A wedding photographer has been saving money to use for travel during retirement. The photographer plans to invest in a continuously compounded savings account with an annual interest rate of 4.3%. If the photographer wants to have a total account balance of $40,000 after 20 years, what principal amount must initially be invested? $23,073.52 $26,020.36 $13,979.64 $16,926.48

Q: A financial adviser recommends a client deposit $1500 in a fund that earns 9.5% annual interest…

A: To find the interest rate per month

Q: Suppose you are planning to save money for a future expense. You decide to deposit $500 at the end…

A: Annuity Formula: The future value of an annuity, where payments are made at regular intervals and…

Q: Moe takes out a conventional loan to purchase a car. The interest rate is 8.3% compounded monthly,…

A: amount of the loan is  $12000 monthly interest rate=8.3% compounded monthly

Q: an insurance settlement of 750,000 must replace an injured workers income for the next 40 years.…

A: Given that, The insurance settlement amount, P=750,000. The rate of interest, r=6.2%. The time…

Q: Jenna deposited $35,000 in an investment fund that was growing at a rate of 3.50% compounded…

A:

Q: Kellee deposits​ $5000 in a savings account with an interest rate of​ 0.9% compounded monthly. If…

A: From the given information, it is observed that Kellee deposited $5000 that is, P = $5000 with the…

Q: You borrow $48,000 at 8.7% compounded monthly.  If you make monthly payments for 10 years, how much…

A:

Q: An investment makes payments of $575 at the start of each year for 100 years. The rate or return of…

A: Given: Principal amount, P=$575 Number of years, t=100 Rate of interest, r=3.7% Number of times…

Q: Find what simple interest rate will be necessary for Sonny to get a 40% return on a $500 investment…

A:

Q: Someone decides to invest $13,000 in a money market fund that guarantees a 6.3% annual interest rate…

A:

Q: n order to pay for college, the parents of a child invest $20,000 in a bond that pays 8% interest…

A: P = 20,000r = 8% = 0.08t = 18n = number of compounds in one year = 2

Q: An investment company pays 4​% compounded semiannually. You want to have $17,000 in the future.

A: To determine how much money you need to invest now to have $17,000 in the future, we can use the…

Q: Parents wish to have $140,000 available for a​ child's education. If the child is now 3 years​ old,…

A: Step 1:We have to calculate the amount that should be set aside. It means we have to calculate the…

Q: Kristy Joe deposits ​$110 each month in an ordinary annuity to save for a new car. If the annuity…

A: It is given that the Cash deposit per period is P = $110.Monthly interest rate is i = 1.03%. Time…

Q: You borrow $2,000 from Gougo's , a well-known loan consolidation outfit . The loan is an…

A:

Q: Jason deposits $ 5000 into his savings account at the end of every 3 months for 4 years. For the…

A: Please see the attachment

Q: Abby and George are setting up a college fund for their newborn daughter and want to have $150,000…

A: Use compound interest formula

Q: You expect to retire in 30 years. After you retire, you want to be able to withdraw $4,500 from your…

A: Given: PMT=$4,500, Rate=4%, Total number of months=15×12=180To find: Amount of deposit per month…