How much would Hector have to put in the CD today to gain $28,500 in 30 years?
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Lastly, Hector wants to invest in a certificate of deposit (CD) to purchase a boat that costs $28,500 when he retires. Leaf Investments offers a CD with 13% compounded semiannually. How much would Hector have to put in the CD today to gain $28,500 in 30 years?
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- Craig decides to purchase a property that has been valued at $480,000. He has $90,000 available as a deposit and will require a mortgage for the remaining amount. The bank offers him a 25 year mortgage at 2% interest. Calculate the total interest he will pay over the life of the loan, assuming he makes monthly payments.Craig decides to purchase a property that has been valued at $475,000. He has $80,000 available as a deposit and will require a mortgage for the remaining amount. The bank offers him a 25 year mortgage at 2% interest. Calculate the total interest he will pay over the life of the loan, assuming he makes monthly payments. Give your answer in dollars to the nearest ten dollars.Jim wants to deposit an amount anually to meet his retirement needs. Assume that he will deposit a fixed annual amount for the next 20 years into a retirement savings account, starting one year from now. Mark has a son who will be attending college and plans to make 5 withdrawals (starting one year after making his final deposit into the retirement account) of $35,000 each to pay for his annual tuition for the following 5 years. Commercial Banks will be paying 6 percent on such retirement accounts for the next 25 years. How much should Mark place in the account annually to cover his retirement needs.
- Mr. A made a 20-year retirement plan and according to his plan, he aimed to withdraw 6000 TL at the end of the first year and planned to increase the amount withdrawn by 800 TL at the end of the following year. Since he has agreed with a bank that pays 9% compounded annual interest to implement this plan, how much money should Mr. A have to deposit in the bank at the start of the plan?John won a lottery. After taxes, he was able to take home his winnings worth $510000. He decides to deposit 20% of this in a separate savings account for retirement. If the savings account has a nominal interest rate of 7%, compounded monthly, how much will be in the account if he retires in 35 years?Mr. Reyes wants to retire 15 years from now. Aside from the retirement benefits from his company and the social security benefits that he will get, Mr. Reyes wants to have an additional 2 million pesos when he retires. To achieve this goal, he will make equal annual deposit at the end of each year for the next 15 years in an account that earns 5% interest per annum. How much should Mr. Reyes deposit each year?
- You inherit P150,000 from your aunt. You decide to invest the money in a three-year certificate of Deposit (CD) that pays 4% interest, compounding quarterly, to use as a down payment on a house. How much money will you have when the CD matures?Charles wants to retire in 18 years. At that time he wants to be able to withdraw $22,000 at the end of each year for 18 years. Assume that money can be deposited at 6% per year compounded annually. What exact amount will Charles need to deposit today to have enough to cover his retirement? Show the use of the appropriate formula by indicating the use of the information into the formula.Manuel wants to invest an inheritance of $21,000 for one year. His credit union offers 4.09% for a one-year term or 4.04% for a six-month term. (a) How much will Manuel have after one year if he invests at the one-year rate? (b) How much will Manuel have after one year if he invested for six months at a time at 4.04% each time? (c) What would the one-year rate have to be to yield the same amount of interest as the investment described in part (b)? (a) After one year, Manuel will have $ (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.) (b) One year after the initial investment, Manuel will have $. (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.) (c) The one-year rate to yield the same amount of interest as the investment described in part (b) is %. (Round the final answer to two decimal places as needed. Round all intermediate values to six decimal…
- Pedro buys a condo for $629,000, with a down payment of $40,000. He takes out a 30-year mortgage for $589,000 at an annual interest rate of 3%. What do the monthly payments need to be to amortize this loan?Amy Johnson wants to retire on $75,000 per year for her life expectancy of 20 years after she retires. She estimates that she will be able to earn an interest rate of 10.1%, compounded annually, throughout her lifetime. To reach her retirement goal, Amy will make annual contributions to her account for the next 30 years. One year after making her last deposit, she will receive her first retirement check. How large must her yearly contribution be? (Solve with Presents Values with Annuities or Loans and Amortization)You hire Thomas to work for you for five years, and you agree to put away enough money as a lump sum now to fund an annuity for him. At the end of those five years, he will retire and may begin drawing out $ 20,000 per year for five years, starting on the last day of each year (in this case, the end of year 6, from when this arrangement began, through year 10). How much must you invest today if your guaranteed interest rate is 3% compounded annually for all 10 years?