Cheryl wants to have $4,300 in spending money to take on a trip to Disney World in three years. How much must she deposit now in a savings account that pays 4% per year to have the money she needs in three years?
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- A man wants to set up a 529 college savings account for his granddaughter. How much would he need to deposit each year into the account in order to have $40,000 saved up for when she goes to college in 16 years, assuming the account earns a 4% return.Answer? ? Financial accountingNicole wants to save 3500 dollars in the next 2 years to go on a backpacking trip. Interest on her account is 3.6% compunded monthly. How much does she need to deposit at the end of each month?
- A man wants to set up a 529 college savings account for his granddaughter. How much would he need to deposit each year into the account in order to have $80,000 saved up for when she goes to college in 15 years, assuming the account earns a 8% annual return. Annual deposit:Honey wants to go to Siargao, for four days at the age of 25. She hopes to save $10,000 by the time she turns 25, and she is only 20 years old. How much does she have to invest monthly to meet her target if she can earn 6% on her money? Provide complete savings table.Charlotte wishes to accumulate $100,000 in a savings account in 10 years. If she wishes to make a single deposit today and the bank pays 4% compounded annually on deposits of this size, how much should Charlotte deposit in the account?
- How much should Bianca's dad invest into a savings account today, to be able to pay for Bianca's rent for the next two years if rent is $850 payable at the beginning of each month? The savings account earns 2.50% compounded monthly Courtney set up a savings fund for his son's education so that he would be able to withdraw $1,600 at the beginning of every month for the next 4 years. The fund earns 4.89% compounded quarterly. a. What amount should he deposit today to allow for the $1,600 periodic withdrawals? $57,837.41 $69,654.42 $69,937.11 $58,544.47 b. How much interest would he earn in this investment? $69,937.11 $6,862.89 $76,800.00 $7,145.58Mary wants to have $14000 for a trip to Mexico in five years. How much does she need to deposit at the end each month into an account earning 3.6% compounded monthly in order to have the money she needs?What will Michelle's balance be in 5 year? General accounting
- Sarah wants to save $20,000 to use for a down payment on a home. She deposits some money into a 4-year certificate of deposit (CD) with an annual interest rate of 4.5% compounded monthly. How much does Sarah need to deposit in the CD to reach her goal of having $20,000 in 4 years? Round your final answer to the nearest dollar.Rhonda has saved $ 1,200,000 in an account . Her goal is to have 1.500.000 saved up to use payment on a house in the next 5 years . If her money is sitting in an account eaming % per year Rhonda be able to meet her goal of $ 1,500,000 in 5 years ?Determine whether each scenario below is a savings/investments question or a loans question. 1. Sabrina finances a $21,999 car at 4.25% APR over 5 years. If she makes a down payment for $5,000, how much will she end up paying in interest for the car? 2. Alejandro deposits $1,500 into an investment account with an APR of 2.25% compounded monthly. How much does Alejandro need to put into his account each month in order to have $5,000 in 3 years to purchase a car in cash? 3. Amy wants to buy a house for $150,000. She doesn't have enough yet for a 20% down payment. If she puts $2,000 into the account now and $500 every month, how long will it take for her to have enough for a 20% down payment to buy this house? 4. Arnie paid $500 for his $1,200 laptop. If he finances the rest at 6.75% over 24 months, how much money will he end up paying in total for this laptop?