If Bob and Judy combine their savings of $1,500 and $900, respectively, and deposit this amount into an account that pays 7 % annual interest, compounded monthly, what will the account balance be after 7 years?
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Q: Carla Lopez deposits $2,500 a year into her retirement account. If these funds have an average…
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A: Here,
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Q: If Bob and Judy combine their savings of $1,000 and $800,respectively, and deposit this amount into…
A:
Q: ank and Gretel want to put money in a savings account now so that they will have $2100 in 3 years.…
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Q: Stacey and her husband David have a joint savings account that earns 3.47% interest payable…
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Q: A couple is saving for retirement with three different accounts. The table below shows the current…
A: An annuity refers to a series of periodic payments made in exchange for a lump sum payment. It is…
Q: A couple is saving for retirement with three different accounts. The table below shows the current…
A: The concept of time value of money will be used here. As per this concept worth of money changes…
Q: Christine would like to know the value of their savings, assuming that they deposit $750 each month…
A: Monthly deposit (P) = $750 Growth rate (g) = 3% Period = 25 Years Number of deposits (n) = 25*12 =…
Q: A couple is saving for retirement with three different accounts. The table below shows the current…
A: The concept of time value of money will be used and applied here. As per the concept of time value…
Q: Sara decides to set up a retirement fund by depositing $24 at the end of each day for 13 years. How…
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- If Bob and Judy combine their savings of $1,000 and $800,respectively, and deposit this amount into an account that pays 7% annual interest, compounded monthly, what will the account balance be after 4 years?Solve immediatelyChristine would like to know the value of their savings, assuming that they deposit $750 each month and steadily increase the size of their deposit by 3.00% csa for 25 years, and earn an annual return of 7.25% ca. What is the present value of this stream of deposits?
- Tom plans to save $92 a month, starting today, for 18 years. Dick plans to save $92 a month for 18 years, starting one month from today. Both Tom and Dick expect to earn an average return of 5.4 percent APR on their savings and both will make the same number of deposits. At the end of the 18 years, how much more (in $) will Tom have than Dick? Answer to two decimals.Hank and Gretel want to put money in a savings account now so that they will have $2100 in 3 years. The savings bank pays 8% interest compounded quarterly. How much should Hank and Gretel invest? (Round your final answer to two decimal places.) $ 1.41324 xStacey and her husband David have a joint savings account that earns 3.47% interest payable continuously and has a current balance of $58458. Each year, David wishes to withdraw $4000 payable continuously at a level rate. Stacey wishes to deposit $ X at the beginning of each year for 30 years so that the account will last for 30 years. What is the least $X that will work? Round your answer to the nearest cent. Answer in units of dollars. Your answer must be within ± 0.0%
- Dean Gooch is planning for his retirement, so he is setting up a payout annuity with his bank. He wishes to receive a payout of $1,500 per month for twenty-five years. (a) How much money must he deposit if his money earns 7.3% interest compounded monthly? (Round your answer to the nearest cent.) (b) Find the total amount that Dean will receive from his payout annuity.Sara decides to set up a retirement fund by depositing $24 at the end of each day for 13 years. How much will she have then, if the interest rate is 6.48% compounded weekly and her account starts with $13487 already deposited?Subject:- finance
- Before they retire Bob and Beth want their savings to grow to 7.7 million. Bob and Beth have $2.4 million in cash. How many years before they can retire if they earn 7.6% per annum on their cash savings? Assume annual compoundingCarla Lopez deposits $2,500 a year into her retirement account. If these funds have an average earnings of 5 percent over the 40 hears until her retirement, what will be the value of her retirement account?Consider two savings plans: Kelly deposits $415 per month in an account with an APR of 4.2% for 15 years while Ryan deposits $520 at the end of each year in an account with an APR of 4.7%. Assume the number of compoundings is the same as number of payments. Which person deposited more money? Kelly or Ryan? What was the total deposit of each person? Which person's investment strategy earned more interest? What amount of interest did that person make?