Find how much money needs to be deposited now into an account to obtain $5,200 (Future Value) in 5 years if the interest rate is 3.5% per year compounded monthly (12 times per year). The final amount is $ Round your answer to 2 decimal places

Q: How much would you need to deposit in an account now in order to have $3000 in the account in 5…

A: From the provided information is  Present value=Amount*(1+rate)-period  PV=3000*(1+(0.066))-6*5…

Q: you deposit $5,000 in a fund that pays 6% interest, compounded monthly. In how many years, the…

A: Given that initial amount = P=5000 Final amount= A= 15000 Interest rate = r = 6%=0.06 Time=t=?…

Q: A couple needs $50,000 as a down payment for a home. If they invest the $35,000 they have at 4%…

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Q: You deposit $3000 in an account earning 5% interest compounded monthly. How much will you have in…

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Q: How much would you need to deposit in an account now in order to have $3000 in the account in 15…

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Q: Melanie places $5,000 into an account that earns 6% interest compounded daily. Approximately six…

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Q: You deposit $2000 in an account earning 2% interest compounded monthly. How much will you have in…

A: given, principal (P)=$2000           interest  rate (R)=2%= 2/100 =0.02     (for compounded monthly…

Q: How much would you need to deposit in an account now in order to have $4000 in the account in 5…

A: Given: Rate of interest 6% compounded monthly Amount A =$4000 interest rate r=6%=0.06 n=12 t=5 years…

Q: Cameron starts an IRA (Individual Retirement Account) at the age of 32 to save for retirement. She…

A: The objective of this question is to calculate the total amount of money Cameron will have in her…

Q: Find the total amount after 10 years for the initial deposit of $30,000 with the interest rate of 5%…

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Q: Find the final amount of money in an account if $6,500 is deposited at 3% interest compounded…

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Q: Suppose you have $2700 in your savings account at the end of a certain period of time. You invested…

A: Given: Principal amount P= $2000 Future value A= $2700  Rate r= 7.47 % annually To find time t (…

Q: Find the final amount of money in an account if $1, 000 is deposited at 3 % interest compounded…

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Q: You deposit $4000 each year into an account earning 5% interest compounded annually. How much will…

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Q: You deposit $4000 in an account earning 2% interest compounded monthly. How much will you have in…

A: From the provided information FV=P*((1+r)n-1r)FV=4000*((1-0.02)5-10.02)FV=20816