C ctcLink Mobile Savings Plans, Part 3: Reaching a Goal with Different Account Types For this problem, you will be looking at how the amount someone needs to invest to reach a set end goal varies with investment type. Round principal and deposit amounts up to the cent. WAMAP 3. Finley wants to be able to buy a house in fifteen years; they think they will need to have $24,000 to use as a down payment. a. If Finley wants to buy bonds that earn 3.72% APR in simple interest, how much will they have to invest now for the bonds to be worth $24,000 in fifteen years? $15404.36 x invested Enter an integer or decimal number [more..] b. If Finley wants to set aside money in a savings account that earns 3.72% APR in interest, compounded monthly, how much will they have to invest now for the savings account to be worth $24,000 in fifteen years? $13748.32 x invested c. If Finley wants to put aside money every month in a lockbox, how much will they have to set aside each month in order to have $24,000 after fifteen years? (They will be depositing the same amount every month.) $ deposited per month How much will Finley have invested in the account in total? $ 17960.40 x total invested d. If Finley wants to invest monthly in an annuity account with a 3.72% APR, how much will they need to deposit each month in order for the account to be worth $24,000 in fifteen years? $110.76 x deposited per month How much will Finley have invested in the account in total? $23999.90 x total invested
C ctcLink Mobile Savings Plans, Part 3: Reaching a Goal with Different Account Types For this problem, you will be looking at how the amount someone needs to invest to reach a set end goal varies with investment type. Round principal and deposit amounts up to the cent. WAMAP 3. Finley wants to be able to buy a house in fifteen years; they think they will need to have $24,000 to use as a down payment. a. If Finley wants to buy bonds that earn 3.72% APR in simple interest, how much will they have to invest now for the bonds to be worth $24,000 in fifteen years? $15404.36 x invested Enter an integer or decimal number [more..] b. If Finley wants to set aside money in a savings account that earns 3.72% APR in interest, compounded monthly, how much will they have to invest now for the savings account to be worth $24,000 in fifteen years? $13748.32 x invested c. If Finley wants to put aside money every month in a lockbox, how much will they have to set aside each month in order to have $24,000 after fifteen years? (They will be depositing the same amount every month.) $ deposited per month How much will Finley have invested in the account in total? $ 17960.40 x total invested d. If Finley wants to invest monthly in an annuity account with a 3.72% APR, how much will they need to deposit each month in order for the account to be worth $24,000 in fifteen years? $110.76 x deposited per month How much will Finley have invested in the account in total? $23999.90 x total invested
Algebra and Trigonometry (6th Edition)
6th Edition
ISBN:9780134463216
Author:Robert F. Blitzer
Publisher:Robert F. Blitzer
ChapterP: Prerequisites: Fundamental Concepts Of Algebra
Section: Chapter Questions
Problem 1MCCP: In Exercises 1-25, simplify the given expression or perform the indicated operation (and simplify,...
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Savings Plans, Part 3: Reaching a Goal with Different Account Types
For this problem, you will be looking at how the amount someone needs to invest to reach a set end goal
varies with investment type. Round principal and deposit amounts up to the cent.
3. Finley wants to be able to buy a house in fifteen years; they think they will need to have $24,000 to use as
a down payment.
X invested
a. If Finley wants to buy bonds that earn 3.72% APR in simple interest, how much will they have to
invest now for the bonds to be worth $24,000 in fifteen years?
$15404.36
X invested
Enter an integer or decimal number [more..]
WAMAP
b. If Finley wants to set aside money in a savings account that earns 3.72% APR in interest, compounded
monthly, how much will they have to invest now for the savings account to be worth $24,000 in fifteen
years?
$13748.32
c. If Finley wants to put aside money every month in a lockbox, how much will they have to set aside
each month in order to have $24,000 after fifteen years? (They will be depositing the same amount
every month.)
$
deposited per month
How much will Finley have invested in the account in total?
$ 17960.40
X total invested
How much will Finley have invested in the account in total?
$ 23999.90
x total invested
d. If Finley wants to invest monthly in an annuity account with a 3.72% APR, how much will they need to
deposit each month in order for the account to be worth $24,000 in fifteen years?
$110.76
x deposited per month
JUL
O
↓
C
MacBook Pro](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fd50e539b-3721-4a1a-a416-fca053975951%2F76b61482-c9f9-4401-a399-f068bb250e8d%2F5leq3xn_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Safari
E
File
Edit View History Bookmarks
C ctcLink Mobile
Window Help
wamap.org
Savings Plans, Part 3: Reaching a Goal with Different Account Types
For this problem, you will be looking at how the amount someone needs to invest to reach a set end goal
varies with investment type. Round principal and deposit amounts up to the cent.
3. Finley wants to be able to buy a house in fifteen years; they think they will need to have $24,000 to use as
a down payment.
X invested
a. If Finley wants to buy bonds that earn 3.72% APR in simple interest, how much will they have to
invest now for the bonds to be worth $24,000 in fifteen years?
$15404.36
X invested
Enter an integer or decimal number [more..]
WAMAP
b. If Finley wants to set aside money in a savings account that earns 3.72% APR in interest, compounded
monthly, how much will they have to invest now for the savings account to be worth $24,000 in fifteen
years?
$13748.32
c. If Finley wants to put aside money every month in a lockbox, how much will they have to set aside
each month in order to have $24,000 after fifteen years? (They will be depositing the same amount
every month.)
$
deposited per month
How much will Finley have invested in the account in total?
$ 17960.40
X total invested
How much will Finley have invested in the account in total?
$ 23999.90
x total invested
d. If Finley wants to invest monthly in an annuity account with a 3.72% APR, how much will they need to
deposit each month in order for the account to be worth $24,000 in fifteen years?
$110.76
x deposited per month
JUL
O
↓
C
MacBook Pro
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