Celine wishes to retire at age 6767 with $1,400,000$⁢1,400,000 in her retirement account. When she turns 2222, she decides to begin depositing money into an account with an APR of 7%7% compounded monthly. What is the monthly deposit that Celine must make in order to reach her goal? Round your answer to the nearest cent, if necessary.

Q: Consider a uniform series of cash flows.  The first cash flow of $10,000 occurs at time 10 and the…

A: A cash flow is the movement of funds over a predetermined time period into or out of the financial…

Q: Q2. You want to purchase a car that worth $22,678 by making a down payment of $2,678 and paying the…

A: Cost of Car = 22,678 Down payment = 2,678 n = 48 annual rate = 8.5 or 8.5/12 = 0.70833%

Q: Determine the equivalent present amount of a series of equal quarterly amounts of $10,000 for five…

A: Present value is the value of investment in today's dollar. Future value is the value of investment…

Q: Find the nominal rate compounded monthly which is equivalent 12% compounded quarterly. write your…

A: The Effective Interest Rate is utilized to work out the effective annual interest rate in view of…

Q: How much must I invest today (September 21, 2022) to have P170,000 on January 4, 2024 at 2%…

A: Months between : 21 Sept 2022   To    4 Jan 2024  => 15 months 14 days  = 15.5 months approx…

Q: What is the amount of the quarterly deposits A such that you will be able to withdraw the amounts…

A: Given: The interest rate is = 11% compounded quarterly The amount at 4th quarter is = $1,200 The…

Q: You have selected an account that yields 3.85% compounded monthly to invest the $4,051,948 that you…

A: The effective annual interest rate (EAR), also called the annual percentage yield, means the true…

Q: You have a habit of drinking a cup of Starbuck coffee ($2.00 a cup) on the way to work every morning…

A: The price of a Starbuck coffee = $2 per cup Number of year = 30 years Interest earned = 5% Per day…

Q: Suppose you borrowed $10, 000 at an interest rate of 12% compounded monthly over 48 months. At the…

A: Principle Amount =  $ 10,000 Interest rate = 12%                          = $1200 Loan amount =…

Q: What is the amount of the quarterly deposits A such that you will be able to withdraw the amounts…

A: Cash flow diagrams are useful for assessing the profitability and financial viability of projects or…

Q: How much money will you at present time if you deposit P6,640 each for the next 8 years in a savings…

A: Given :Number of Periods/Years (n) = 8Nominal Rate of Interest (r(4)) =6%Regular Deposit(A) = $ 6640

Q: You are quoted an interest rate of 6% on an investment of $1000. What is the value of your…

A: Here, it is given that an investment of $1,000 gives 6% annual interest rate that is compounded…

Q: What is the size of the payments that must be deposited at the beginning of each 6-month period in…

A: The compound interest formula for semi annual basis is as follows: A=P(1+rn)nt Where,  A is the…

Q: A child’s grandparents have opened a ₱586702 savings account for the child on the day of her birth.…

A: It is given in the question that, Principal amount(P)=5,86,702. Interest rate(i)=1.7% or 0.017…

Q: You pay 10,000$ per year for 10 years. what is the total payment at the end of 10 years with knowing…

A: Compound interest in layman terms can be referred to as 'interest on interest'. This means that…

Q: An investment of P2880 is made at the beginning of each month for 9 years and 4 months. How much…

A: We have given that the investment is made at the beginning of each month and A =₱2880 Length of…

Q: What is the accumulated amount of a 8-year annuity paying ₱ 1,067 at the end of each year, with…

A:

Q: Which is the better investment, a fund that pays 5% compounded annually or one that pays 4.8%…

A: Discretely compounded interest is determined and added to the head at explicit spans (e.g., every…

Q: If marry put $100,000 into an account that pays 4.5% annual interest, and she plan to withdraw…

A: here we calculate the time when account of Marry will empty by calculating the future value so the…

Q: Find the present value of a deferred annuity of P6362 every six months for 3 years that is deferred…

A: Given  deferred annuity (A) =6362 every six months Time =3 years rate of interest =4% compounded…

Q: Consider a 30,000 dollars investment which has an annual interest rate of 10%. What is the value at…

A: In the mentioned question, we are given the investment and annual interest rate. With the given…

Q: Addy plans to deposit her annual bonus into a savings account that pays 4% interest compounded…

A: # She receives interest @4% P.A # first bonus she deposit at the end of the first year with amount…

Q: Suppose Jorge Otego has set up his annuity due with a credit union. At the beginning of each month,…

A: Given that, Principal amount =P = $150 Rate of interest =r= 6% = 0.06  Interest rate compounded…

Q: have selected an account that yields 4.87% compounded every tl 4,125,000 that you have saved while…

A: *Answer:  Nominal interest rate = 4.87% Interest rate per quarter = 4.87%/4 = 1.2175% Effective…

Q: Jim's retirement account in a company currently totals $416,384. What perpetual income can Tom and…

A: To begin receiving income as soon as a policy has been established, the annuity contract is called…

Q: You plan to retire in 30 years and plan to contribute the same amount of money each year to your…

A: The annual withdrawal in the post-retirement period is $100,000. This continues for 20 years and…

Q: On January 1, 2005, a person’s savings account was worth $200,000. Every month thereafter, this…

A: Part 2: Explanation:Step 1: Calculate the Future Value (FV) using the formula for compound…

Q: ind the equivalent effective interest rate of 6.05% when compounded continuously.   Write your…

A: Given  nominal interest rate i=6.05% compounded continuously. We have to calculate the equivalent…

Q: At a certain interest rate compounded quarterly, P1T will amount to $5T in 10 years. What is the…

A: Given  Present value P=$1T Future value F= $5T Time = 10 years We have to calculate the rate of…

Q: A 20-yr loan is being negotiated with a savings and loan company. $50,000 is to be borrowed at 8%…

A: Present value is the value of investment in today's dollar. Future value is the value of investment…

Q: You deposit $100 now, and another $100 at the end of 20 years. The account earns a nominal discount…

A: The formula of future value is F=P1+in Here i is the interest rate per period and n is the number of…

Q: At a certain interest rate compounded semiannually, P10,000 will amount to P30,000 after 15 years.…

A: Given the present value = P10000 Future value or the value after 15 years = P30000 First, we have to…

Q: Find the present value of a $50,000 annuity payable each three months for ten  years but deferred…

A: Given that, Payment at the end of period (R) = $50,000 Periodic rate (i) = 0.12/3 = 0.04 as there…

Q: A person needs $19,000 immediately as a down payment on a new home. Suppose that she can borrow this…

A: Compounding in economics refers to the process of earning interest on both the principal amount…

Q: What sum deposited today at 9% compounded annually for 18 years will provide the same amount as…

A: Formula for the future annuity is given as: F = A (1+R)t-1RFormula for the presnet value P =…

Q: 2. You want to purchase a car that worth $22,678 by making a down payment of $2,678 and paying the…

A: Equated Monthly Installment( EMI), is the sum that must be paid each month to the bank or other…

Q: A person needs $17,700 immediately as a down payment on a new home. Suppose that she can borrow this…

A: The practice of earning income on an investment over a typical amount of time is known as…

Q: Identify the number of times interest calculated in a year if the interest is compounded every three…

A: when the interest rate is compounded every 3 months then it has to be calculated for 4 times in a…