Jimmy deposits $4000 at a bank with an interest rate of 4.5% per year and he has no plans of withdrawing any amount in the future. How much money will he save after 18 years?

Q: Benjamin Franklin invested $2 in 1776 into an account that has a 12% interest rate,in what year will…

A: It is simple interest problem

Q: Rajeev has $175 that he earned from his summer job. He puts the money in an account that yields 4%…

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Q: you deposit $4000 in an account that pays 7% interest compounded semiannually. After 3 years,…

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Q: The future dollars of an investment at the end of 8 years is $ 132,000. Its today’s dollars is $…

A: INTEREST PAID BY BANK AT THE END OF 8YEAR=$132000-$76825=$55175 REAL RSTE OF INTEREST OF…

Q: much

A: Amount formula is given of compound interest.

Q: a man decides to save money in a mutual investment fund about 13% interest annually. if he leaves…

A: a man decides to save money in a mutual investment fund about 13% interest annually. if he leaves…

Q: A sum of $25,000 is deposited into an account paying 5.4% interest per year, compound daily. What…

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Q: How much will you need to save per day to have $85,000 after 6 years, if your account earns 8%…

A: AmountA : $85,000 Time Period=6 year  Rate of interest =8% per year compounded daily

Q: Huck borrows $3500 from his parents and has agreed to pay back the loan in 2 years. How much money…

A: Explanation of the answer is as follows

Q: 5000

A:

Q: Suppose you decide to give up your weekly trip to Amy’s ice cream and instead deposit the $12 you…

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Q: If Damon invests $1600 for 1 year in a savings account that pays a simple interest rate of 1.09%…

A: Definition used -            Simple interest -                            SI=Prt100…

Q: You save 500 each month by depositing into an account earning 7% monthly. After 15 years you stop…

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Q: After some thought, you have decided that you will need $60,000 each year to live on after you…

A: This is a problem related to simple interest calculation. Based on the general formula of simple…

Q: You have 300,000 saved for retirement. Your account earns 4% interest. How much will you be able to…

A: Given that, You have 300,000 saved for retirement. Your account earns 4% interest. We need to find…

Q: You want to be able to withdraw $45,000 from your account each year for 30 years after you retire.…

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Q: An investment pays simple interest, and triples in 17 years. What is the interest rate

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Q: Jason thinks he can save enough to deposit P1,200 in the bank at the end of each year for the next…

A: The future value of an annuity is given by FV=PMT×1+in-1iWhereFV=future value of annuityPMT=cash…

Q: You want to be able to withdraw $20,000 from your account each year for 20 years after you retire.…

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Q: Karina has two investment options for $20,000 she is saving for her future college expenses. One…

A: We know, in a year, there are 52 weeks.  So, if Karina invests the amount $20,000 in the account…