Essentials Of Investments
11th Edition
ISBN: 9781260013924
Author: Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher: Mcgraw-hill Education,
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What amount must I deposit in the bank to receive $6,000 in twelve years if my account pays 3.5% compounded Monthly?
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- You plan to invest an amount of money in a five-year certificate of deposit (CD) at your bank. The stated interest rate is 12%, compounded Quarterly. How much must you invest if you want the balance in the CD account to be $7,500 in five years?arrow_forwardYou deposit $600 in an account earning 2% interest compounded annually. How much will you have in the account in 20 years?arrow_forwardYou 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?arrow_forward
- Abby Ellen wants to attend Ithaca College. She will need $75,000 6 years from today. Assume Abby's bank pays 6% interest compounded semi-annually. What must Abby deposit today to have $75,000 in 6 years?arrow_forwardIn 2012 the maximum Social Security deposit by an individual was $8,386.75. Suppose you are 27 and make a deposit of this amount into an account at the end of each year. How much would you have (to the nearest dollar) when you retire if the account pays 2% compounded annually and you retire at age 65?_____$arrow_forwardam. 216.arrow_forward
- A local bank will pay you $135 a year for your lifetime if you deposit $3,000 in the bank today. If you plan to live forever, what interest rate is the bank paying? Note: Enter your answer as a percent rounded to 2 decimal places. Interest rate %arrow_forwardYou borrow $364000 for the the purchase of a house at an APR of 7.52% for 15 years. Your monthly payment is $3378.46. How much money will you pay in interest for this loan?arrow_forwardIn 2012 the maximum Social Security deposit by an individual was $8,386.75. Suppose you are 29 and make a deposit of this amount into an account at the end of each year. How much would you have (to the nearest dollar) when you retire if the account pays 3% compounded annually and you retire at age 65?$arrow_forward
- If you would like to retire as a millionaire and make a uniform deposit of $15,000 annually at an interest rate of 6%, For how many years you have to work?arrow_forwardHow much should you deposit at the end of each month in an IRA that pays 12% compounded monthly to earn $90,000 per year from interest alone, while leaving the principal untouched, to be withdrawn at the end of each year after you retire in 40 years? The monthly deposit is $ (Round up to the nearest dollar.)arrow_forwardHow much should Joseph have in a savings account that is earning 2.50% compounded monthly, if he plans to withdraw $2,050 from this account at the end of every month for 6 years? Round to the nearest centarrow_forward
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