jenna mcintosh made end of month deposits of $895 into a retirement fund at 7.50% compounded monthly for 15years. after 15 years the balance in the fund was converted into a retirement income fund from which jenna withdrew6225 at the end of every three months at 6.75% compounded semi annually. how long can jenna make withdrawlsfrom the retirement income fund? What is the accumulated value in jenna's retirement fund after 15 years?

There is need of planning for retirement and if done on time then can have good retirement life in…

jenna mcintosh made end of month deposits of $895 into a retirement fund at 7.50% compounded monthly for 15 years. after 15 years the balance in the fund was converted into a retirement income fund from which jenna withdre 6225 at the end of every three months at 6.75% compounded semi annually. how long can jenna make withdrawls from the retirement income fund? What is the accumulated value in ienna's retirement fund after 15 years?

jenna mcintosh made end of month deposits of $895 into a retirement fund at 7.50% compounded monthly for 15 years. after 15 years the balance in the fund was converted into a retirement income fund from which jenna withdre 6225 at the end of every three months at 6.75% compounded semi annually. how long can jenna make withdrawls from the retirement income fund? What is the accumulated value in ienna's retirement fund after 15 years?

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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Yolanda deposited $1,800 at the end of each six months for 2 years in a savings account. If the account paid 4% interest, compounded semiannually, use Table 12-1 to find the future value of her account. (Round your answer to the nearest cent.) $
Kia deposited $1,300, at the BEGINNING of each year for 26 years in a credit union account. If the account paid 8% interest, compounded annually, use the appropriate formula to find the future value of her account. $95,037.72$103,940.74 $112,256.00$113,556.00
For 30 years, lilly contributed $180 every month to savings accountthat earns 1.6% interestcompounded monthly. After the 30 years, he stopped his regular contributions and let the account grow for the next 15 years. Determine the balance of the account at the end to the 45 years that he hadhis account.
Shirley Trembley bought a house for $185,300. She put 20% down and obtains a simple interest amortized loan for the rest at 6 3 8 % for thirty years. (Round your answers to the nearest cent.) (a) Find her monthly payment.$ (b) Find the total interest.$ (c) Prepare an amortization schedule for the first two months of the loan. PaymentNumber PrincipalPortion InterestPortion TotalPayment Balance 0 $ 1 $ $ $ $ 2 $ $ $ $ (d) Most lenders will approve a home loan only if the total of all the borrower's monthly payments, including the home loan payment, is no more than 38% of the borrower's monthly income. How much must Shirley make to qualify for the loan?$ per month
Minu deposits $950 at the end of each quarter for 6 years in an account that earns 11.8% per year compounded quarterly. At the end of 6 years she has $32 501.04. What would the amount of the annuity be if she doubles the time period to 12 years?
A woman, with her employer's matching program, contributes $300 at the end of each month to her retirement account, which earns 7% interest, compounded monthly. When she retires after 43 years, she plans to make monthly withdrawals for 25 years. If her account eams 6% interest, compounded monthly, then when she retires, what is her maximum possible monthly withdrawal (without running out of money)? The maximum possible monthly withdrawal is approximately $ (Simplify your answer. Round to the nearest cent as needed) CD-
1. Cameron designates 10% of his monthly earnings as charitable contributions. After deducting this amount, he deposits 5% of the remaining amount into a money market account earning 2%. If Cameron's monthly earnings are $4,800 what amount interest will he earn on his deposit each month? 2. Find the maturity value for a loan on $4,225 at 8% made on March 5 and due on May 5 of the same year. Assume a 365-day year. 3. Republic Bank advertises their interest rates at 7 % %. You decide to apply for a loan in the amount of $9,000 for 90 days. The bank grants your loan and the loan officer tells you that there is a document preparation fee of $150 that needs to be paid at the time you sign the documents for the loan. Find the APR. Assume a 360-day year. 4. You took out a loan of $5,000 on May 2 and went back on June 15 to make a payment of $1,200. The loan was at 4% for 1 year. What was your remaining balance after making that payment?
For 12 years, at the beginning of every month, Elsa deposits $200 into a savings account. Once the 12 years is up, she leaves the money in the account for another 8 years. If the account earns interest at a rate of 4.32% compounded quarterly, calculate the accumulated amount in the account at the end of the 20-year period.
Reese contributed $250.00 every month into an RRSP for 5 years. What nominal annual rate of interest will the RRSP earn if the balance in Reese's account just after she made her last contribution was $16,750.00? The nominal annual rate of interest is % compounded monthly. (Round to two decimal places as needed.) C
Shelly deposits the $2000 she got as a birthday gift from her grandmother into an account earning 3.6% interest compounded monthly. She decides to also deposit $200 at the end of each month into the same account. How much will be in the account in 10 years?
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