David's parents gave him $450.00. He needs $554 to buy a new bicycle. He invests his gift at 3.875% simple interest. For how long (in years) must he invest his gift? (Round to two decimal places.)
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- Walter is investing $5,000in an account paying 6.75 percent annually for three years. What is the interest-on-interestif interest is compounded?Hint: Find the interest earned using compound interest and simple interest. The difference between them isyour answer.On January 1, Alex received an inheritance of a thirty-year annuity. Starting on the day of the inheritance, the annuity pays $1,000 each January 1, $2,000 each April 1, $1,500 each July 1, and $5000 each October 1. (a) Using i = 5%, calculate the value of this inheritance on the day Alex inherits it. (Round your answer to the nearest cent.) $ (b) If the value on the day she inherits it is $140,000, find the annual effective rate i used to calculate this value to the nearest hundredth of a percent. %SOLVE TO HAND LEGIBLE; When a father dies, he leaves his children an inheritance of $3,000,000.00. When the father dies, his children are 5,8,9,12 and 15 years old. Each of the children must receive exactly the same amount of money when they turn 18. The money is deposited in a trust that pays 16% annually, convertible every 8 months: How much money will each of the children receive?
- Judy recently purchased her first home for $220,000. She made a down payment of $20,000, and financed the balance over 15 years, at 6% interest. If Judy's first payment is due on October 1 of this year, approximately how much interest will she pay inthis year? $2,073.47. $1,979.76 $3,288.63. $5,885.09.This is for financial mathematicsJoseph Ray just received an inheritance of $35,775 from his great aunt. He plans to invest the funds for retirement. If Joseph can earn 4.75% per year with quarterly compounding for 32 years, how much will he have accumulated? (Round off to the nearest dollar.)
- Mohammed is 65 years of age and has a life expectancy of 12 more years. He wishes to invest $40,000 in an annuity that will make a level payment at the end of each year until his death. If the interest rate is 10%, what income can Mr. Mohammed expect to receive each year? (Choose the correct answer from below options and attach all your explanations in the other link provided) Select one: a. 27256 b. 272 c. 2725 d. 272560Two people plan to invest $50,000. Matt is going to invest it in one lump sum and leave it in the account for 25 years to use for retirement. Sarah is going to invest $2000 per year for 25 years and will also use the money in the account for retirement. Is it reasonable to expect that Matt will have more money in his account than Sarah does in 25 years if both accounts earn the same interest?Alice needs P 4,000 per year for four years to go to college. Her father invested P 5,000 in 7% account for her education when she was born. If she withdraw at the end of her 17th, 18th, 19th and 20th birthday, how much will be left in the account at the end of her 22nd birthday? P 1819 P 1700 P 1900 P 1619
- You have just inherited $560,000. You plan to save this money and continue to live off the money that you are earning in your current job. If you can invest at an interest rate of 5.46 percent annually, how long will it be before your inheritance is worth $1 million? (Round intermediate calculations to 5 decimal places, e.g. 2.51251 and final answer to 2 decimal places, e.g. 2,515.25.) Inheritance will be worth $1 million in years( explain all point of question with proper answer).Two brothers, Mark and Charles, each inherit $30000$30000. Mark invests his inheritance in a savings account with an annual return of 3.1%3.1%, while Charles invests his inheritance in a CD paying 5.8%5.8%annually. How much more money than Mark does Charles have after 11year?
