3. A developer sells a small lot that he had owned for 320,000. He deposited the money into an account that pays 4.2% compounded quarterly. In five years, he plans to use the money in the account to pay off a debt. How much money will he have?

Q: Mr. John borrows money from a friend with simple interest of 12%, find the present worth of $25,000…

A: If the interest is simple, then the formula used is A=P(1+rt), where A is the final amount, P is the…

Q: You deposit $1000, and it grows to $1,500 in 5 years.  What is your annual return?

A:

Q: Jenny invests $9,000 at 8% compounded annually in an annuity. How long until Jenny has $18,000

A:

Q: Sara borrowed 25,500 to purchase a new car .if the rate on the loan is 8%compounded quarterly , how…

A: Given Information -  Amount borrowed by Sara = 25,500 Rate of interest = 8% Time period of loan = 5…

Q: Megan has $50,000 in her college fund that earns 6.4% compounded quarterly. She would like to make…

A: Given: Megan has $50,000 in her college fund that earns 6.4% compounded quarterly. She would like to…

Q: After retiring, Delaney wants to be able to withdraw $4,000.00 every month from her account for 25…

A: We will find out the required value .

Q: John got a part time weekend job at a local restaurant to save for a new car. He plans on depositing…

A:

Q: Sam deposits $400 at the end of every 6 months in an account that pays 7%, compounded semiannually.…

A: ANSWER :

Q: . Find the simple interest (I = Prt) of $10,000 invested for 6 years at an annual simple interest…

A: Definition: simple interest If an amount of money,  P , the principal, is invested for a period of…

Q: Suppose you want to have $300,000 for retirement in 20 years. Your account earns 10% interest. How…

A: The objective of this question is to find out how much money needs to be deposited each month in an…

Q: . Nadia received $200 for her 10th birthday. If she saves it in a bank account with 7.5% interest…

A:

Q: mrs. smith invested P500,000 in a company that offers 6% interests compound annually. How much will…

A: We need to find worth of investment for 5 years.

Q: To help pay for college expenses, Julie Davis borrowed $10,000 at 7% interest compounded…

A: Given data, Principal P=$10,000 Rate r=7%=0.07 Time t=8 years Compounded semi-annually n=6

Q: Suppose you want to have $500,000 for retirement in 30 years. Your account earns 6% interest. How…

A: Suppose you want to have $500,000 for retirement in 30 years.  Future ValueFV= $500000Time t=30…

Q: A youth sports league receives a ​$30,000 donation for building a new snack bar and office building.…

A: A=P1+rnntFor quarterly, n=4

Q: Beth has a $12 000 student loan that she needs to repay. Payments are made monthly for the next 2…

A:

Q: How much will Lee receive at the end of 4 years?

A: Principle, P = $18,400 Annual interest rate, r = 8% = 0.08 No. of times interest compounded per…

Q: Suppose you want to have $700,000 for retirement in 30 years. Your account earns 6% interest. How…

A: We have given that future value (FV) = $700,000Number of years = 30Number of months = 30*12 =…

Q: Noman would like to have $50,000 in 16 years to give to his son to help pay for his university…

A: As per the given condition the person wants to make his money goes up to $50000 in 16 years, if the…

Q: Karen borrowed $2000. How much will she pay back in 1 year if she is charged 2% a year, compounded…

A: Principal money=$2000=P time(t)=1year rate of interest(r)=2% to find amount=? when compounded…