Andrew and Emma Garfield invested $7,700 in a savings account paying 8% annual interest when their daughter, Angela, was born. They also deposited $1,400 on each of her birthdays until she was 15 (including her 15th birthday). How much was in the savings account on her 15th birthday (after the last deposit)?

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A: Given information: Total retirement savings amount is $1,450,000 Kathy’s investment is 4 times more…

Q: At age 18, Susan did nothing. She waited until she was 28 to start depositing $2000 per year at the…

A: Annuity, A = $ 2,000Interest rate, r = 12%Number of annuities = n = 65 - 28 = 37

Q: Armin's wonderful parents established a college savings plan for him when he was born. They…

A: Compound = Monthly = 12Payment = p = $57Interest Rate = r = 8.2 / 12 %Time = t = 18 * 12 = 216

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A: In the given question, $ 6,600 is deposited in savings account at the time of birth of their…

Q: Starting on the day Thomas was born, his mother has invested $50 at the beginning of every month in…

A: Future value:The future value of payments represents the accumulated value of periodic investments…

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A: Future Value: The worth of the asset at some future date based on the assumed rate of growth is…

Q: how much will John have in his retirement account at age 60?

A: Present age is 25 Rate of return = 8% Retirement age = 60

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A: The future value of the annuity is the future worth of a cash flow series at a certain rate of…

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A: The given problem can be solved using FV and PMT function in excel. FV function computes amount…

Q: Marilyn wishes to retire at age 65 with $2,000,000 in the bank. At the age 21, she decides to begin…

A: Calculate the monthly payments as follows:MS-Excel --> Formulas --> Financials -->PMT

Q: Twins graduate from college together and start their careers. Twin 1 invests $2000 at the end of…

A: First calculate for twin 1, the value of an investment at 65. The FV twin 1 invested at 31 years  =…

Q: Lisa invested $5000 in a fund for 5 years and was paid simple interest. The total interest that she…

A: P = $5000 T = 5 SI = $1000 Where, P = Principal T = Time (No. of years) SI = Simple Interest

Q: Thomas and Dorothy Garfield invested $5,900 in a savings account paying 5% annual interest when…

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

Q: Matthew and Kimberly Garfield invested $7,300 in a savings account paying 5% annual interest when…

A: Step 1:We have to calculate the total saved amount in the savings account on the 16th birthday. For…

Q: Twins graduate from college together and start their careers. Twin 1 invests $1500 at the end of…

A: Future value of money includes the amount that is being deposited and amount of compounding interest…

Q: Leon and Heidi decided to invest $3,250 annually for only the first nine years of their marriage.…

A: The future value is considered as the sum of its present value P, after growing at compounded…

Q: Kerry invests $234 in a savings account that earns 2.1% compounded annually. Andy invests $234 in a…

A: Formulas: Future value = Present value *(1+rate)^years

Q: Bobbi opens an IRA account in which she deposits $3,000 per year until she retires in 50 years. If…

A: The accumulated amount can be calculated with the help of future value of annuity function

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Q: what will be the size of each installment?

A: Information Provided: College fund interest rate = 4% p.a. Tax free account = 3.5% compounded…

Q: much

A: Formula to calculate future value is: FV = PV(1+r)^n Where FV is the future value, r is the rate of…

Q: John deposits $2,000 in the first year, $800 in the second year and $600 in the third year to WMW…

A: future value formula: future value = present value×1+rateyear

Q: jesse recieved $5,000 from his grandmother when he turned 18. if he invests it at 5.5%(12), how much…

A: The question gives the following information:

Q: a is Leon and Heidi decided to invest $2,750 annually for oply the first nine years of their…

A: Future Value Future value refers to the value of the investment at a certain point in time in future…

Q: When Derrick turned 15, his grandparents put $10,000 into an account that yielded 1.4% interest,…

A: Future Value refers to the value of the current asset or investment or of cash flows at a specified…

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Q: Jim invests $15,000 today into an account, If the amount in the account accumulates to $17,364.37 at…

A: The rate of interest can be computed with the help of future value function.

Q: size of each installment

A: This question is based on the concept of time value of money. It is used to calculate the value of…

Q: Today is Amy's 24th birthday. Starting today, Any plans to begin saving for her retirement, which…

A: Future value refers to the anticipated value of an investment or asset at a specific point in the…

Q: Mrs. Kimberly deposited P 300, 000 in an account earning 8% compounded every 6 months. On the 2th…

A: Compound interest: Compound interest denotes an interest computed on the total initial deposits and…

Q: Andrew and Emma Garfield invested $6,100 in a savings account paying 4% annual interest when their…

A: Variables in the question:At t=0, amount invested=$6100Annual interest=4%Annual deposit (for 16…

Q: Karen invested $10,000 in a money market account with an interest rate of 1.75% compounded…

A: Initial investment (I) = $10,000 Semiannual interest rate (r) = 0.00875 (i.e. 0.0175/2) Semiannual…

Q: Judy recently purchased her first home for $220,000. She made a down payment of $20,000, and…

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Q: Chase starts an IRA (Individual Retirement Account) at the age of 30 to save for retirement. He…

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Q: Yumi's grandparents presented her with a gift of $21,000 when she was 8 years old to be used for her…

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A: Using excel FV function

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A: We need to use continuous compounding formula to solve this problem   A=P(e)rn   where   A=future…

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Q: Mitch and Bill are both age 75. When Mitch was 25 years old, he began depositing $1200 per year into…

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