Wendy has $8,000.00 invested in a bank that pays 13.75% annually. How long will it take for her funds to triple?Round your answer to two decimal places. For example, if your answer is $345.667 round as 345.67 and if your answer is .05718 or 5.718% round as 5.72. A. 8.53 years B. 6.48 years C. 8.36 years D. 7.50 years E. 10.66 years

Q: USE EXCEL TO SOLVE THIS PROBLEM AND SHOW THE FORMULA! Jake Mai deposited ¥300,000 in a bank account…

A: The present value is the value of the sum received at time 0 or the current period. It is the value…

Q: Ronnie Cox has just inherited $27,000. How much of this money should he set aside today to have…

A: We know that, PV=FV(1 + r)t PV=$17000 (1 + 0.018)1 PV=$16,699.41

Q: Wendy has $23,000.00 invested in a bank that pays 9.75% annually. How long will it take for her…

A: INTEREST RATE 9.75% PRESENT VALUE  $                 23,000.00 FUTURE VALUE (23000*3)  $…

Q: Ali is making $1,000 monthly deposits into a fund that pays interest at a rate of 6% compounded…

A: Given: Monthly deposit = $1,000 Interest rate = 6% Years = 10

Q: Suppose Emma had deposited another $500 into a savings account at a second bank at the same time.…

A: Formula: Future value = Present value of bank balance x ( 1 + Interest rate ) compounding periods.

Q: 1. Abbigail wish to establish a trust fund from which her daughter can withdraw $6,000 every six…

A: Hello. Since your question has multiple parts, we will solve first question for you. If you want…

Q: Suppose you have an opportunity to invest in a fund that pays 12% interest compounded annually.…

A: Given: workings:

Q: Jolene invests her savings in two bank accounts, one paying 3 percent and the other paying 11…

A: Interest refers to the amount charged by the lender on the lent amount. The borrower of the loan is…

Q: Amanda makes year-end deposits of P500 the first year, P550 at the second year, P605 at the third…

A: Given: Interest rate = 12% Year Amount 1             500.000 2             550.000 3…

Q: Janice has $5,000 invested in a bank that pays 2.8% annually. How long will it take for her funds to…

A: A concept through which it is studied that the current worth of money is higher than its future…

Q: A young man saved his money every quarter for 5 years into his bank account. He deposits P2,000 per…

A: Here,

Q: Sarah deposited $26,500 into a fund at the beginning of every quarter for 16 years. He then stopped…

A: Compound interest= p*(1+r%/n)^tn A.)  Around $358903 stacked up at the end of 16th year.

Q: Corry has an income of $80,000 that he is willing to spend over a year. If his bank account's…

A: Money is a monetary value that used as an exchange medium in commerce which is available in coins…

Q: Elena wanted to invest in a trust fund. She borrows from a credit corporation that charges 8% simple…

A: Borrowings are the liability of the company which is used to finance the requirement of the funds.…

Q: Juliana has contributed $2,787.00 every six months for the last 14 years into an RRSP fund. The…

A: Future worth is the amount that an investor expects from the cash flows in each period. Future worth…

Q: Bob has $2,500 invested in a bank that pays 1% annually. How long will it take for his funds to…

A: A fund is a collection of money set aside for a certain purpose. A fund can be formed for a variety…

Q: And this example Daniel and Claire are each deposited $10,000 in high interest savings account and…

A: The compound value of money can be depicted as the amount of interest generated on interest earned…

Q: 1. Millet wants to provide a P200,000 graduation gift for her daughter Mae who is now 16 years old.…

A: It is the case where multiple questions have been asked and no question has been specified so as per…

Q: Your brother, who is 6 years old just received a trust fund that will be worth $25,000 when he is 21…

A: For this we will need to calculate the present value of the fund. using present value = future value…

Q: Susan Myer had invested $2500 in an ABC bank Certificate of Deposit when she inherited trust funds…

A: Calculation of Compound Interest Rate per monthly   Formula  r = n[(A/P)1/nt-1] Where r = Annual…

Q: Your friend bought $7,000 worth of mutual funds with a redemption fee of 8 percent if she sells…

A: Redemption Fees of 8% shall apply only if she sells within the first year from the date of purchase.…

Q: How much will be her savings after 8 years?

