I need to save $5000 for building an emergency fund in 5 years. How much do I need to save every year to achieve my goal. Assume current interest rates are 5%
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- You decide to make monthly payments into a retirement fund earning 4.75% compounded monthly. Note: Payments are made at the end of each period.A schools parent council wants to setup up a scholarship fund. How much needs to be invested today so that a scholarship of $1000 can be awarded every year for the next 10 years. Interest on the fund is 7% and will be compounded annuallyA person is offered a gift of $5,000 now or $8,000 five years from now. If such funds could be expected to earn 8 % over the next 5 years, which is the better choice?
- Suppose your client is 35 years old and has already saved $150,000 for retirement. How much does your client need to contribute to a fund each month for the next 25 years (first payment at the end of this month), to reach a retirement goal of 4,000,000, if the fund is expected to earn an effective annual rate of 12%?Your realized income is $2,085.44, and your fixed expenses are 30%. You want to save 6 months worth in an emergency fund. How much do you need to save?If a donation of $100,000 is expected to pay out scholarships of $10,000 every year and the funds earn 7.5% compounded annually, how long will it be before the first annual payment can be made?
- A person sets up a sinking fund in order to have P100,000 after 10 years for his children’s college education. How much amount should be set aside after every 6 months into an account paying 5% per annum compounded half-yearly?Hal wants to establish a savings fund from which a community organization could draw $890 a year for 20 years. If the account earns 2.5 percent annual interest, what amount does he have to deposit now to achieve this goal? Use Exhibit 1B-4. (Round time value factors to 3 decimal places and final answer to the nearest dollar amount. Omit the "$" sign in your response.) Amount to be deposited $Present value: Tracy Chapman is saving to buy a house in five years. She plans to put 20 percent down at that time, and she believes that she will need $35,000 for the down payment. If Tracy can invest in a fund that pays 9.25 percent annually, how much will she have to invest today? Please use Excel to solve
- Please use excelYour retirement fund's balance is $50,000 right now. You want to retire in 30 years with $1,000,000. You add $6000 annually, but what interest rate do you need to earn in order to reach your goal? please calculate manuallyJami Minard wants to receive an annuity of $5,000 at the beginning of each year for the next 10 years. How much (in $) should be deposited now at 5% compounded annually to accomplish this goal?
