Ms. Whitmell is helping her two friends, Sally and Johnny, invest money to save for the future. Sally has $1200 and it is going into a bank account that pays 3.8% per annum, compounded quarterly. Johnny has $1500 going into a bank account that pays 2.5% per annum, compounded semi-annually. When, if ever, will Johnny and Sally have the same amount of money in their bank accounts? **Make sure to check the units of your final answer**

Q: Dave has saved $20,000 for a down payment on a home and plans to save another $5000 at the end of…

A:

Q: Jenna deposited $35,000 in an investment fund that was growing at a rate of 3.50% compounded…

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Q: John and Rosamond want to retire in 15 years and can save $150 every three months. They plan to…

A:

Q: A sum of money is deposited at the end of every month for 10 years at 7.5% compounded monthly. After…

A: we know the formula of future value  FV=PMT(1+i)n-1i where PMT - perodic payment  i - discount rate…

Q: Bob makes his first $600 deposit into an IRA earning 8.1% compounded annually on his 24th birthday…

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Q: Pesse Jinkman, a chemistry student at PCC, will be depositing $15,000 at the end of every quarter…

A:

Q: Suppose you make a down payment of 17% of $27,600 and finance the rest at 1.5% compounded monthly…

A: The down payment is 17% of $27,600, which is: 0.17 x $27,600 = $4,692 Therefore, the amount to be…

Q: Rose has saved $160,000. If she decides to withdraw $2500 at the beginning of each month knowing the…

A: From the given, Amount (A) = $160,000 Principle amount (P) = $2500 Rate = 5% per annum Then R =0.052…

Q: Someone decides to invest $13,000 in a money market fund that guarantees a 6.3% annual interest rate…

A:

Q: Hale College predicts that in 18 years it will take $200,000 to attend the college for four years.…

A: Given

Q: The adult children of a college professor are endowing a scholarship fund in their father’s name.…

A: Given that, Present value = P = $1000 Interest rate = r = 6% = 0.06 Time = n = 3years

Q: Attucks College predicts that in 12 years it will take $⁢250,000 to attend the college for four…

A: Given Information A =$250000,  rate of interest = 11% = 0.11 n = 12 (Compounded monthly) t = 12…

Q: Joan contributes $4000, AT THE BEGINNING of each quarter, for 10 years to an account that earns 9.2%…

A: Amount contributed by Joan=$4000 Time of first investment=10 years Rate of interest=9.2% Since…

Q: Henry is going to retire in 22 years and would like to invest $50,000 now into his retirement…

A: Compounded Monthly formula :

Q: Bob makes his first $1,500 deposit into an IRA earning 6.6% compounded annually on his 24th birthday…

A: The solution is given below

Q: Emily would like to accumulate $205,000 for his retirement in 11 years. If he is promised a rate of…

A: Emily would like to accumulate $205,000 for his retirement in 11 years. He is promised a rate of…

Q: You have $20,000 to invest and want the greatest yield from your investment after four years. You…

A:

Q: Bob makes his first $600 deposit into an IRA earning 7.1% compounded annually on his 24th birthday…

A: Fv=29766.71FV=117360.03

Q: A couple plans to save for their child's college education. What principal (in dollars) must be…

A: Given that, the couple plans to save for their child's college education.The aim is to find the…