Use the savings plan formula to answer the following question:. Suppose you find a fund that offers an APR of 5%. How much should you deposit monthly to accumulate $82000 in 17 years?
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- Use the savings plan formula to answer the following question:. Suppose you find a fund that offers an APR of 5%. How much should you deposit monthly to accumulate $82000 in 17 years?Use the savings plan formula to answer the following question. Your goal is to create a college fund for your child. Suppose you find a fund that offers an APR of 7%. How much should you deposit monthly to accumulate $90,000 in 15 years? ... You should invest $ each month. (Do not round until the final answer. Then round to two decimal places as needed.) ******In this project, you will use a graphing calculator to compare savings plans. For instance, suppose you are depositing $1000 in a savings account and are given the following options: 4 • 6.2% annual interest rate, compounded annually 6.1% annual interest rate, compounded quarterly 6.0% annual interest rate, compounded continuously •
- Use the savings plan formula to answer the following question. You put $400 per month in an investment plan that pays an APR of 6.5%. How much money will you have after 20 years? Compare this amount to the total deposits made over the time period. After 20 years the investment plan will contain $ (Do not round until the final answer. Then round to the nearest cent as needed.)Use the savings plan formula to answer the following question. Your goal is to create a college fund for your child. Suppose you find a fund that offers an APR of 4%. How much should you deposit monthly to accumulate $81,000 in 17 years? You should invest $ each month?Please help me with this question :) A detailed answer will be much appreciated.
- Please advise on these time value of money practice problems. How would you solve these using a financial calculator? What values would you enter for N, I/YR, PV, PMT, and FV ? a) Calculate the PV when you plan to receive $5,000 in 5 years with a 10% discount rate. b) Calculate the FV of a $10,000 deposit today for 10 years @ 5%. c) What is the PV of receiving $2,500 for each of the next 5 years with a 10% discount rate?Suppose you have estimated that you will need $2,500 per month in your retirement to meet your expenses and live comfortably, and that you have found or chosen a fund (account) which pays monthly interest 4% APR . What principal, or balance, will your account need to maintain in order to be able to pay you this amount each month? Round/take your answer to the nearest cent.Your retirement fund's balance is $50,000 right now. You want to retire in 30 years with $1,000,000. You add $6000 annually, but what interest rate do you need to earn in order to reach your goal? please calculate manually
- You are planning to save $1.5 million for retirement over the next 34 years. (a) If you are earning interest at the rate of 7% and you live 24 years after retirement, what annual level of living expenses will those savings support? (b) Suppose your retirement living expenses will increase at an annual rate of 2% due to inflation. Determine the annual spending plan for the first year of retirement in line with your inflation. Click the icon to view the interest factors for discrete compounding when i = 2% per year. Click the icon to view the interest factors for discrete compounding when i = 7% per year. (a) The annual level of living expenses is $ 1030 (Round to the nearest dollar.)Assuming a tax rate of 30%, a nominal return of 9%, a savings period of 35 years, and an annual deposit of $10,000 into an RRSP, how much will a person have saved for retirement? What is your recommendation regarding when the contributions should be made to the RRSP? Justify your answer using the time value of moneyUse the present value and future value tables to answer the following questions. A. If you would like to accumulate $2,500 over the next 4 years when the interest rate is 15%, how much do you need to deposit in the account? $fill in the blank 1 B. If you place $6,100 in a savings account, how much will you have at the end of 7 years with a 12% interest rate? $fill in the blank 2 C. You invest $7,000 per year for 9 years at 12% interest, how much will you have at the end of 9 years? $fill in the blank 3 D. You win the lottery and can either receive $760,000 as a lump sum or $40,000 per year for 19 years. Assuming you can earn 8% interest, which do you recommend and why?