Determine the size of your investment account 23 years from now (when you plan to retire) if you deposit $15,000 each year, beginning 1 year from now, and the account earns interest at a rate of 9% per year. The size of the investment account is $

Q: You have 20 years left for your retirement. You wish to accumulate a sum large enough by that time…

A: P = $1,036.67Explanation:To solve this problem, we can use the future value of an annuity formula.…

Q: ou want to be able to withdraw $50,000 from your account each year for 20 years after you retire.…

A: There is need of planning for the retirement and that should be done on time to have good retirement…

Q: You would like to save $250,000for retirement. If you are planning to retire 30 years from now, how…

A: The monthly deposit is the amount that is paid every month until the maturity of the period.

Q: You would like to have $800,000 when you retire in 40 years. How much should you invest each quarter…

A: The future value of an annuity is the amount that a series of payments, or annuity, will grow to…

Q: If I deposit $1k a year into an account for 10 years @ 2%, what is the future value of that account?

A: As per the time value of money, a dollar is worth more today than the same dollar in the future.…

Q: You deposit $3,000 at the beginning of every year for 30 years into an investment that earns 8.5%.…

A: Periodic deposit, A = $3,000  Interest rate, r = 8.5%  Period, n = 30 years    The future value of…

Q: You deposit $10,000 into a savings account today and leave the money in the account for the next 12…

A: Future value is the value of an annuity at a future date being compounded for a period of time at an…

Q: You have decided you would like to deposit $5,000 into your account today and not touch it until you…

A: Future value of amount is the value of today money in future based on time and interest and is equal…

Q: Determine the size of your investment account 30years from now (when you plan to retire) if you…

A: Future value of annuity , FV= P * ( (1+r)^t -1) /rwhere P =$12,000r=0.10t=30 yearsFV =?

Q: You have decided to start a savings plan for your retirement. You plan to make an annual deposit of…

A: Given information: Annual deposit (PMT) = $90,000 Number of years in accumulation phase (n) = 8…

Q: You will need to deposit $_______ each quarter.

A: Future Value of Annuity: It is computed by compounding the present stream of annuity cash flows…

Q: After retirement, you expect to live for 25 years. You would like to have a $95,000 income each…

A: Here,

Q: You can invest $5,000 today in an account that earns an annual interest rate of 8%. Using the…

A: In the given case, we have provided the current investment or initial investment, annual interest…

Q: You deposit $1,700 at the end of each year into an account paying 8.6 percent interest. a. How much…

A: ParticularAmountDeposits (PMT) $   1,700.00Interest Rate (RATE)8.60%No. of Deposits (NPER)16

Q: you deposit $1,000 each year into an account earning 3% interest compounded annually. How much will…

A: Time value Value received today by an individual is of more worth than receiving the exact value in…

Q: If you deposit $12,000 per year, at the end of each year for 8 years in an account that pays an…

A: Annuity refers to a stream of constant and periodic cash flows. The annual amount of $12000 is an…

Q: You currently have $250,000 in your retirement account. What equal annual amount can you withe each…

A: We will have to use the concept of time value of money to solve this.

Q: You plan to deposit $500 in a bank account now and $600 at the end of the year. If the account…

A: Solution: The amount in account after second deposit will be the future value of first deposit and…

Q: How much can be accumulated for retirement if $2,000 is put aside at the end of each of the next 40…

A: The Future Value of an Ordinary Annuity refers to the concept which gives out the compounded or…

Q: You are investing in a retirement account and plan to deposit $5,000 per year into the account for…

A: Money has time value because money can be invested elsewhere and money can be earned so money today…

Q: You invest $3,000 in a Certificate of Deposit paying an annual compound interest of 1.26% for 10…

A: Principal amount, P = $3,000  Interest rate, r = 1.26%  Number of compounding periods, n = 10    The…

Q: How much must you deposit each year into your retirement account starting now and continuing through…

A: yearly deposit refers to the amount deposited every year for the accumulation of money for the…

Types of Insurance Contract

Insurance is a contract wherein an individual or entity gets financial protection from the insurance company for any damages or losses incurred. The individual or entity is called the insured, whereas the insurance company is called the insurer. The insured and the insurer enter a legal contract for a fixed term called the insurance term, and the contract is called an insurance policy.