Lindsey sold stationery to her family and her mother’s friends. She deposited the $125 she earned in a savings account. The account earns 5.18% interest annually. If she does not deposit or withdraw any money for 18 months, how much will she have in her account?
Q: Rochelle needed to borrow $3,000 for three months in order to pay for college expenses while waiting…
A:
Q: At age 18, Susan did nothing. She waited until she was 28 to start depositing $2000 per year at the…
A: Annuity, A = $ 2,000Interest rate, r = 12%Number of annuities = n = 65 - 28 = 37
Q: To help Janette cover her college expense, parents provide Janette with a monthly allowance of $340.…
A:
Q: Greg purchased a house recently for $365,000.00. He plans to put a 20% down payment and borrows the…
A: Equivalent amount distributes present worth into equivalent uniform value over its useful life.
Q: Joanna has an unpaid balance of $2500 on her account as of October 9, 2020. On October 15 and…
A: A credit card of an individual is a type of payment card that is used by individuals to make…
Q: To provide for a college education for her son, a woman opened an escrow account in which equal…
A: Given information, Term period for deposits ( 1998 - 2015) = 18 years College expenses ( per year)…
Q: At age 18, Marcia started depositing $2000 per year at the end of each year into an account earning…
A: Annuity, A = $ 2,000Rate of interest = r = 12%number of annuities, n = 8
Q: Eight years after opening her savings account, Macy had $7,880 in the account which earns annual…
A: Simple interest is based on the principal balance of the loan or the initial deposit in a bank…
Q: Kris borrows some money in her senior year to buy a new car. The car dealership allows her to defer…
A: Monthly payment can be calculated using the formula of the present value of annuity. Present value…
Q: fter retiring, Sofía wants to be able to withdraw $8,500.00 every quarter from her account for 33…
A: There is need of proper planning for retirement and if you do that properly than you can achieve…
Q: A woman deposits $10,000 at the end of each year for 14 years in an account paying 7% interest…
A: Future Value of Ordinary Annuity refers to the concept which gives out the compounded or future…
Q: rew deposited $1000 in a savings account that pays 8% interest co. quarterly, planning to use it to…
A: Solution Given Amount deposited 1000 Interest rate 8% Compounding Quarterly…
Q: Grandma Riley wants to help Scott while he's in college by giving him a S220 monthly allowance for 5…
A: Time Value of Money:The time value of money is the idea that the value of money received today will…
Q: a parent on the day of the child is born wishes to detrmine what lump sum would have to be paid into…
A: An annuity is a contract between you and an insurance company in which you make a lump-sum payment…
Q: Lynn estimates that when she retires at age 60, she will have $165,766.18 in her retirement account.…
A: Amount at the time of retirement = $ 165766.18 Expected Life as per Lynn = (85-60) + 3 = 28 Years…
Q: After retiring, Rosetta wants to be able to withdraw $4,000.00 every month from her account for 26…
A: Amount to withdraw per month "PMT" is $4,000 Time period is 26 years Interest rate is 6% Compounded…
Q: Sammy Jo charged $1,000 worth of merchandise one year ago on her MasterCard. which has a stated…
A: Credit cards, other digital payments are used for short-term financing. Credit cards and master…
Q: Belle invests RM7000 in a savings account at 3.2% rate of interest, compounded annually. No further…
A: Initial investment (P) = RM 7000 Interest rate (r) = 3.2%
Q: much
A: Formula to calculate future value is: FV = PV(1+r)^n Where FV is the future value, r is the rate of…
Q: A mother earned $12500.00 from royalties on her cookbook. She set aside 20% of this for a down…
A: Amount that is to be invested in two available options sums up to the total amount available and…
Q: Laura opens a money market account that earns 3.0% per year by depositing $15,000. She then deposits…
A: Compounding is a technique through which future value (FV) of present amount is computed by using an…
Q: Autumn is making quarterly contributions of of $450 to her savings account which pays interest at…
A: A study that proves that the future worth of the money is lower than its current value due to…
Q: Taurus needs P 4,000 per year for four years to go to college. His sugar mama invested P 5,000 in 7…
A: The worth of money changes with time, therefore the TVM considers the value of money according to…
Q: After retiring, Valeria wants to be able to withdraw $36,500.00 every year from her account for 27…
A: Amount to withdraw every year "PMT" is $36,500 Time period "N" is 27 years Interest rate "I/Y" is…
Q: Kate deposits P5,000 to her bank account every year when she was in highschool for four years to…
A: Future worth is computed by multiplying the existing value with a given interest rate.
