(CALCULATOR) Marianne wants to accumulate $140 000.00 in an RRSP by making annual contributions of $3500.00 at thebeginning of each year. If interest is 7.5% compounded daily, calculate how long she has to make contributions.

Time required to pay back a borrowing is obtained using the formula: Future worth=P[(1+r)n-1](1+r)r,…

CALCULATOR) Marianne wants to accumulate $140 000.00 in an RRSP by making annual contributions of $3500.00 at the peginning of each year. If interest is 7.5% compounded daily, calculate how long she has to make contributions.

CALCULATOR) Marianne wants to accumulate $140 000.00 in an RRSP by making annual contributions of $3500.00 at the peginning of each year. If interest is 7.5% compounded daily, calculate how long she has to make contributions.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Similar questions

see pic
Compute the effective annual rate of interest (a) for 6% compounded monthly; (b) at which $1100 will grow to $2000 in seven years compounded monthly. Please write to text formet answer
Find the periodic payments PMT necessary to accumulate the given amount in an annuity account. (Assume end-of-period deposits and compounding at the same intervals as deposits. Round your answer to the nearest cent.) $80,000 in a fund paying 3% per year, with monthly payments for 10 years PMT = $ Need Help? Watch It Read It
You are planning to withdraw $1500 at the end of year 4, $2000 at the end of year 6, and $2500 at the end of year 8. At a 10% interest rate, what is the present worth of these withdrawals? Please draw the cash flow diagram too.
You buy a car for $27000. You get a loan at 7% interest compounded yearly. You will have 60 equal monthly payments of 5543.63 each month. How much total interest will you have payed on the car loan once all of your payments are complete..
How much money would you need to deposit today at 8% interest compounded quarterly to have $15,000 in the account after 8 semi annuals?
If $10,000 per quarter is invested in an account that earns a nominal annual interest rate of 12% compounded monthly, how much money will be in the account at the end of 4 years? The account will have $
Lia wishes to have $3000 after 3 years in an account that draws 6% nominal interest compounded monthly. How much must he deposit each month, starting in 1 month?
Q3
An executive invested 1M to an account that earns 8% compounded continuously. Determine the amount of his money at the end of 20 years.
Find the amount accumulated FV in the given annuity account. HINT [See Quick Example 1 and Example 1.] (Assume end-of-period deposits and compounding at the same intervals as deposits. Round your answer to the nearest cent.) $110 deposited monthly for 20 years at 3% per year in an account containing $12,000 at the start $ Need Help? Master It Read It
How much money would you need to deposit today at 6.36% annual interest compounded monthly to have $108778 in the account after 8years?