Please show work and equations used. Joe makes 12 monthly deposits of X each during a year at the beginning of each month,into a fund earning 6% interest compounded monthly. The following year Joe makes nodeposits. He then continues to make monthly deposits of X +200 each at the beginningof each month during the third year. All these deposits accumulate to an amount thatis just sufficient to allow him to withdraw 1000 monthly for 2 years (24 withdrawals),with the first withdrawal two months after the last deposit. Find X.

Given information Monthly deposit =X interest rate compounded monthly =6% n=12 month Second year…

Answered: Joe makes 12 monthly deposits of X each…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Find the uniform annual amount that is equivalent to a uniform gradient series in which the first year's payment is $500, the second year's payment is $600, the third year's payment is $700, and so on, and there are a total of 20 payments. The annual interest rate is 8%. Click the icon to view the interest and annuity table for discrete compounding when i = 8% per year. The uniform annual amount is $ (Round to the nearest cent.)
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Bright Inc. will be receiving $5,500 at the end of every month for the next 3 years. If these payments were directly invested into a fund earning 5.50% compounded semi-annually, what would be the future value of the fund at the end of 3 years? Round to the nearest cent
A geometric gradient that increases at f= 5% per year for 15 years is shown in the accompanying diagram. The annual interest rate is 10%. What is the present equivalent value of this gradient? AClick the icon to view the diagram for geometric gradient values. Click the icon to view the interest and annuity table for discrete compounding when i= 5 % per year. Click the icon to view the interest and annuity table for discrete compounding when i= 10% per year. 4... The present equivalent value of the gradient is $ (Round to the nearest dollar.)
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