In Problems 51, 52, 53, and 54, calculate the time necessary to achieve an investment goal. Give your answer to the nearest day. Use a 365-day year.   $1,000 at 8% simple interest; deposit $750

Q: 1) Lucy invests $6500 at 3.2% p.a. interest compounded annually. Find the value of her investment…

A: Direectly use the formula for compound interest

Q: A bank offers a CD that pays a simple interest rate of 8%. How much must you put in this CD now in…

A: The percentage is a ratio expressed as a fraction of 100. The percentage is denoted by the symbol %.…

Q: A proposed income tax charges 10% on a person's income up to $25,000 and then 20% on income above…

A: Income tax charges are 10% for income upto $ 25000. Hence, 25000 < 60000 Therefore, income tax…

Q: What lump sum of money must be deposited into a bank account at the present time so that ​$6,600 per…

A: Given that $6,600 per year can be withdrawn for 7  years, with the first withdrawal to start four…

Q: Suppose that at the beginning of Year 1 you invested $10,000 in the Stivers mutual fund and $5,000…

A: Given data: Year Stivers Trippi 1 $10,900 $5,700 2 $11,600 $6,400 3 $12,900 $6,900 4…

Q: A stock is expected to pay $1.10 per share every year indefinitely and the equity cost of capital…

A: To find the price an investor is expected to pay per share ten years in the future, we can use the…

Q: Jesaki Bank offers a 10-year CD that earns 2.3% compounded continuously.

A: The answer is in the explanation.Explanation:A=P⋅e^(r⋅t)Where:A is the amount of money accumulated…

Q: Parents wish to have $140,000 available for a​ child's education. If the child is now 3 years​ old,…

A: Step 1:We have to calculate the amount that should be set aside. It means we have to calculate the…

Q: Parents wish to have $80,000 available for a​ child's education. If the child is now 8 years​ old,…

A: Given information, Target amount (A) = $80,000Annual interest rate (r) = 7% or 0.07Compounding…

Q: An car depreciates (decreases in value) by 20% of its value from the previous year. If the car was…

A: Price of the car is decreases by 20% for every year. Therefore r=20% Price of car is $40,000…

Q: Determine if the following situation is an investment or a loan.   If the following is an…

A: Given that Eve has decided to deposit $250 at the end of each month into an annuity with a 3.25%…

Q: Suppose you own a mutual fund that has 10,238,011 shares outstanding. If its total assets are…

A: Number of outstanding shares = 10,238,011Total assets = $38,475,020Liabilities = $12,214,495 Formula…

Q: Suppose you borrow $500 from a payday loan company and you agree to pay back $550 in three months.…

A: Suppose you borrow $500 from a payday loan company and you agree top ay back $550 in three months.…

Q: Consider an investment of $1,500 for four years at 3.75% simple interest. a. Find the amount of…

A:

Q: Suppose $1687 are deposited in an account paying 8% annual interest for 12 years. If $5061 had been…

A: Given, Principal = p =  $ 1687  Rate of interest = r =  8 % Time period = n = 12 years

Q: 2. To save for college, parents invest $12,000 for their newborn child in a mutual fund that should…

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Q: Calculate the time necessary to achieve an investment goal. Give your answer to the nearest day. Use…

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Q: A personal account earmarked as a retirement supplement contains $292,200. Suppose $250,000 is used…

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Q: A personal account earmarked as a retirement supplement contains $292,100. Suppose $250,000 is used…

A: Introduction: The formula of the present value is given by, P=PMT1-11+rnr Where P is the present…

Q: A personal account earmarked as a retirement supplement contains $242,100. Suppose $200,000 is used…

A: Let A be the amount  used to establish annuity R is the amount paid at the end of each quarter r be…

Q: A person wishes to have $15,000 cash for a new car 5 years from now. How much should be placed in an…

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