Q: Marites, a self-employed individual, is opening a retirement account at a bank. Her goal is to…
A: Given Information : Target amount = Php 1,000,000 Annual interest rate provided by bank = 8%Growth…
Q: Ann's grandmother put some money in an account for her on the day she was born. She is now 18 years…
A: Given information: Present value amount is Ksh 400,000 Interest rate is 8% per annum, Present age is…
Q: Amy has accumulated a credit card debt of $7,100 and she has decided to pay it off over the next 3…
A: The question is based on the concept of repayment of loans on reducing balance method. The loan…
Q: Mary just deposited $33,000 in an account paying 10% interest. She plans to leave the money in this…
A: In the given question we require to compute the amount mary will have in account at the end of…
Q: Karen Gaines invested $15,000 in a money market account with an interest rate of 2.75% compounded…
A: Amount invested = $15,000 Interest rate = 2.75% Compounded semi-annually Time duration = 4 years
Q: June Xu is a registered nurse who earns $3,250 per month after taxes. She has been reviewing her…
A: A deposit account that allows a user to withdraw and deposits money multiple times is known as the…
Q: Ann’s grandmother put some money in an account for her on the day she was born. She is now 18 years…
A: The amount of money in her account when she turns 70 is calculated by using the future value formula…
Q: Kris borrows some money in her senior year to buy a new car. The car dealership allows her to defer…
A: A deferred annuity is the annuity plan under which payment is accumulated for a certain period and…
Q: Marcy borrowed P1M in a bank that charged 18% compounded monthly and agreed to make monthly payments…
A: Monthly Compounding: It is the interest of interest to the principal sum of a loan or deposit and…
Q: Amina needs$________ in her account when she retires. How much total money will Amina pull out of…
A: Present Value of Annuity: It represents the present worth of the future stream of annuity cash…
Q: Zoe Robinson has several credit cards, on which she is carrying a total current balance of $14,000.…
A: An amount that is charged by the bank on the credit cards when a cardholder uses the credit card for…
Q: a mother earned $15000.00 from royalties on her cookbook. She set aside 20% of this for a down…
A: Amount earned in royalties is $15,000 Amount set aside is 20% Amount invested is 15000×1-20%=…
Q: How much must Riley have in the account for Scott to receive the $220 payments for 5 years? If Riley…
A: A stream of equal cash flows paid or received periodically is termed as annuity. Annuity is either…
Q: Bob has deposited $10,000 at the end of each year into a saving account for the last 12 years. His…
A: Future value: Value of $1 today is different, value of $1 in future. $1 today is more valuable than…
Q: Katie had a high monthly food bill before she decided to cook at home every day in order to reduce…
A: An annuity is a financial term that depicts a series of equal cash flows at equal time intervals for…
Q: To help Janette cover her college expense, parents provide Janette with a monthly allowance of $340.…
A: Present value denotes the present worth of money by discounting the future cash flows whereas future…
Q: A man bought his girlfriend a new necklace for $259. Instead of paying cash, he paid $19 down,…
A: Time has been precious in all perspectives, however in terms of finance, time has a monetary value.…
Q: z is planning to attend college when she graduates from high school four years from now. She has…
A: Money deposited in the account grow with the time according to the interest rate and time of money.…
Q: Phoebe realizes that she has charged too much on her credit card and has racked up $6,000 in debt.…
A: Here, Present Value is $6,000 Monthly Payment (PMT) is $200 Interest Rate is 18% Therefore, Monthly…
Q: week into her savings account at an interest rate of 1.5% and made a decision not to withdraw any…
A: Amount required after 3 year =350,000 Which also includes interest of 1.5% Net amount required to be…
Q: With only a part-time job and the need for a professional wardrobe, Rachel quickly maxed out her…
A: Computation of the time Period in months to pay for wardrobe is shown as follows: Hence, Rachel has…
Q: An individual deposited P35,000 and earns 3% interest compounded quarterly. After six years, how…
A:
Q: From age 20 to 35, Susan deposits $350 semi-annually in a savings account paying 6.12% compounded…
A: Time value of money concept is used to determine the worth of money today is different from that in…
Lindsey sold stationery to her family and her mother’s friends. She deposited the $125 she earned in a savings account. The account earns 5.18% interest annually. If she does not deposit
or withdraw any money for 18 months, how much will she have in her account?
