How much should Bianca have in a savings account that is earning 2.50% compounded monthly, if she plans to withdraw $1,400 from this account at the end of every month for 4 years? $0.00 Round to the nearest cent

How much should Bianca have in a savings account that is earning 2.50% compounded monthly, if she plans to withdraw $1,400 from this account at the end of every month for 4 years? $0.00 Round to the nearest cent

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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Similar questions

How much should Timothy's dad invest into a savings account today, to be able to pay for Timothy's rent for the next six years if rent is $850 payable at the beginning of each month? The savings account earns 3.50% compounded monthly. Round to the nearest cent
Alyssa has $800,000 saved for retirement in an account earning 2.2% interest, compounded quarterly. How much will she be able to withdraw each quarter if she wants to take withdrawals for 19 years? Round your answer to the nearest dollar. LA
Mary wants to have $14000 for a trip to Mexico in five years. How much does she need to deposit at the end each month into an account earning 3.6% compounded monthly in order to have the money she needs?
Jessica wants to accumulate $13,000 by the end of 6 years in a special bank account, which she had opened for this purpose. To achieve this goal, Jessica plans to deposit a fixed sum of money into the account at the end of the month over the 6-year period. If the bank pays interest at the rate of 5% per year compounded monthly, how much does she have to deposit each month into her account? (Round your answer to the nearest cent.)
How much should Lisa have in a savings account that is earning 2.50% compounded monthly, if she plans to withdraw $1,300 from this account at the end of every month for 7 years? $0.00 Round to the nearest cent
Please step by step solutions
If Jackson deposits 100 dollars at the beginning of each month in a savings account earning interest at the rate of 8%/year compounded monthly, how much will he have on deposit in his savings account at the end of 6 yr, assuming that he makes no withdraws during that period?
Aurora is looking to retire but is hesitant as she is unsure of how long her savings will last throughout her retirement. To date, she has saved $70,000 and wishes to receive $600 a month for spending money. At an interest rate of 6%, compounded monthly, how many months will her money last? Select one: a. 270 months b. 243 months c. 173 months d. 183 months e. 176 months
Linda and Rob open an online savings account that has a 1% annual interest rate, compounded monthly. If they deposit $1,200 every month, how much will be in the account after 10 years? Round to the nearest Cent!
Tessa invests $5400 in a new savings account which earns 5.2 % annual interest, compounded monthly. What will be the value of her investment after 8 years? Round to the nearest cent. J
Samantha wants to be able to withdraw $480 at the end of each month for two years while she travels, starting three years from now. If she invests $8,700 now to earn 7.52% compounded monthly until she begins to travel, what monthly compounded nominal rate of interest must she earn after she starts to travel? Do not include the dollar sign in your answers. Do not include the comma usually used to denote thousands. Do not include the percent sign in your answers. a.) What is the future value of the investment after the deferral period? b.) What is the nominal annual rate of interest compounded monthly? (Correct to 4 decimal places.) c.) What is the effective annual rate of interest? (Correct to 4 decimal places.)
Rodney would like to save $57,000 over the next 15 years. How much must he deposit at the beginning of each month into his savings account if the account earns j12-4.8%? Your Answer: Answer

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