A professional photographer wants to have $15,000 in three years to refurbish her studio. How much money must she deposit at the beginning of each month into an account that earns 4% annual interest compounded monthly to reach her goal? (Round your answer to the nearest cent.)

Q: Tracy wants to have $400,000 when she retires in 40 years' time. How much should she deposit at the…

A: Payment per period can be calculated using PMT function in excel.   PMT(rate, nper, pv, [fv],…

Q: If a person works for a private firm for 10 years, then start your own business. You expect to save…

A: The future value of an annuity is calculated using the formula,

Q: Your birthday is next week and instead of other presents, your parents promised to give you $2,400…

A: The concept of time value of money will be used here.As per the concept of time value of money any…

Q: You want to buy a new car after your graduation. The price of the car is $20,000. The car dealer…

A: Monthly Payment  = P * r * [{(1+r)n }/{1+r)n -1}] where P = Prinicipal borrowed = Car price - down…

Q: Today, Tiffany is starting to save up for a downpayment on a house. Currently she has $635 in an…

A: Down payment refers to the initial sum that is extended towards the purchase of something for which…

Q: A newscaster earns $32,400 and wants to invest 10% of his/her monthly salary to save for retirement…

A: Future value is the value of an investment or asset on a specific date in the future.

Q: A young executive is going to purchase a vacation property for investment purposes. She needs to…

A: Present value = pv =$84,000 Total Installments =28*12 = 336 months Interest rate = r = 5.7/12 =…

Q: Susan Orman wants to pay $1500 semiannually to her granddaughter for 10 years for helping her around…

A:

Q: Kristina is going to finance new office equipment at a 5% rate over a 1.5 year term. If she can…

A: Using excel PV function

Q: ane needs $30,000  to buy a new car in four years. How much should she deposit at the endof each…

A: We will use the concept of time value of money here. The concept of time value of money states that…

Q: In an effort to save money for early retirement, an environmental engineering colleague plans to…

A: Future value refers to the value of a current asset at some future date affected by inflation and…

Q: Claudia intends to accumulate $35,000, so 6 months earlier she opens an account with $7,500, earning…

A: Simple interest = Principal * interest * time Amount = Principal + simple interest Amount =…

Q: Claire wants to buy a new jacuzzi. The jacuzzi costs $$⁢1550. Claire decides to finance the jacuzzi…

A: Financed amount refers to an amount taht is being borrowed by the borrower from the lender at some…

Q: her own business. She intends to pay back the loan with a series of $2,000 payments at the beginning…

A: A loan is a sort of debt that is taken on by an individual or another institution. The lender, which…

Q: As soon as Erika graduated from college and got her first fulltime job, she decided she would start…

A: Monthly deposit (m) = $400 Monthly deposit period (p) = 120 (i.e. 10 years * 12) Monthly interest…

Q: An engineer who is saving for her retirement plans to deposit $500 every semiannually, starting…

A: Semi Annual Deposit = 500 End of period deposits Nominal Rate = 12℅ Quarterly Compounding N = 25…

Q: Arnie invests $18,400 in an account that pays an annual interest rate of 15 %. How much money does…

A: Present Value = pv = $18,400Interest Rate = r = 15%Time = t = 1 Year

Q: Megan invests $1, 500 at the end of each year into an account earning 2% effective annual interest.…

A: Part 1:  Future value of the annuity in the first accountYear Amount Deposited0 $1,5001 $1,5002…

Q: Alexandria has $400,000 saved for retirement in an account earning 2.45% interest, compounded…

A: Solution:- When an equal amount is withdrawn each period, it is called annuity. We know, present…

Q: Helen is buying a $12,375 car with a $3,000 down payment, followed by 36 months of $325. The down…

A: Price of car = $ 12,375 down payment = $ 3000 number of payments = 36 monthly payment = $ 325…

Q: he Weidmans want to save $45,000 in 3 years for a down payment on a house. If they make monthly…

A: Monthly payments that are required to meet the goal are periodic deposits made in view of reaching a…

Q: A friend of yours bought a new sports car with a $4,500 down payment plus a $27,000 car loan that is…

A:

Q: Kourtney currently works at Bruin Productions and decide to finally plan for the future, she wants…

A: Information Provided: Future value = $250,000 Term = 10 years Interest rate = 6.1% compounded…

Q: 4) Brenda is buying a living room set for her home. At Furniture, Inc., she picks out a set for a…

A: With an installment loan, the borrower receives a fixed amount of money and repays it over a…

Q: In an effort to save money for early retirement, an environmental engineer plans to deposit $1200…

A: Given information: Monthly deposit of $1,200 for every 6 months Interest rate of 8% per year Number…

Q: An engineer will deposit 15% of her salary each year into a retirement fund. If her current annual…

A: We need to use present worth formula below to calculate present worth after 35 years.wherePW =…

Q: Anu wants to put aside an amount at the beginning of each month while working for the next 5 years…

A: " Hi, Thanks for the Question. Since, you asked multiple questions, we will answer first question…