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- At age 18, Susan did nothing. She waited until she was 28 to start depositing $2000 per year at the end of each year into an account earning 12% annually. She did this each year until she turned 65. How much money did she have at age 65?Gina deposits her inheritance into an account earning interest of 4% compounded annually. She will not withdraw the money until the balance has doubled. How long will Gina have to leave the money in the account?Ann's grandmother put some money in an account for her on the day she was born. She is now 18 years old and is allowed to withdraw the money for the first time. The account currently has Ksh400,000 in it and pays an 8% per annum interest rate. i. Calculate how much money would be in the account if she left the money there until her 70th birthday.
- Lara wishes to buy a gift for her parent's golden wedding anniversary. She decided to deposit a consistent amount of money every week into her savings account at an interest rate of 1.5% and made a decision not to withdraw any amount from the account. How much money will she have after 2 years if she decided to deposit $750 each week?Kate deposited P5,000 to her bank account every year when she was in high school for four years to prepare for her college degree. She took an engineering course and since then, she stopped depositing to her bank account. Right after graduation (she graduated on time), she got a job that pays P250,000 a year. If she continues to deposit to the same bank account P50,000 every year for 10 years, calculate the future worth after 30 years if the deposits are made at the end of each year and the bank pays 2% interest per year. *Please show your correct and complete solutions to this problem. Thank you!*On June 1, Mia deposited $3,800 in an MMDA that pays 4% interest. On October 31, Mia invested $2,700 in a three-month CD that pays 6%. At the end of the year, how much interest will Mia have earned, assuming she hasn't taken anything out of the money market deposit account? Assuming she hasn't taken anything out of the money market deposit account, the amount of interest Mia will have earned is? (Round to the nearest cent)
- Anna does not use her credit card for anything else and she pays off the $100 cash advance plus in six months by making payments of $19.83. Her credit card company charges 18% APR. Create an amortization schedule for her six payments. How much will Anna end up paying in interest and fees for her $100 cash in advance?From age 20 to 35, Susan deposits $350 semi-annually in a savings account paying 6.12% compounded semi-annually. She then quits making deposits, and leaves the money to continue earning interest until she reaches age 65. William starts later, at age 50, and deposits $2200 semi-annually in an account paying the same rate until he reaches 65. (a) How much money will Susan have accumulated at age 65? $ (b) How much money will William have accumulated at age 65? $June Peters deposits $6400 in a savings account at her bank. When she withdraws the money 8 months later, she receives a check for $6453.33. Assume simple interest and find the rate of interest paid by the bank.
- A mother earned $18750.00 from royalties on her cookbook. She set aside 20% of this for a down payment on a new home. The balance will be used for her son's future education. She invests a portion of the money in a bank certificate of deposit (CD account) that earns 4% and the remainder in a savings bond that earns 7%. If the total interest earned after one year is $900.00, how much money was invested at each rate? How much money was invested in the CD account? (Round to the nearest cent.) GILBKate deposits P5,000 to her bank account every year when she was in highschool for four years to prepare for her college degree. She took an engineering course and since then, she stopped depositing to her bank account. Right after graduation (she graduated ontime), she got a job that pays P250,000ayear. If she continues to deposit to the same bank account P50,000 every year for 10 years, calculate the future worth after 30 years if the deposits are made at the end of each year and the bank pays 2% interest per yearAfter retiring, Sofía wants to be able to withdraw $8,500.00 every quarter from her account for 33 years. Her account earns 7% interest compounded quarterly.How much does Sofía need in her account when she retires? Sofía needs $________ in her account when she retires. How much total money will Sofía pull out of her account? In total$_______ Sofía will pull out from her account. How much of that money is interest? The amount of money that is interest is $________ .