If you deposit $500 per year in an account for six years at 9 percent compounded annually, how much will you have in the account? Round your answer to the nearest dollar. $3,270 Give typing answer with explanation and conclusion

Q: How much must you deposit into an account that pays 5% each year to have a balance of $750 after 5…

A: Using PV formula we can determine what amount you need to deposit into the account today. The PV…

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: Suppose you have $60,000 in a savings account earning 2%. You would like to make equal quarterly…

A: The time value of money is a concept in finance that evaluates the worth of the securities that cash…

Q: You deposit $320 each month into an account earning 2% interest compounded monthly. Use the TVM…

A: Future value is the value of current asset at a particular date in the future when it has earned…

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: How much must you deposit into an account today so that you can have $25,000 in twelve years? Assume…

A: The concept of TVM refers to the interest-earning capacity of money because money earned earlier is…

Q: You deposit $700 at the end of each month into an account earning interest at an annual rate of r…

A: Future value of annuity Annuity is a series of equal payments at equal interval over a specified…

Q: how many years will it take $18939accumulate to $34247 when you deposited in a savings account that…

A: Future value of amount increases with interest and with increase in time period and also it depends…

Q: You would like to contribute to a savings account over the next three years in order to accumulate…

A: Compound = Quarterly = 4Number of Payment = n = 3 * 4 = 12Interest rate = i = 14 / 4 = 3.5%Payment =…

Q: you deposit money today in an account that pays 13.5% annual interest, how long will it take to…

A: Future value = Present value x (1+i)^twherePresent value = amount deposited today = $1…

Q: borrow $9,100 over five years at 0.13 compounded monthly, what would be your monthly payment? Round…

A: Annuity - Annuity means the amount of series of payments based on fixed intervals periods. The…

Q: If you deposit $500 in a bank account today that earns 3% interest and you deposit $20 per month…

A: Option 1: Deposit $ 500 now Future Value = Present Value*(1+ Interest rate)n Solved using Financial…

Q: You deposit $66000 into an account which pays 5% compounded quarterly. How much can you withdraw at…

A: Perpetuity means infinite no. of payments which are same in size and made in equal intervals. Person…

Q: You just obtained a loan of $18,805 with monthly payments for four years at 8.18 percent interest,…

A: Monthly payment refers to an amount that is paid every month for the repayment of loan amount by the…

Q: A 12-month certificate of deposit at Middlesex Savings Bank is advertising a 1.2% annua percentage…

A: The question is based on the concept of Cost Accounting.

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: You want to have $67,000 in your savings account 10 years from now, and you're prepared to make…

A: Payment per period is the regular payments made or received of an investment, while future value is…

Q: Suppose you deposit $5,000 into an account at the end of 2021, $4,500 at the end of 2022, $4000 at…

A: Here in this question, we are required to calculate how much amount will be accumulated after last…

Q: You deposit $57000 into an account which pays 7% compounded annually. How much can you withdraw at…

A: The present value is the value of the sum received at time 0 or the current period. It is the value…

Q: You just obtained a loan of $13,384 with monthly payments for four years at 8.4 percent interest,…

A: The concept of time value of money can be used here. As per the concept of time value of money the…

Q: You put $6,150 in the bank for 15 years at 5%. Using the Future Value of 1 Table, what factor would…

A: Future Value is known as Terminal Value. The accrued amount of FVn  on principal amount after n…

Q: Find the interest rates earned on each of the following. Round each answer to two decimal places.…

A: The time value of money is an essential financial concept that implies that a dollar amount in one's…

Q: You wish to save $58000 in an account which pays 7% compounded quarterly by making monthly deposits…

A: Given:   Expected value in the account in future  $58,000.00 Interest rate per year 7%…

Q: You invest $3,000 in a certificate of deposit that matures after nine years and pays 5 percent…

A: If the interest is left to be accumulated then the compounding effect will come. That is interest on…

Q: If you deposit$5,000in a 5 -year certificate of deposit earning2.0%per year, how much will it be…

A: This question provides information regarding the evaluation of an investment of $5,000 into a five…

Q: If you put $259 into a bank account that pays 3.5% interest, compounded 9 times per year, how much…

A: Workings:

Q: You just obtained a loan of $12,157 with monthly payments for four years at 5.77 percent interest,…

A: $284.23.Explanation:The principal, or $12,157 in this case, is the initial loan amount.The annual…

Q: You deposit $1,000 in an account at the Lifelong Trust Savings and Loan that pays 2% interest…

A: Future value (FV) refers to a means of estimating how much an asset or cash's present value (PV)…

Q: If you deposit #9989 into an account paying 3.6% annual interest compounded monthly, how much money…

A: The importance of future value:  Future value is a crucial estimate since it informs investors and…

Q: If you deposit $13,.224 annually at the end of every year in a bank account paying 8% annually. how…

A: Annual deposit (D) = $13,224 Period (n) = 5 Years Interest rate (i) = 8% (or 0.08) Amount saved at…

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…

Q: In how many years will it take $17596accumulate to $31237 when you deposited in a savings account…

A:

Q: if your bank pays you 1.5% interest and you deposit $700 ​today, what will be your balance in 5…

A: We will use the below formula to calculate the future valueFuture value = PV*(1+r)nWherePV - Deposit…

Q: How much money will you end up with if you deposit $150 at the end of each month into an account…

A: Given: Interest rate = 8.4% years = 18 Amount =$150

Q: You deposit $6000 into an account earning 8.8% annual interest, compounded quarterly.  How many…

A: Future Value(FV) worth of amount received today at some future date. FV is computed by compounding…

Q: The amount a person would need to deposit today with a 5 percent interest rate to have $2,500 in…

A: Given: Years = 3 Interest rate = 5% Future value = 2,500