Luke deposited $3500 into a savings account that earns 5.50% annually but is compounded 4 times per year. He plans to leave the funds in the accounts for 3.50 years. However, at the end of 1.50 years, Luke has to withdraw $1000. What amount will be in the account at the end of the original 3.50 years

Q: ally into a life insurance fund for the next 5 years, at which time he plans to retire. Instead of a…

A: The given problem can be solved using FV and PMT function in excel. FV function computes amount…

Q: avid deposits $2,000 per year at the end of the year for the next 20 years into an IRA account that…

A: The concept of time value of money will be used here. As per the concept of time value of money…

Q: Derek currently has S12, 511.00 in an account that pays 6.00%. He will withdraw S5, 050.00 every…

A: Future value (FV) is a financial concept that projects the anticipated value of an investment or…

Q: wishes to provide herself, or her estate, with an income of $10,000 at the end of each year for 10…

A: Deposit A Amount = 10,000 End of year deposits N = 10 years   Deposit B Amount = 10,000 End of year…

Q: Starting today, Barbie and Ken each make deposits at the end of every year for 15 years. Barbie…

A: Since the accumulated amount will be the same for both B and K then the PMT will be similar as both…

Q: Ali made 5 uniform annual deposits of $1800 in a savings account with an interest rate of 3% per…

A: Future value is the increased value of investment which is computed on the basis of specific rate of…

Q: ade a 20-year retirement plan and according to his plan, he aimed to withdraw 6000 TL at the end of…

A: Annuity grow by some constant amount of gradient and due to this growth amount grow much amount.

Q: How much money did he have for retirement?

A: Future Value of annuity = A= R* (1+rm)n-1rmwhereA - future valueR - periodic paymentr - nominal…

Q: Eugene began to save for his retirement at age 26, and for 10 years he put $ 425 per month into an…

A: Here we have to use the concept of future value to determine the retirement amount.  The amount…

Q: a. Without doing any calculations, predict which one will have the most in his or her retirement…

A: Correct option is A Joe will have more balance as he started investing earlier and has gained…

Q: Magnus wishes to have $1,500,00 when he retires in 44 years. What are the monthly payments he must…

A: Future value of annuity = P * [ (1+r)^n  - 1 ] /r  Where, Future value of annuity = 150000 n = 44 r…

Q: When Joe and Sarah graduate from college, each expects to work a total of 45 years. Joe begins…

A: As per the given information: Joe and Sarah expected to work - 45 yearsJoe starts investing…

Q: berto opened a savings account for his daughter and Dosited $800 on the day she was born. Each year…

A: Introduction: Future Value refers to the value of investment to be received in the future at a…

Q: Jennifer Nelson deposited $500 into a savings account earning 3%, compounded semiannually. After 5…

A: Principal = $500 Interest = 3% (compounded semi annually) n=2 (semi-annually) t= 5 years   Formula…

Q: Shiraz deposited $500 at the end of each year for 18 years in a savings account. If the account paid…

A: Using the Future value function in excel

Q: Michael and Ellie plan on retiring 32 years from today. At that time, they plan to have saved the…

A: A deposit is a reserve amount of money that an individual keeps aside on a periodic basis to achieve…

Q: Jasper purchased a car for 47,500. He paid a 20% down payment and financed the rest at 2.88 % for 6…

A: Loan is a value which is borrowed from the external sources like banks for a particular period and…

Q: open an annuity with $5,200.00 and makes monthly payments of $270.00 paid at the end of each month…

A: Hi There, thanks for posting the question. But as per Q&A guidelines, we must answer the first…

Q: Avril deposited $800 in his bank at 1.5% for five years. Use the simple interest formula to…

A: INTRODUCTION Simple interest is calculated by multiplying the interest by the Principal amount.…

Q: Peter makes a deposit at the end of every three months into a savings account that earns interest at…

A: Annuity means no. of finite payments which are the same in size and made in equal intervals. Person…

Q: Edward borrowed an amount to his friend and promised to pay the principal amount and accumulated…

A: Let the amount borrowed be "x" Simple rate = 15.118% Amount paid at the end of 3 years = P15.855.…

Q: Please i need full details solution with explanation.

A: The objective of the question is to find out the original investment made by Victor in his savings…

Q: Denise has $180,983 saved for her upcoming retirement and will make no further contributions. She…

A: Interest rate = 5% compounded semiannually Annuity amount (A) = $5000 per quarter for 20 years (80…

Q: Eugene began to save for his retirement at age 27, and for 14 years he put $ 275 per month into an…

A: Time value of money (TVM) refers to the method used to measure the amount of money at different…

Q: Darien invests $10,000 in an account that pays 3.2% interest per year, compounded semi-annually.…

A: The amount of money can be calculated as future value of the principal amount.

Q: Harold starts saving in order to fund his children's education. He decides to deposit $120 each…

A: The value of an asset at a future date is called future value.

Q: Lee Holmes deposited $17,300 in a new savings account at 12% interest compounded semiannually. At…

A: Compound Interest is the method that considers interest on interest. It is a widely used method. The…

Q: Your uncle Harry Potter started allotting ₱60000 at the end of each year for 25 years. One year…

A: Amount deposited every year is P60,000 Time period is 25 years Interest rate is 5% To Find: Amount…

Q: Stacey and her husband David have a joint savings account that earns 3.47% interest payable…

A: Present value refers to the discounted value of all future cash flows discounted at a specific rate…

Q: At the time of her grandsons birth a grandmother deposits 13,000 in an account that pays 6.5%…

A: PV=Initial deposit = 13000   r=rate=6.5% (compounded monthly) n=21 years Monthly rate=r= 6.5%/12 No…

Q: Mrs. Kimberly deposited P 300, 000 in an account earning 8% compounded every 6 months. On the 2th…

A: Compound interest: Compound interest denotes an interest computed on the total initial deposits and…

Q: make regular equal payments to repay the loan. The payments will be semi-annual for 10 years with…

A: Loans are paid by by equal periodic payments that carry the payment of interest and payment of…

Q: Karen invested $10,000 in a money market account with an interest rate of 1.75% compounded…

A: Initial investment (I) = $10,000 Semiannual interest rate (r) = 0.00875 (i.e. 0.0175/2) Semiannual…

Q: Rapi Tulpo invests Php1,000 in a Bank that doubles his money in five years. To what annual interest…

A: Investment means an asset(financial assets or fixed assets) that is purchased to generate additional…

Q: JACK plans to retire after 20 years. Deposit account in a bank for this He thinks to open it. The…

A: Retirement Time (N) = 20 years Interest rate = 12% p.a. Deposits every quarter End of quarter…

Q: Derek currently has $10,579.00 in an account that pays 6.00%. He will withdraw $5,474.00 every other…

A: Future value represents the future worth of existing cash flows. It is determined by compounding…

Q: Mariano deposited P5,000 today in an account that pays 8% compounded semi-annually. Two  years…

A: Amount at the end of n periods at i% rate of interest can be calculated as: = Principal * (1+i)^n

Q: When my father passed away I inherited a back account containing $18,000 earning 4% effective annual…

A: Money is being shuffled from one account to another account earning a higher interest rate. The…

Q: Ahmad earned $475 last summer. He deposited this money in an account that pays an interest rate of…

A: Future value = Present value * (1+rate)^n Where, n = no. of compounding period i.e. 15