You would like to save for a car. You would like to have $20,000 saved in 4 years. You decide to make payments at the end of each month into an account earning 6% interest per year, compounded monthly for the next 4 years in order to accumulate the desired amount. a) What size payments should be made? Round to the Penny $ b) How much total interest did they earn on the investment over 4 years? Round to the penny $

How much would you need to deposit in an account each month in order to have $10,000 in the account in 8 years? Assume the account earns 7% interest.   Please step by step answer.

Assume that you and your family want to go on vacation in 5 years. You are planning to save for the trip.  The estimated cost of the trip will be $10,000.  You have found an investment that will pay 6% annual interest for the next 5 years. Using Excel, calculate the dollar amount that will be required to invest today to reach the financial expense for your vacation.

You have decided to open a savings account and put $11000 in your local bank at an interest rate of 2.5% APR, which is compounded monthly. About how much money will you have in the saving account at the end of 10 years.

Your mother has asked you to help her with an investment. She has $6,000 to invest today for 3 years. You've identified a CD at a bank that pays a nominal rate of interest of 5.08%, with interest paid quarterly. What will be the value of this investment 3 years from now?

Suppose you'd like to save enough money to pay cash for your next car. The goal is to save an extra $⁢28,000 over the next 33 years. What amount must be deposited quarterly into an account that earns 4.7% interest, compounded quarterly, in order to reach your goal? Round your answer to the nearest cent, if necessary.

a. You need $17,000 in five years but you only have $12,000 now. At what interest rate must you invest the money assuming the interest is compounded annually? b. You have a $20,000 note payable which is due in three years. How much money must you put into a savings account today in order to have enough money to pay off the debt on time assuming your savings account earns 3% interest compounded annually? c. You put $2,750 into an account earnings 4% interest compounded QUARTERLY. How much will be in this account at the end of 4 YEARS? d. In question “b." above, if you leave he money in the account for one more YEAR, how much more interest will you earn in that additional year (Year 5)? e. How long will it take to double $2,000 to $4,000 assuming you invest the $2,000 into an account earning 7% interest compounded annually?

You want to be able to withdraw $4500 from an account at the end of each 6-month period (that is, twice a year) for the next 11 years.  How much money should you invest now into an account earning 4.1% interest per year, compounded every 6 months, in order to fund the desired withdrawals?  Assume the account is empty after the last withdrawal is made. Give the answer correctly to 2 decimal places. The amount to invest now is ______ dollars.

Which investment will give you the higher future value in 5 years? Investment 1: You deposit $100 every month into an investment savings account that has an interest rate of 2.5% compounded daily. Investment 2: You deposit $300 every three months into an investment savings account that has an interest rate of 2.6% compounded semi-annually.

Jill wants to make a few deposits so that she can withdraw $5000 per year at the end of each year for the next 15 years.  A deposit of X is made a year from now, a second deposit of 2X is made at the end of year 4, and a deposit of (X/2) is made at the end of year (5+4).  What is the amount of X if the goal is to empty the account?  Use 6% interest.