A: PMT is $6,000 semi annually, n= 12 compounding monthly, t=1/2 , 1, 3/2 , 2, 5/2, 3, .....8 which is…

Q: Edna deposits $2,000 in her bank account which is earning 2% in interest per year.  How much will…

A: Final Amount = Principal Amount ( 1 + Rate of Interest )time period

Q: Fifteen years ago, you deposited $12,500 into an investment fund. Five years ago, you added…

A: Future Value is the value of current investments at a certain future date at the assumed…

Q: ) Gabrielle needs $200,000 in eight years. She has set up a sinking fund that earns 5% compounded…

A: Future Value is $200,000 Time period is 8 years Interest rate compounded monthly is 5% To Find:…

Q: Amy Jolly deposited $2 000 in a savings account.  The annual rate is 10 per cent  compounded…

A: PV is the amount invested today.

Q: Matthew has $40,000 invested in a checking account paying 3.7% per year and a savings account paying…

A: The actual interest earned by Matthew during the year is equal to $ 40,000 X 5.5 % = $ 2,200. The…

Q: 1. Five years ago, a man invested P 80,000 at 5% compounded semi-annually. How much is his money…

A: Hi! Thank you for the question, As per the Honor Code, we are allowed to answer one question in case…

Q: Lenda earns P720,000.00 annually and is able to place 1/3 of this in savings. If she uses 50% of her…

A: Annual earnings = 720000 Savings = 1/3 of Annual Earnings Investment in stocks = 50% of Savings

Q: Jeffery Johnson is saving $1,450,000 per year in a savings account that is paying annual compound…

A: The value of equal payments or a single payment at any specific date which falls in future is called…

Q: Your friend, Kitty Kardashian, of Hidden Hills, CA, bought $5,000 worth of mutual funds with a…

A: Redemption fee = worth of mutual fund x redemption fee%

Q: Bob has $2,500 invested in a bank that pays 1% annually. How long will it take for his funds to…

A: Investment value (PV) = $2500 Future value (FV) = 2500*2 = $5000 Interest rate (r) = 1%

Q: Janice has $5,000 invested in a bank that pays 2.8% annually. How long will it take for her funds to…

A: The time period or the number of years (NPER) refers to the time it would require for the investment…

Q: Your Aunt Ruth has $610,000 invested at 6.5%, and she plans to retire. She wants to withdraw $40,000…

A: A study that proves that the future worth of the money is lower than its current value due to…

Q: Janice has $5,000 invested in a bank that pays 2.8% annually. How long will it take for her funds to…

A: A concept that implies the future worth of the money is lower than its current value due to several…

Q: Mark Harris borrowed some money from his friend and promised to repay him $1,250, $1,340, $1,490,…

A: Solution- Amount borrowed =The present value of the promised repayments at end of…

Q: Elena wanted to invest in a trust fund. She borrows from a credit cooperative that charges 8% simple…

A: First, we need to compute the interest for 2 years @ 8% i.e. 16% and this interest will be deducted…

Q: After several years of working, Katy has saved $125,000. If she invests that $125,000 in a savings…

A: Investment = $ 125000 Annual interest rate = 4% Period = 15 Years

Q: Wendy has $23,000.00 invested in a bank that pays 14.25% annually. How long will it take for her…

A: First calculate the future value: Future value =Triple amount Future value = Amount invested * 3…

Q: Aunt May has three sums of money invested, one at 12%, one at 10%, the last at 8%. His total annual…

A: When we make investments the investment amount earns interest. Interest rate varies from one type of…

Q: Julia just retired with $340,000 in her retirement account. Assuming that she can earn 4.8%…

A: Information Provided: Present value = $(340,000) Future value = $0 Payment = $4000 Rate = 0.4%…

Q: is deposited each year into a bank account that pays 8% interest compounded quarterly how much would…

A: The future value of annuity includes the amount being deposited each year and the amount of interest…

Q: Wendy has $23,000.00 invested in a bank that pays 11.75% annually. How long will it take for her…

A: Principal (P) = $23,000 Amount (A) = $69,000 ( Triple)  Annual interest rate = 11.75% The equation…

Q: Steven just deposited $10,000 in a bank account that has a 12 percent nominal interest rate, and…

A: Just deposit amount = $ 10,000 Deposit after 12 months = $ 10,000 Deposit after 24 months = $ 20,000…

Q: Jolene invests her savings in two bank accounts, one paying 5 percent and the other paying 11…

A: Present Value: When a predetermined rate of return is applied to a future amount of money or stream…

Q: Garrett wants to accumulate at least $35,000 by depositing $1,5 month into a fund that earns…

A: Amount to be accumulated is $35000 Monthly deposit is $1500. Rate 4.5% compounded monthly

Q: Eleanor makes year-end deposits of 500 the first year, 550 the second year, 605 the third year, and…

A: Year End Opening Bal Fresh Investment 12% Compounded Annually Year-End Balance 1       500 2 500…