How much would you need to deposit in an account each month in order to have $40,000 in the account in 10 years? Assume the account earns 2% interest. Submit Question

Q: Suppose you want to have $300,000 for retirement in 20 years. Your account earns 10% interest. How…

A: The amount to be deposited monthly is an annuity and the final amount of $300,000 is the future…

Q: How much would you need to deposit in an account each month in order to have $20,000 in the account…

A: The amount you need to deposit in an account each month in order to have $20,000 in the account in 7…

Q: How much would you need to deposit in an account now in order to have $6000 in the account in 10…

A: Given information Future Value = $6000 Time Period =10 years *12= 120 periods(As periods are…

Q: Consider a credit card with a balance of $7000 and an APR of 12.5%. If you want to make monthly…

A: The objective of this question is to calculate the total amount paid over 11 years to clear a credit…

Q: suppose that you would like to save $20,000 over 5 years to use as a down payment for a house by…

A: Computation of monthly deposit:Hence, the monthly deposit into the account is $301.66 per month.

Q: How much would you need to deposit in an account each month in order to have $50,000 in the account…

A: Given: Future value = $50,000 Time =8 years Monthly period = 8*12 = 96 Interest = 4.5% So, monthly…

Q: a credit card with a balance of $9000 and an APR of 16.99% . In order to pay off the balance in 3…

A: Loans are paid equal fixed monthly installments that carry the payment for interest and payment for…

Q: suppose you want to be able to withdraw $4,800 at the end of each month for the next 20 years. How…

A: The present value of the annuity factor is used when there is an equal series of cash flows and the…

Q: How much will accumulate in an account with an initial deposit of $100, and which earns 10% interest…

A: Future value can be referred to as the value of an underlying asset or security at a future date.…

Q: You want to be able to withdraw $3,500 each month for 20 years. Your account earns 10% interest. How…

A: Present value of annuity is the value of recurring regular interval future cashflow discounted to…

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

A: Using excel PV function

Q: How much would you need to deposit in an account each month in order to have $10,000 in the account…

A: The future value of the annuity is the total value of all the payments which is occurred regularly…

Q: you want to be able to withdraw $30000 each year for 25 years. your account earns 8% interest. How…

A: Given, Amount able to withdraw = $30,000 each year Time period = 25 years Interest rate = 8%

Q: How much would you need to deposit in an account now in order to have $2000 in the account in 10…

A: Present value is the estimation of the current value of future cash value which is likely to be…

Q: How much would you need to deposit in an account right now in order to have $2,000 in the account in…

A: Amount = $2,000 = A Time period = 10 years = T  Interest rate = 2% = R Compounded monthly where it…

Q: unt balance of $10,000 after 5 years, what amount do you need to invest initially into an account…

A: More is compounding than more is the effective interest rate and hence more will be the future value…

Q: How much would you need to deposit in an account each month in order to have $10,000 in the account…

A: formula to be used = Future value=PMT(1+r/n)n*t-1)/r/n   PMT= Monthly payment R= interest rate N=…

Q: How much money would you need to place in an account to have $1,000 10 years from today? Assume the…

A: The formula used as follows: Present value=Future value1+innt

Q: How much would you need to deposit in an account now in order to have $6,000 in the account in 8…

A: In order to solve this question one has to solve for the present value to know how much to save into…

Q: You deposit $1,000 today and want to save $100 each month beginning one month from today. Your…

A: We have to find the number of periods it will take to reach a target accumulated value, starting…

Q: How much would you need to deposit in an account now in order to have $20,000 in the account in 4…

A: Interest rate = 5%No. of years = 4FV = 20000

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

A: Given, Future Value = $3000 Time period = 5 years  Interest rate = 7% Compounding =  monthly

Q: You deposit $10,000 in an account earning 4% interest compounded monthly. a. How much will you have…

A: Compound Interest is the interest on a deposit or loan calculated on the initial principal and the…

Q: How much should you deposit into an account that pays 3.6% compounded monthly if you want to have…

A: The time value of money implies that the cash in hand at present has a higher value than the cash…

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

A: Future Value is that amount which includes the interest which is received by investing the amount at…

Q: You deposit $100 each month into an account earning 4% interest compounded monthly. a) How much…

A: Amount Deposited Each month is $100 Interest rate is 4% Compounded monthly Time period is 15 years…

Q: Suppose you want to have $400,000 for retirement in 35 years. Your account earns 5% interest. How…

A: Future Value is that amount which is received by the investor at the end of the investment period.…

Q: You deposit $700 each month into an account earning 3% interest compounded monthly. a) How many…

A: Future value is the amount that existing assets are worth at a specific future date after they have…

Q: How much money will you have available to you after five years if you put aside $100.00 a month in…

A: Compound Interest- Compound interest is interest that is added to the principal amount each year,…

Q: Suppose that you deposit $15 at the end of each month into a savings account that pays 2% interest…

A: Following informations are given in the question:

Q: How much must you deposit into an account today so that you can have $20,000 in twelve years? Assume…

A: Here, Future value (FV) = $20,000 Time period = 12 years Interest rate = 6% compounded quarterly No.…

Q: How much would you need to deposit in an account each month in order to have $10,000 in the account…

A: FV is the future value (in this case, $10,000),P is the monthly deposit,r is the monthly interest…