Nick saves $175 per month, deposited directly into his credit union account on payday, the last day of the month. The account earns 4% per year, compounded monthly. How much will he have at the end of 5 years, assuming the credit union continues to pay the same interest rate over that period? Round your answer to the nearest dollar.
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Nick saves $175 per month, deposited directly into his credit union account on payday, the last day of the month. The account earns 4% per year, compounded monthly. How much will he have at the end of 5 years, assuming the credit union continues to pay the same interest rate over that period? Round your answer to the nearest dollar.
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- Suppose that Jacob would like to invest at the end of each month for the next 15 years into an account paying 6.72% compounded monthly in order to accumulate $10,000 at the end of that time? How much money must Jacob deposit into the account each month? How much interest will he have earned?An investor deposits $100 into his credit union account that pays interest at the rate of 3.25% per year (payable at the end of each year). He leaves the money and all accrued interest in the account for 7 years. How much will he have at the end of the 7 years? What is the future value in SEVEN years if you receive $300 in two years and $500 at the end of five years? Assume an annual compound rate of 8.5%. What is the value of $2000after one year, if bank compounding half yearly and offered rate is 10%? What is the value of $2000 after one year if bank compounding quarterly and offered rate is 10%? What is the value of $2000after one year if bank compounding monthly and offered rate is 10%?If Jackson deposits $120 at the end of each month in a savings account earning interest at a rate of 6%/year compounded monthly, how much will he have on deposit in his savings account at the end of 5 yr, assuming he makes no withdrawals during that period? (Round your answer to the nearest cent.) $ Need Help? Master It
- John contributes $5,000 per month into an account. How much will he have in the account after 25 years if the account earns at an annual interest rate of 4.5% compunded yearly?How much should Timothy's dad invest into a savings account today, to be able to pay for Timothy's rent for the next six years if rent is $850 payable at the beginning of each month? The savings account earns 3.50% compounded monthly. Round to the nearest centYou would like to have $25,000 in 5 years for the down payment on a new house following college graduation by making deposits at the end of every three months in an annuity that pays 4.25% compounded quarterly. How much should you deposit at the end of every three months? How much of the $25,000 comes from deposits and how much comes from interest?
- A relative has promised to pay you $93.00 today, and he will pay you additional payments every year for the next five years. Each year he will add $73.00 to the previous payment. (So, the payment in year 1 will equal $166.00). You decide to save every dollar you are given and will invest the money in an account paying 4.00% annual interest. How much money will you have accumulated in five years? Keep in mind that you will have six total cash flows to invest. Submit Answer format: Currency: Round to: 2 decimal places.An individual needs $12,000 immediately as a down payment on a new home. Suppose that he can borrow this money from his insurance company. He must repay the loan in equal payments every six months over the next eight years. The nominal interest rate being charged is 7% compounded continuously. What is the amount of each payment?You would like to have $37,000 in 5 years for the down payment on a new house following college graduation by making deposits at the end of every three months in an annuity that pays 4.25% compounded quarterly. How much should you deposit at the end of every three months? How much of the $37,000 comes from deposits and how much comes from interest?
- Stan only has 14 years until he retires. He is going to deposit money into an account with 3.4% interest, compounded monthly. Question Question For each question round your final answer to the nearest cent. Assume the interest rate stays the same while the account is open. Also, assume Stan does not have any other money in this account. Question 3 Question 4 Question 5 How much will be in the account if he deposits the same $50.00 each month? Question 6 Question 7 Question 8 Question 9 How much will be in the account if he deposits $100.00 each month? Question 10 Question 11 Question 12 How much will be in the account if he deposits $150.00 each month? Summary How does doubling or tripling his payment impact his ending account balance? O It earns much more than double or triple the ending account balance. O It earns somewhat less than double or triple the ending account balance. O It doubles or triples the ending account balance, respectively. P Type here to search DIL Home 19 PrtScn…After retirement, you expect to live for 25 years. You would like to have a $95,000 income each year. The annual interest rate is 9 percent per year. Required: Calculate the amount of savings you have in your retirement account to receive this income. 1 Assume that the payments start on the day of your retirement. 2.Assume that the payments start one year after the retirement.At the end of each of the past 14 years, Vanessa deposited $450 in an account that earned 8% compounded annually. How much is in the account today? How much would be in the account if the deposits were made at the beginning of each year (PMT Type) than at the end of each year? (Use Future Value of an Annuity) Suppose your opportunity cost (interest rate/year) is 11% compounded annually. How much must you deposit in an account today if you want to pay yourself $230 at the end of each of the next 15 years? How much must you deposit if you want to pay yourself $230 at the beginning of each of the next 15 years? Bruce invested $1,250 (present value - enter as a negative number) 10 years ago. Today, the investment is worth $3,550 (future value). If interest is compounded annually, what annual rate of return did Bruce earn on his investment? (Use Solving for r - Rate of Return- on a Lump Sum) Mario wants to take a trip that costs $4,750 (future value), but currently he only has $2,260…
