You want to quit your job and go back to school for a law degree 4 years from now, and you plan to save $6,400 per year, beginning immediately. You will make 4 deposits in an account that pays 4.7% interest. Under these assumptions, how much will you have 4 years from today? (Hint: BGN mode) a. $22,980.31 b. $22,685.69 Oc. $28,752.73 O d. $29,461.93 e. $31,524.26
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- Use the tables in Appendix B 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? B. If you place $6,200 in a savings account, how much will you have at the end of 7 years with a 12% interest rate? C. You invest $8,000 per year for 10 years at 12% interest, how much will you have at the end of 10 years? D. You win the lottery and can either receive $750,000 as a lump sum or $50,000 per year for 20 years. Assuming you can earn 8% interest, which do you recommend and why?You want to quit your job and go back to school for a law degree 4 years from now, and you plan to save $5,500 per year, beginning immediately. You will make 4 deposits in an account that pays 6.6% interest. Under these assumptions, how much will you have 4 years from today? a. $18,775.41 b. $23,452.00 c. $25,877.59 d. $31,377.59 e. $24,275.41You want to quit your job and return to school for an MBA degree 3 years from now, and you plan to save $5,900 per year, beginning immediately. You will make 3 deposits in an account that pays 6.2% interest. Under these assumptions, how much will you have 3 years from today? a. $19,605.44 Ob. $19,840.95 c. $23,330.48 d. $19,986.92 e. $21,173.88
- You want to buy a condo 5 years from now, and you plan to save $3,000 per year, beginning immediately. You will make 5 deposits in a bank account that pays 6% interest, compounded annually. Under these assumptions, how much will you have in your account 5 years from today? Group of answer choices a $16,110.34 b $17,925.96 c $17,513.68 d $15,976.84You want to quit your job and return to school for an MBA degree 3 years from now, and you plan to save $7,000 per year, beginning immediately. You will make 3 deposits in an account that pays 5.2% interest. Under these assumptions, how much will you have 3 years from today? $20,993 $24,424 $22,098 $25,645 $23,261You borrow $10,000 to buy a car. You agree to pay $207.58. If your APR is 9%, how many years will it take for you to pay off the loan? Select one: a. 5 years b. 4.5 years C. 4 years d. 3.5 years e. 2.5 years Check
- You are planning on enrolling in the Master of Finance in 4 years time and will be required to pay $45,000 in fees upfront at enrolment. If you can earn 5.4% p.a. on your money, how much would you need to deposit into a savings account today in order for you to have enough money to pay your fees? [Round to the nearest dollar] Select one: a. $45,282 b. $34,595 c. $36,463 d. $41,514You just borrowed $490,000 for a mortgage on your new home. The mortgage has a 30-year term with monthly payments and an APR of 6.96%. a. How much will you pay in interest, and how much will you pay in principal, during the first year? Question content area bottom Part 1 a. How much will you pay in interest, and how much will you pay in principal, during the first year? Principal: $enter your response here. (Round to the nearest dollar.) Interest: $enter your response here. (Round to the nearest dollar.)You plan to buy a new car in three years and begin depositing $250 per month into a savings account that earns 4.5% annual interest, compounded monthly. After three years of deposits, how much money is in the account? What would you need to enter in Excel to help you answer this question? O=FV(4.5/12%,3,-250) O=FV((4.5%/12),36,-250) O=FV(4.5%,3,,-250) O=FV(4.5/12,36,,250)
- You plan to invest $5,000 into an account. If you would like to have $10,000 in 15 years, what rate of return must you earn? Question 5 options: 6.02% 5.24% 4.73% 7.55% 7.11%Use Excel to answer this question: You want to borrow money from your bank to purchase a car. The maximum amount you are willing to pay is $450 per month. How much can you borrow if the loan lasts for 7 years, your first payment starts today, and the interest rate is 4.5% APR under monthly compounding? $32,495.13 O$29,489.45 O $31,576.98 O $27,456.874. Consider a credit card with a balance of $7000. You wish to pay off the credit card, which has an APR of 17.99%, within 1 year. Calculate the following. Round your answer to the nearest cent, if necessary. a. Find the number of months you will need to pay the credit card if you pay $585 per month. b. Will you meet your goal and have the credit card paid in one year?