the upgrades in her kitchen. She…

A: Interest on borrowed funds refers to the additional amount charged by a lender for the privilege of…

Q: In order to accumulate enough money for a down payment on a house, a couple deposits $668 per month…

A:

Q: Cheska is saving for her dream cellphone. She deposits 2,000 pesos at the end of each month that…

A: Future Value refers to value of any current amount or flow of recurring payments at some future date…

Q: Mr. Joe pays $2068 a month for the loan he took from a bank. If the total payment period is 3 years…

A: Mr. Joe pays monthly loan = $2068 Total payment period = 3 years Interest rate per annum = 29%…

Q: A couple want to buy a house that costs $542 000. They pay a 20% deposit and borrow the rest of the…

A: House value = $542,000 Loan amount (P) = House value * (1 - Down payment) Loan amount (P) = $542,000…

Q: A couple plans to save for their child's college education. What principal must be deposited by the…

A: Here, we need to calculate the present value which needs to be deposited or kept aside by the couple…

Q: Ali deposits BD 2,500 in a savings account that pays interest at the rate of 5.5% per year,…

A: Amount is the sum of the initial principal amount and interest accumulated on it during the time…

Q: Can you please help me work this problem out in detail?   Carol is depositing $250 into an account…

A: The amount deposited every six months is $250. The total number of deposits in 5 years would be 10.…

Q: A woman, with her employer's matching program, contributes $300 at the end of each month to her…

A: Future value of the money is the amount of deposit done and the amount of compounded interest…

Q: How much should Timothy's dad invest into a savings account today, to be able to pay for Timothy's…

A: Solution:- When an equal amount is deposited each period at beginning of period, it is called…

Q: Juanita has $100 deducted from her paycheck at the end of each month and put into a savings account…

A: Monthly Payment (pmt) = $100Interest Rate (rate) = 11%Type of Interest Compounded = MonthlyTime…

Q: Hui deposits $800 at the end of every 3 months in an RRSP that is earning 5.10% compounded…

A: The nominal interest rate when compounded more than once in a year then it needs to be adjusted by…

Q: Mary wants to have $14000 for a trip to Mexico in five years. How much does she need to deposit at…

A: The future value of annuity would be considered the value accumulated in future with a view to…

Q: In 7 years Harry and Sally would like to have $20,000 for a down payment on a house. How much should…

A: A down payment seems to be a monetary payment made at the start of a purchase deal. It is frequently…

Retirement Income

Retirement income is the income received by the retiring person after retirement. Income can either be paid every month or paid annually. The retiree would get a guaranteed income until their death. Retirement income payment differs from person to person based on their investment type and payment method. Some are paid on a lump-sum basis and some are paid in a regular series with fixed payment or variable cash flow. Retirement income can be created from retirement savings, investment, salary, bonus, and wages from employment. Every working individual should plan their retirement income according to their income goals for the future. The plan should be made by identifying suitable income sources, estimating future expenses, applying a savings plan, and managing risk and assets. The most common age for retirement is between 60-65 years.