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 $7,145.58Your awesome grandma has decided to use part of her retirement savings to help you through college. You will show your gratitude by taking her on a trip to Europe. (a) Her money is in an account which has 3.4% interest compounded monthly. She has dedicated $28, 000 of her savings the day you start college to send you monthly money at the end of each month for the 45 months you are enrolled in college. How much money do you get from her every month? (b) Finishing college, you get your first job. In order to take you grand- mother to her native Krokazia, you start putting away $450 at the beginning of every quarter in an account with 4.2% annual interest compounded quarterly for 5 years. How much money do you end up with at the end of the 5 years for your trip?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?