James deposits $266.40 each month into an annuity account for his child's college fund in order to accumulate a future value of $80,000 in 18 years. How much of the $80,000 will James ultimately deposit in the account, and how much is interest earned? Round your answers to the nearest cent, if necessary.

James deposits $266.40 each month into an annuity account for his child's college fund in order to accumulate a future value of $80,000 in 18 years. How much of the $80,000 will James ultimately deposit in the account, and how much is interest earned? Round your answers to the nearest cent, if necessary.

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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Andrew deposits $306.06 each month into an annuity account for his child's college fund in order to accumulate a future value of $80,000 in 16 years. How much of the $80,000 will Andrew ultimately deposit in the account, and how much is interest earned? Round your answers to the nearest cent, if necessary.
James deposits $⁢768.51 each quarter into an annuity account for his child's college fund. He wishes to accumulate a future value of $⁢65,000 in 16 years. Assuming an APR of 3.4%, how much of the $⁢65,000 will James ultimately deposit in the account, and how much is interest earned? Round your answers to the nearest cent, if necessary. Amount James will deposit: $ Interest earned: $
Cyrus deposits $744.88 each quarter into an annuity account for his child's college fund. He wishes to accumulate a future value of $75,000 in 18 years. Assuming an APR of 3.6%, how much of the $75,000 will Cyrus ultimately deposit in the account, and how much is interest earned? Round your answers to the nearest cent, if necessary.
James deposits a fixed quarterly amount into an annuity account for his child's college fund. He wishes to accumulate a future value of $60,000 in 12 years. Assuming an APR of 3.3 % compounded quarterly, how much of the $60,000 will James ultimately deposit in the account, and how much is interest earned? Round your answers to the nearest cent, if necessary. PANE Formulas Keypad
James deposits a fixed quarterly amount into an annuity account for his child's college fund. He wishes to accumulate a future value of $⁢60,000 in 17 years. Assuming an APR of 3.7%, how much of the $⁢60,000 will James ultimately deposit in the account, and how much is interest earned? Round your answers to the nearest cent, if necessary.
Kevin deposits a fixed quarterly amount into an annuity account for his child's college fund. He wishes to accumulate a future value of $90,000$⁢90,000 in 1616 years. Assuming an APR of 3.7%3.7% compounded quarterly, how much of the $90,000$⁢90,000 will Kevin ultimately deposit in the account, and how much is interest earned? Round your answers to the nearest cent, if necessary.
Walter deposits S380.89 each month into an annuity account for his child's college fund in order to accumulate a future value of $90,000 in 15 years. How much of the $90,000 will Walter ultimately deposit in the account, and how much is interest earned? Round your answers to the nearest cent, if necessary. Formulas AnswerHow to enter your annwer fopens in new window Keypad Keyboard Shortcuts Amount Walter will deposit: S ev Ne Interest earned: $
Walter deposits a fixed quarterly amount into an annuity account for his child's college fund. He wishes to accumulate a future value of $⁢80,000 in 12 years. Assuming an APR of 3.7% compounded quarterly, how much of the $⁢80,000 will Walter ultimately deposit in the account, and how much is interest earned? Round your answers to the nearest cent, if necessary.
Willie deposits a fixed monthly amount into an annuity account for his child’s college fund. He wishes to accumulate a future value of $125,000 in 15 years. Assuming an APR of 3.5% how much money should Willie deposit monthly in order to reach his goal. How much of the $125,000 will Willie ultimately deposit in the account, and how much is interest earned?
Willie deposits a fixed monthly amount into an annuity account for his child's college fund. He wishes to accumulate a future value of $75,000 in 15 years. Assuming an APR of 3.5%, how much will Wilie deposit monthly to reach his goal? How much of the 75,000 will Willie ultimately deposit and how much is interest earned?
Dean Gooch is planning for his retirement, so he is setting up a payout annuity with his bank. He wishes to receive a payout of $1,500 per month for twenty-five years. (a) How much money must he deposit if his money earns 7.3% interest compounded monthly? (Round your answer to the nearest cent.) (b) Find the total amount that Dean will receive from his payout annuity.
Cyrus deposits a fixed monthly amount into an annuity account for his child's college fund. Hewishes to accumulate a future value of $95,000 in 18 years. Assuming an APR of 3.4% compoundedmonthly, how much of the $95,000 will Cyrus ultimately deposit in the account, and how much isinterest earned?

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