Maria wants to have ₱750,000.00 at the end of 4 years for her graduation expenses. She plans to deposit a certain amount at the end of each month to achieve this. Her bank pays 15% compounded monthly. What is the monthly rate? What is the total number of deposits?
Q: Roland just put RM1,000 in the fixed deposit and intend to leave it there for 10 years. If the bank…
A: Formula Future value = PV*(1+(i/c))n*c Where PV = Present value i.e. RM1,000 i = Interest rate i.e.…
Q: A person needs $18,000 immediately as a down payment on a new home. Suppose that she can borrow…
A: Continuously compounded interest rate refers to the interest rate that is calculated on the…
Q: Mr. Santos will deposit P10, 000 at the ABC bank at the end of each quarter for 2 years. If the bank…
A: Future value of an annuity can be computed by compounding each amount by using an appropriate…
Q: Gabriel is able to save 10,000 pesos every month from his salary. If he decides to invest in a…
A: >Future value of any amount invested is the sum total of amount invested and the interest earned…
Q: Aira is planning to deposit RM10,000 today in Investment account that pays interest of 8% per annum.…
A: Amount of money in the account at the end of year 10 is the future value of the amount at the end of…
Q: Suppose Mrs. Aquino would like to save Php 400 at the end of each month, for six months in a fund…
A: In the given question Php 400 will be deposited at the end of each month for 6 months. The amount…
Q: You would like to have $8,000.00 in 15 years for a special vacation following graduation by making…
A: Using the PMT function in excel
Q: how much must brix save in his account at the end of each month in order to have 125,000.00 at the…
A: Monthly Compounding Interest Rate = 5.88%/12 = 0.49% per month Time Period = 5 years × 12 = 60…
Q: Robert wants to deposit $300 into a fund at the beginning of each month. If he can earn 10%…
A: Given information : Monthly deposit = $300 Interest rate = 10% Tenure = 6 years
Q: Kym plans to deposit $100 in an account at the end of each month for the next five years so that she…
A: The monthly payment is $100 for the next five years at 6% compounded monthly. Future value of an…
Q: Julie deposits $600 at the end of each month into her savings account. If the amount earns 5.25%…
A: In finance, the term annuity depicts a sequence of cash flows over a specific time duration. Each…
Q: Gertrude wants to make $500 monthly withdrawals for 10 years from an account which pays 4%…
A: A concept that implies the future worth of the money is lower than its current value due to several…
Q: Sarah wants to have $20,000 in nine years. If she puts the money in an account which pays 4%…
A: For solving we have to calculate present value of future value considering compounding monthly…
Q: He wants to deposit his savings into a bank account. How much does Jacob have to deposit now in the…
A: Present Value The present value is the value of cash flow stream or the fixed lump sum amount at…
Q: Christopher wants to have 50,000 pesos in 4 years by saving equal regular payments. He can make a…
A: Present value is the sum of the current value of money of future cash flows. It is also known as a…
Q: How much should Manvir have in a savings account that is earning 3.50% compounded semi-annually, if…
A: Present value of an investment is the sum total value of all deposits in today's period that are…
Q: Aylene is preparing for an income fund for her retirement. She wants to receive 15,000 pesos…
A: The annuity payments that are made at the beginning of the year are called annuity due and the ones…
Q: Sarah opens an investment account with an initial deposit of $ 900. She then sets up monthly…
A: Given information: Initial deposit amount is $900 Monthly deposit of $80 Interest rate is 3%…
Q: Your grandmother set up an annuity, in which she will receive a monthly payment from the bank of…
A: The present value of an annuity is the present value of a series of cash flows at a certain rate of…
Q: trust for her today which will provide 16 payments throughout the next four years as well as the…
A: *Answer:
Q: John deposits $1500 into a savings account earning simple interest at 2.19% annually. How much will…
A: Calculation of actual amount in account in future: Answer: John will have $1,582.13 in his account…
Q: Sam's family has decided that they will start depositing $100 at the end of every month into a…
A: Monthly Deposit = 100 End of month deposits Time Period = 3 years or 36 months Interest Rate = 4.6%…
Q: Kelly Malone plans to have $50 withheld from her monthly paycheck and deposited in a savings account…
A:
Q: sara wants to deposit equal payments in BDO at the end of every month so that her daughter, Duchess,…
