`1. How much money, to the nearest cent, must be deposited right now (as a lump sum) in order to grow to $1,000,000 in 20 years, if annual interest is 6% compounded quarterly? Enter your answer with no units. Just input the value. 2. Suppose you borrow $26,000 when purchasing a new car. The bank offers an annual interest rate of 5.2% compounded monthly. You will make monthly payments for 5 years. When computing your monthly payments, which of the following formulas would you use? 3. When you start your career, you decide to set aside $500 every quarter to deposit into an investment account. The investment firm claims that historically their accounts have earned an annual interest rate of 10.0% compounded quarterly. Assuming this to be true, how much money will your account be worth after 25 years of depositing and investing? Round your answer to the nearest cent. Do not include labels or units. Just enter the numerical value. 4. When you start your career, you decide to set aside $250 every month to deposit into an investment account. The investment firm claims that historically their accounts have earned an annual interest rate of 9.0% compounded monthly. Assuming this to be true, how much money will your account be worth after 20 years of depositing and investing? Round your answer to the nearest cent. Do not include labels or units. Just enter the numerical value. 5. Donna would like to purchase her first home when she graduates college and starts her career. Right now she's 18 years old, and she plans on graduating when she's 22. She would like to make a one-time deposit into an account earning 4.6% annual interest, compounded monthly, so she can have a $20,000 down payment for her home. Which formula would be appropriate in determining how much she needs to deposit right now so she can reach her financial goal?
`1. How much money, to the nearest cent, must be deposited right now (as a lump sum) in order to grow to $1,000,000 in 20 years, if annual interest is 6% compounded quarterly? Enter your answer with no units. Just input the value.
2. Suppose you borrow $26,000 when purchasing a new car. The bank offers an annual interest rate of 5.2% compounded monthly. You will make monthly payments for 5 years. When computing your monthly payments, which of the following formulas would you use?
3. When you start your career, you decide to set aside $500 every quarter to deposit into an investment account. The investment firm claims that historically their accounts have earned an annual interest rate of 10.0% compounded quarterly. Assuming this to be true, how much money will your account be worth after 25 years of depositing and investing? Round your answer to the nearest cent. Do not include labels or units. Just enter the numerical value.
4. When you start your career, you decide to set aside $250 every month to deposit into an investment account. The investment firm claims that historically their accounts have earned an annual interest rate of 9.0% compounded monthly. Assuming this to be true, how much money will your account be worth after 20 years of depositing and investing? Round your answer to the nearest cent. Do not include labels or units. Just enter the numerical value.
5. Donna would like to purchase her first home when she graduates college and starts her career. Right now she's 18 years old, and she plans on graduating when she's 22. She would like to make a one-time deposit into an account earning 4.6% annual interest, compounded monthly, so she can have a $20,000 down payment for her home. Which formula would be appropriate in determining how much she needs to deposit right now so she can reach her financial goal?
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