You deposit $300 each month into an account earning 7% interest compounded monthly. a) How much will you have in the account in 20 years? S b) How much total money will you put into the account? S c) How much total interest will you earn? How much would you need to deposit in an account each month in order to have $30,000 in the account in 5 years? Assume the account earns 6% interest. A company needs $5,000,000 in 5 years in order to expand their factory. How much should the company invest each week if the investment earns a rate of 7% compounded weekly?
You deposit $300 each month into an account earning 7% interest compounded monthly. a) How much will you have in the account in 20 years? S b) How much total money will you put into the account? S c) How much total interest will you earn? How much would you need to deposit in an account each month in order to have $30,000 in the account in 5 years? Assume the account earns 6% interest. A company needs $5,000,000 in 5 years in order to expand their factory. How much should the company invest each week if the investment earns a rate of 7% compounded weekly?
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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Ee.121.
Transcribed Image Text:You deposit $300 each month into an account earning 7% interest compounded monthly.
a) How much will you have in the account in 20 years?
S
b) How much total money will you put into the account?
$
c) How much total interest will you earn?
How much would you need to deposit in an account each month in order to have $30,000 in the account in
5 years? Assume the account earns 6% interest.
A company needs $5,000,000 in 5 years in order to expand their factory. How much should the company
invest each week if the investment earns a rate of 7% compounded weekly?
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