Howard is saving for a long holiday. He deposits a fixed amount every month in a bank account with an EAR of 8.9​%. If this account pays interest every month then how much should he save from each monthly paycheck in order to have $15,000 in the account in two ​years' time? A. $920 B. $460 C. $575 Your answer is correct. D. $805

Q: Your bank pays 2.3% interest per year. You put $1.100 in the bank today and $500 more in the bank in…

A: Year 0 Deposit = $1,100 Year 1 Deposit = $500 Interest rate = 0.023 Amount in the bank in 2 years =…

Q: involving investments, mortgages, loans, and so on are based on either a fixed or a variable in used…

A: Simple interest is simple in nature that means no interest on interest is there but in compounded…

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A: Given that  Present value = $ 1000 Rate (r) = 6% Time period (t) = 3 years

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A: Here,ParticularsValuesPresent value (PV) $1,000.00Interest rate6.00%Monthly deposits (PMT) $…

Q: 10. Kristine has $5,000 in an account today that pays 3% interest rate. Two years from now she…

A: Note: As per the Bartleby guidelines, we can answer only the first question. Kindly post the…

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A: When the lender lends a loan to the borrower, he charges a rate of interest on the borrowed amount.…

Q: rakes no other deposits and withdrawals A fer 3 months the interest is calculated. How much simple…

A: Here in this question, we are required to calculate the simple interest. For calculating simple…

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Q: A friend asks to borrow $54 from you and in return will pay you $57 in one year. If your bank is…

A: Future value of an amount is calculated as follows:  FV = PV*(1+r)t Where,  FV = Future value of…

Q: Q2.3: Abigail set up a savings fund for his son's education so that he would be able to withdraw…

A: Annuity refers to series of annual payment which is paid or received at start or ending of specific…

Q: Your bank pays 2.9% interest per year. You put $1,500 in the bank today and $550 more in the bank in…

A: The amount is two years will be the future value of the deposits made at times 0 and 1.FV=…

Q: 37. Savings Gabriel Branson invested his summer earnings of $3000 in a savings account for college.…

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A: Given:

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A: Cash Management refers to make number and amount of withdrawals efficiently to make opportunity cost…

Q: Howard is saving for a long holiday. He deposits a fixed amount every month in a bank account with…

A: Effective interest rate is 7.9% Future Value is $11,000 Time period is 5 years or 60 months To Find:…

Q: Taylor deposits $1500 in an account earning 4.7% interest compounded annually. How much will Taylor…

A: Future Value = Present Value x (1+ Periodic Interest Rate)^No. of Periods

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Q: You have a $1000 in your pocket, compensation money for having to take BUQU 1130 with an irritating…

A: The concept of time value of money will be used here.Money deposited in bank will grow as it will…

Q: You just deposited $15,000 in a bank account that pays a 4.0% nominal interest rate, compounded…

A: The future value can be calculated using the following formula

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A: Annual payment (P) = Php 40,000 Number of annual payments (n) = 10 Interest rate (r) = 9%

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A: The Future Value of a lumpsum deposit: An amount deposited earns an interest over its investment…

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Q: Question 8: 1. A woman deposits $26,000 into a savings account with an interest of 8% to be…

A: Future value amount includes the amount that was being deposited over the period of time and amount…

Q: 2. You are running a bank. A customer agrees to pay you with annual interest rate of 10% for 5…

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Q: Bob wants $300,000 in his retirement account when he retires in 30 years. How much does he need to…

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Q: A3) Finance Ahmad deposits $1,200 in her bank today. If the bank pays 4 percent simple interest, how…

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Q: A friend has $5,000 that has been saved from her part-time job. She will need her money, plus any…

A: When a lender makes a loan to a borrower, he charges an interest rate based on the amount borrowed.…

Q: 0. I have $72,000 in my bank account today. The bank manager told me that I will have $100,000 money…

A: We will use the below formula to calculate the interest rate (APR)     APR = (FV/PV)1/n-1 Where FV -…

Q: c) Joana has $12,800 in her bank account today. She makes the following withdrawals: $2,200 in 2…

A: We need to use compound interest formula to solve this problem A =P(1+i)n Where A=Compound amount…

Q: Some time ago, you put £500 into a bank account for a “rainy day.” Since then, the bank has been…

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Q: 2. James wants to repay the loan his parents gave him in five years. How much does he need to…

A: When the lender lends a loan to the borrower, he charges a rate of interest on the borrowed amount.…

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Q: 2. You travel back in time to London in 1642. You deposit the equivalent of $1000 in a bank that…

A: Simple Interest is a type of interest method which calculates interest on a given amount with simple…

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Q: What would be the amount of Peter's deposit today if he put in P1.0 million in a bank three and a…

A: Future value is the value of the current assets or some amount that is invested today and amount…