A: Here, Withdrawal Amount on 18th Birthday is 1,000,000 pesos First deposit made after one month of…
Q: Abel wants to determine the amount of money he would obtain from the interest of PHP 2,000 at 16%…
A: Time value of money (TVM) refers to the method or technique which is used to measure the amount of…
Q: Can you please help me work this problem out in detail? Carol is depositing $250 into an account…
A: The amount deposited every six months is $250. The total number of deposits in 5 years would be 10.…
Q: Billy plans to deposit $200 into a bank account at the end of every month. The bank account has an…
A: According to the time value rule, the same amount of money can have different purchasing powers in…
Q: Sofia wants to start saving immediately for a trip to Hong Kong one year from now. She wants to…
A: An annuity due is a series of equal cash flows made at the start of each period. The future value of…
Q: Mary wants to have $14000 for a trip to Mexico in five years. How much does she need to deposit at…
A: The future value of annuity would be considered the value accumulated in future with a view to…
Q: In 7 years Harry and Sally would like to have $20,000 for a down payment on a house. How much should…
A: A down payment seems to be a monetary payment made at the start of a purchase deal. It is frequently…
Q: Sara decides to set up a retirement fund by depositing $24 at the end of each day for 13 years. How…
A: Let's begin by calculating Effective Interest rate Formual for Effective Interest Rate = (1 +…
Q: After graduation, you plan to work for Asia Corporation for 12 years and then start your own…
A:
Q: Suzana would like to accumulate RM5,000 in 3 years in a saving account which pays 6% annual interest…
A: A. Monthly deposit at the end of the month P= PMT * ((1+r)^n-1)/r P= future value of annuity PMT=…
Q: Connie wants to have an annuity payment of $2000 at the end of every three months. How much should…
A: Present value of an annuity payment refers to the sum amount of money that will be required today in…
Q: what effective annual rate of return would rayne need to earn if she deposits 1,000 per month into…
A: Monthly deposit (PMT) of $1000 is made for a period of 36 (12*30) with a future value of the deposit…
Q: a.) What is the monthly rate? b.) How many total deposits?
A: Information Provided: Amount = $750,000 Term = 4 years Interest rate = 15% compounded monthly
Q: A mother wishes to have Php800,000 eight years from today for her son’s graduation. How much should…
A: Future value (FV) = Php800,000 Monthly interest rate (r) = 0.0116666666666667 (i.e. 0.14 / 12)…
Q: Gregory's investment manager offers her an interest rate of 9.00% compounded monthly on her…
A: From the given data in the question, we have understood the future value of an ordinary annuity is…
Q: Tess wanted to have P100,000 on her bank account at the end of 8years. She plans to deposit an…
A: Annuity refers to series of annual payment which are paid or received at start or end of specific…
Q: Mrs. Reyes decided to save money for her grandchild. She deposit Php 300 each month into an account…
A: Annuity: It refers to the present and future value of recurring payments at a particular point of…
Q: In 10 months, Alex will need $1,320.00 to pay her college tuition. How much does she need to invest…
A: Computation of amount need to be invested by Alex is as follows:Rate of interest=8.745%amount after…
Q: Mr & Mrs. John have decided to start a monthly savings program in order to provide for their son's…
A: Accumulated amount (F) = RM 50,000 Annual interest rate = 6% Monthly interest rate (r) = 6%/12 =…
Q: Dory deposits a certain amount of money into her savings account at the beginning of each quarter…
A: Future value of a present value is the value of that amount after taking into account the time value…
Q: Tanya deposits ₱1,500 at the end of each quarter in her savings account. If the account earns 6.75%…
A: The amount deposited in the savings account grows on the basis of interest rate and the duration of…
Q: Jane wants to borrow $100,000 from the bank for up to 3 years at an APR of 8.5% with interest…
A: Interest is an extra amount which borrower has to pay on the deposited amount for the period. It is…
Q: Mrs Sam has deposited $ 18,000 in a bank at the rate of 7% per annum. Find out how much she will…
A: Given: Deposit = $18,000 Period 12 years Interest rate = 7% or 10%
Q: Jasdeep plans to deposit $150 at the beginning of each month for 20 years. If the account earns 7.2%…
A: In finance, the term annuity shows the sequence of periodic cash flows over a particular time…
Maria wants to have ₱750,000.00 at the end of 4 years for her graduation expenses. She plans to deposit a certain amount at the end of each month to achieve this. Her bank pays 15% compounded monthly.
