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: How much would you need to deposit in an account now in order to have $2000 in the account in 15…

A: Given problem Given that   A = $ 2000 T = 15 years Rate of interest = 7% = 0.07 Compounded monthly…

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: you deposit $5000 in an account earning 3% interest compounded monthly. how much will you have in…

A: We have given,

Q: How much would you need to deposit in an account now in order to have $5000 in the account in 5…

A: P=Principle=?t=time=5 yearsr=interest rate=6%=0.06A=final amount=$5000n=number of times compounded…

Q: For 8 years, $33 is deposited each week into an account that earns 2.1% interest, compounded weekly…

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

A:

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

A:

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

A:

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: 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: To save for retirement, a student invests $30 each month in an ordinary annuity with 3% interest…

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Q: A community outreach program wants to set up a scholarship fund for students who demonstrate…

A: Formula for compound interest is,Intererst=invested amount1+interest ratenumber of times interest…

Q: The present value of $1500 in 6 months at 5% simple interest rate is Round answer to the nearest…

A: As per the concept of simple interest:FV=PV×(1+Rt)          Equation 1HereFV is the future value of…

Q: How much would you need to deposit in an account now in order to have $2000 in the account in 15…

A: P=Principle=?t=time=15 yearsr=interest rate=8%=0.08A=final amount=$2000n=number of times compounded…

Q: A man deposits $18,000 at the beginning of each year for 8 years in an account paying 6% compounded…

A: Compound interest is a type of interest that is calculated not only on the initial principal amount,…

Q: A man wants to buy a $33,000 car. He will put 20 % down and finance the rest over 4 years. How much…

A: Cost of car = 33,000 Down payment = 6,600 Loan amount = 26,400 Here P (principal amount)=26,400 R=…