A 13-year-old has his dad save $100 of his birthday money for the next family vacation. How much will he have after 15 months if he can earn 2.68% compounded monthly? Round your answer to the nearest cent.

Q: Honey wants to go to Siargao, for four days at the age of 25. She hopes to save $10,000 by the time…

A: The present value method refers to the determination of the present worth of an amount with a…

Q: You plan to send your first born child to College for a 4-year degree with 4 annual payments.  Your…

A: The present value is the value of the sum received at time 0 or the current period. It is the value…

Q: Matt plans to start his own business once he graduates from college. He plans to save $1,700 every…

A: Future value is the value of all payments accumulated or annuity paid at future date with interest…

Q: APR

A: Formula to calculate the future value is: FV = p*[(1+r)^n-1]/r

Q: Don Williams wants to buy a boat five years from today. He will need $40,000. Don wants you to…

A: The correct answer for the above mentioned question is given in the following steps for your…

Q: 2. Andy is planning to buy a car when he graduates from college 4 years from now. The estimated…

A: One-time simple interest is often used for very relatively brief loans. Interest is often…

Q: Tait is entering high school and is determined to save money for college. Tait feels he can save…

A: Future value of annuity: It is value at a future date of a series of recurring payments at a…

Q: On a child's first birthday, a parent wishes to deposit enough money so that the child can withdraw…

A: Present Value of annuity = Annual payments * PVAF(rate, number of years) Present Value = Future…

Q: James and Kate would like to have $30,000 in 6 years in order to purchase anew mini van. What amount…

A: Annuity refers to series of annual payment which is paid or received at start or ending of specific…

Q: Jace wants to save to buy a car. Jace plans to invest some of their pay every month into an account…

A: Monthly payments refers to the periodic payment. Periodic payment can be made monthly, quarterly,…

Q: William Brown plans to save $5,693 every year for the next eight years, starting today. At the end…

A: The future value of any investment or payment is its value at the end of the given investment period…

Q: Maria, a 25-year-old teacher, wants to start saving for her retirement. Maria wants a comfortable…

A: GIVEN, Age of Maria = 25  retirement age = 65 therefore number of years of savings = 65- 25 = 40…

Q: Benji wants to purchase a new car in 4 years. He plans on putting $8,000 down. He will be putting a…

A: let payment be = A r=9% m=12 (monthly compounding) n =4 FVA = $8000

Q: Matt plans to start his own business once he graduates from college. He plans to save $3,000 every…

A: Time value of money is a financial concept which is used to analyze various investments and…

Q: Cooper wants to save for college. Assuming he puts $5,000 into an account at the end of each year…

A: Money invested anywhere changes in value with the change in time. This is simply understood as the…

Q: Samantha spends $120 per month on lottery scratchers. She decides to invest that amount each month…

A: Information Provided: Payment = $120 Annual Interest rate = 6.7$ Total principal value = (120*12) =…

Q: Emilia and Liam are purchasing a home. They wish to save money for 10 years and purchase a house…

A: Compounded monthly means that the interest on the savings or investment account is calculated and…

Q: Michael Jones plans to save $5,928 every year for the next eight years, starting today. At the end…

A: The future value is the amount that will be received at the end of a certain period. In simple…

Q: What lump sum do parents need to deposit in an account earning 11%, compounded monthly, so that it…

A: Solution:- When an amount is invested somewhere, it earns interest on it. The amount initially…

Q: A 40-year-old woman decides to put funds into a retirement plan. She can save $1,000 a year and earn…

A: We need to calculate the persent value of annuity  by using this formula.    PV of annuity =CF*…

Q: Abe will need $12,000 per year for four years to pay for tuition. How much will Abe's parents have…

A: The present worth of the future estimated spending each year will be found by using the PV formula…

Q: Michael wants to have $63,000 in 9 years on a savings plan that requires monthly contributions.  If…

A: Future Value = fv = $63,000Compound = monthly = 12Time = t = 9 * 12 = 108Interest rate = r = 7 / 12…

Q: What interest (to the closest percent) must she earn in this account to achieve this financial…

A: Interest refers to the cost of money borrowed from a lender. It can be simple or compound. It is…

Q: James Smith plans to save $4,000 every year for the next eight years, starting today. At the end of…

A: A deposit of $4000 is made every year starting from today. Number of years of investment is 8 and…

Q: What semi-annual deposits does Adrian have to make?

A: Time value of money (TVM) refers to the method or concept which is used to determine the amount of…

Q: Solve with lump sum. A 13-year-old has his dad save$100of his birthday money for the next family…

A: The time value of money is applied when the future value of an equated amount deposited is to be…

Q: nd wants to save the college tuition fees his child will need in ten years by starting with a…

A: Future value of the amount is that amount being deposited and amount of compounded interest…

Q: Amy currently has $500 in an account with an annual rate of return of 4.3%. She wants to have $3000…

A: Here, Presnet value "PV" = $500 Future value for trip "FV" = $3000 Annual rate of return  = 4.3%…

Q: In order to save for your child's college education, you want to save $300 every month for 15 years,…

A: Compound = Monthly = 12Payment = p = $300Time = t = 15 * 12 = 180Monthly Interest Rate = r = 0.4%

Q: Eric is planning to save $47.17 every month for 4 years. He plans to make his first savings…

A: Current saving amount = $901.00Expected amount of savings in 4 years = $3,981.10Monthly saving…

Q: Michael Jones plans to save $5,928 every year for the next eight years, starting today. At the end…

A:

Q: Debra Moore needs $20,000 3 years from now. How much should she invest today in order to reach her…

A: Answer : Future value = $20,000 Interest rate = 6% n = 3 Years Calculation of Present value :…

Q: It is Jerry's 14th birthday and his parents plan to invest some money so that they will have $17 000…

A: Amount required at 18th birthday = $17000 Quarterly interest rate (r) = 0.0215 (i.e. 0.086 / 4)…

Q: A couple wants to retire in 35 years and can save $400 every month. They plan to deposit the money…

A: A theory that helps to compute the present or future value of the cash flows is term as the TVM…

Q: Katie wants to save $1500 over the next two years to use as a down payment on a new car. If her bank…

A: I/Y = rate = 5%/12 = 0.6% Nper = Number of periods = 2*12 = 24 FV = Future value = -1500 CPT PMT =…