What is the monthly rate?
What is the total number of deposits?
Step by step
Solved in 3 steps with 2 images
- Maria wants to have ₱750,000.00 at the end of 4 years for her graduation expenses. She plans to deposit a certain amount at the end of each month to achieve this. Her bank pays 15% compounded monthly. Which of the following refers to the monthly rate? Which of the following refers to the total number of deposits?Maria wants to have ₱750,000.00 at the end of 4 years for hergraduation expenses. She plans to deposit a certain amount at the end of each month to achieve this. Her bank pays 15% compounded monthly.a.) What is the monthly rate?b.) How many total deposits?Almirah wants to have P50,000 at the end of 4 years for her graduation expenses and blow-out party. She plans to deposit a certain amount, at the end of each month to achieve this goal. If her deposit pays 8% compounded monthly, what should be her monthly deposit?
- Maria wants to have ₱750,000.00 at the end of 4 years for her graduation expenses. She plans to deposit a certain amount at the end of each month to achieve this. Her bank pays 15% compounded monthly. 1.) Which of the following refers to the monthly rate? * a.) 12% b.) 0.0125% c.) 15% d.) 1.25% 2.) Which of the following refers to the total number of deposits? * a.) 12 b.) 60 c.) 5 d.) 48if her dad deposits R3570,00 at the end of every six months for the next four years into a bank account. The account pays 8,5% interest per annum, compounded semi-annually. Her father pays and additional R5550,00 into the account for every R3570,00 deposit he makes. The first deposit will be made six months from now. How much money will there be in the account for Aziz to pay for her college expenses?Jessica wants to accumulate $13,000 by the end of 6 years in a special bank account, which she had opened for this purpose. To achieve this goal, Jessica plans to deposit a fixed sum of money into the account at the end of the month over the 6-year period. If the bank pays interest at the rate of 5% per year compounded monthly, how much does she have to deposit each month into her account? (Round your answer to the nearest cent.)
- Charlotte wishes to accumulate $100,000 in a savings account in 10 years. If she wishes to make a single deposit today and the bank pays 4% compounded annually on deposits of this size, how much should Charlotte deposit in the account?For numbers 4 to 5: Maria wants to have ₱750,000.00 at the end of 4 years for her graduation expenses. She plans to deposit a certain amount at the end of each month to achieve this. Her bank pays 15% compounded monthly.4. Which of the following refers to the monthly rate? A. 1.25%B. 15%C. 12%D. 0.0125% 5. Which of the following refers to the total number of deposits? A. 12B. 60C. 48D. 5 6. Find the actual time from February 1, 2017 to July 23, 2017. A. 170 daysB. 171 daysC. 172 daysD. 173 days 7. Eleven months after borrowing money, Dorah pays an interest of ₱2,800. How much did she borrow if the simple interest rate was 11 1/3 % ? A ₱290.89.B. ₱291.86C. ₱26,951.87D. ₱26,862.12Maria wants to attend Clarke University. She will need $90,000 eight years from today. Assume Maria's bank pays 6% interest compounded semiannually. What must Maria deposit today to have $90,000 in eight years? verify your answer.
- Mary wants to have $14000 for a trip to Mexico in five years. How much does she need to deposit at the end each month into an account earning 3.6% compounded monthly in order to have the money she needs?Laura wants to accumulate $150,000 in her bank account by depositing $1000 at the beginning of each month. If interest on the account is 5% compounded quarterly, for how long does Laura have to deposit the money?Derek will deposit $1,169.00 per year into an account starting today and ending in year 5.00. The account that earns 7.00%. How much will be in the account 5.0 years from today?