2) You wish to save $150,000 for a new car. You are going to make $5000 deposits at the end of each month. If the bank pays 3% compounded monthly, then how many full deposits are needed? a) what is the amount of the smaller concluding deposit at the end of the next month?

Q: You wish to save $30,000 by making $1000 deposits at the end of each month. If the bank pays 4%…

A: Dear student, we need to use NPER and FV formulas in excel to solved this problem.

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Q: How much would you need to deposit in an account each month in order to have $50,000 in the account…

A: Given: Future value = $50,000 Time =8 years Monthly period = 8*12 = 96 Interest = 4.5% So, monthly…

Q: Suppose you have $60,000 in a savings account earning 2%. You would like to make equal quarterly…

A: The time value of money is a concept in finance that evaluates the worth of the securities that cash…

Q: You decide to make annual deposits of $300.00 for 12 years into an account which pays 5% compounded…

A: Annual deposits = $300 Time duration = 12 years Interest Rate = 5%  The future value of the annuity…

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A: As per the given information: Future value - $13,000 Present value - $5,300 Rate of interest - 8.8…

Q: How much must you deposit into an account today so that you can have $25,000 in twelve years? Assume…

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Q: Suppose you start saving today for a $50,000 down payment that you plan to make on a house in 5…

A: Down payment = $50,000Interest rate = 6% (Daily compounding)Number of years = 5 years

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A: Compounding refers to phenomenon of calculating interest where interest is added to the principal…

Q: You want to be able to withdraw $8500 from an account at the end of each 6-month period (that is,…

A: Given that;Periodic withdrawal amount is $8500Interest rate is 2.9% per year

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A: Interest rate on account = 6% (compounded daily) Amount A = P(1 + r/n)nt Where A = amount P =…

Q: How much would you need to deposit in an account each month in order to have $10,000 in the account…

A: formula to be used = Future value=PMT(1+r/n)n*t-1)/r/n   PMT= Monthly payment R= interest rate N=…

Q: You have $20,800.51 in a brokerage account, and you plan to deposit an additional $3,000 at the end…

A: The number of years required to accomplish the goal can be find out by using the future value of…

Q: Suppose you deposit $380 today, $565 in one year, and $929 in two years in an account that pays an…

A: We need to calculate future value here:It has formula, FV = PV * (1+r)^nwhere, PV is present valuer…

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A: a) Hence, the amount in the account at the beginning is $490,907.37 b) Hence, the total money pull…

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Q: You plan to deposit $500 in a bank account now and $600 at the end of the year. If the account…

A: Solution: The amount in account after second deposit will be the future value of first deposit and…

Q: You plan on depositing $370 every month for the next 11 years in an account that pays a 0.8%…

A:

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A: The deposit required today is calculated as the present value.

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A: Information Provided: Payment = $5000 Term = 12 years Interest rate = 5.5% compounded annually

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A: Future Value (FV) of amount needed = $43,000Interest rate (r) = 4% or 0.04We need to calculate the…

Q: You deposit $296 today into a bank account that earns 12% annually.  How much will be in your…

A:

Q: You deposit $700 each month into an account earning 3% interest compounded monthly. a) How many…

A: Future value is the amount that existing assets are worth at a specific future date after they have…

Q: You currently have $5,000. First United Bank will pay you an annual interest rate of 8.1, while…

A: The concept of time value of money will be used here. Future value or amount is obtained by…