Kai Chang made a $2,200 deposit in her savings account on her 21st birthday, and she has made another $2,200 deposit or birthday since then. Her account earns 8 percent compounded annually. How much will she have in the account after she makes the deposit on her 32nd birthday? Use Appendix C for an approxima but calculate your final answer using the formula and financial calculator methods. Note: Do not round intermediate calculations. Round your final answer to 2 decimal places. Futurn valun
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- 6. Erika opened a savings account today and she immediately put $10,000 into it. She plans to contribute another $20,000 one year from now, and $50,000 two years from now. The savings account pays a 6 percent annual interest rate. If she makes no other deposits or withdrawals, how much will she have in the account 10 years from today? a.$ 8,246.00 b.$116,937.04 c$131,390.46 d.$164,592.62 e.$190,297.04 2/4Give only typing answer with explanation and conclusion To supplement your retirement, you estimate that you need to accumulate $320,000 exactly 40 years from today. You plan to make equal, end-of-year deposits into an account paying 6% annual interest. a. How large must the annual deposits be to create the $320,000 fund by the end of 40 years? b. If you can afford to deposit only $1,740 per year into the account, how much will you have accumulated in 40 years?You want to have $67,000 in your savings account 10 years from now, and you're prepared to make equal annual deposits into the account at the end of each year. If the account pays 6.3 percent interest, what amount must you deposit each year? Group of answer choices $6,700.00 $5,011.98 $4,221.01 $4,220.99 $9,350.13
- Solve on the paper onlys Q) At the end of year 5 Joe starts to withdraw $14500 from his savings account. If he takes out the same amount each year and the interest rate is 14%, what was Joe's initial investment assuming the account will be depleted at the end of year 25Saved You plan to deposit $6,000 at the end of each of the next 25 years into an account paying 10.3 percent interest. a. How much will you have in your account if you make deposits for 25 years? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) b. How much will you have if you make deposits for 50 years? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) 08 a. Future value of 25 deposits b. Future value of 50 deposits Ac raw Mill < Prey 13 of 23 Next 8. ER D F GK (Comprehensive problem) You would like to have $54,000 in 16 years. To accumulate this amount, you plan to deposit an equal sum in the bank each year that will earn 6 percent interest compounded annually. Your first payment will be made at the end of the year. a. How much must you deposit annually to accumulate this amount? b. If you decide to make a large lump-sum deposit today instead of the annual deposits, how large should this lump-sum deposit be? (Assume you can earn 6 percent on this deposit.) c. At the end of five years, you will receive $15,000 and deposit this in the bank toward your goal of $54,000 at the end of year 16. In addition to the lump-sum deposit, how much must you deposit in equal annual amounts, beginning in year 1 to reach your goal? (Again, assume you can earn 6 percent on your deposits.) a. How much must you deposit annually to accumulate this amount? $ 2103.42 (Round to the nearest cent.) b. If you decide to make a large lump-sum deposit today instead of…
- If you would like to have$ 10,000 after 8 years, how much money should you deposit now if the interest rate is 12% compounded each year? O a. $4802 O b. $4039 O c. $3764 O d. $5102K 1 As part of your retirement plan, you have decided to deposit $6,000 at the beginning of each year into an account paying 4% interest compounded annually. (Round your answers to the nearest cent.) (a) How much (in $) would the account be worth after 10 years? (b) How much (in $) would the account be worth after 20 years? $ (c) When you retire in 30 years, what will be the total worth (in $) of the account? $ (d) If you found a bank that paid 6% interest compounded annually rather than 4%, how much (in $) would you have in the account after 30 years? $ 7 (e) Use the future value of an annuity due formula to calculate how much (in $) you would have in the account after 30 years if the bank in part (d) switched from annual compounding to monthly compounding and you deposited $500 at the beginning of each month instead of $6,000 at the beginning of each year. $ A ? @ 2 W S # 3 LIT 14 $ 4 R 이트 F C 1540 % 5 V T 16 4- 6 ¹7+ B & Y 7 G H fao N . 8 D 144 ( 1 M 9 K to Dill O DDI 2 V .. { || C…ook ences Chris Seals has just given an insurance company $62,525. In return, she will receive an annuity of $7,458 for 12 years. a. At what rate of return must the insurance company invest this $62,525 to make the annual payments? (Use a Financial calculator to arrive at the answers. Round the final answer to 3 decimal places.) Rate of return b. What rate of return is required if the annuity is payable at the beginning of each year? (Use a Financial calculator to arrive at the answers. Round the final answer to 2 decimal places.) Rate of return
- QUESTION 8 Your mother has an annuity that will give her monthly payments for 14 years. She tell you it is worth $124357 today. If her required return is 11.56%, what is the monthly payment?. Problem 5.03 (Finding the Required Interest Rate) еВook Your parents will retire in 16 years. They currently have $400,000 saved, and they think they will need $2,100,000 at retirement. What annual interest rate must they earn to reach their goal, assuming they don't save any additional funds? Round your answer to two decimal places.Listen Jabari Williams wants to have $112,000 in his account exactly 20 years from today. The account earns 8 % p.a. If Jabari makes a deposit into the account today and if he makes the exact same deposit into the account every year (with the last deposit made exactly 20 years from today), the size of his equal annual deposit must be at least $ 1) 2.221.21 O2) 2,447.45 O3)2,304.22 4) 2,644.12 5) 2,399.70