Julian won the lottery. He deposits some of his winnings into an account earning 2.75% interest compounded quarterly . He makes his deposit of $25000 and also decides to start making deposits of $1000 into the same account at the end of each quarter . How much will he have after five years?

Q: Derek currently has S12, 511.00 in an account that pays 6.00%. He will withdraw S5, 050.00 every…

A: Future value (FV) is a financial concept that projects the anticipated value of an investment or…

Q: Stephen has $11,200 in the bank. The account will earn 2.8% in simple interest for the next 5 years.…

A: Simple interest is the method used to charge the interest on the principal amount for a given period…

Q: Chester hopes to earn $1200 in interest in 2.5years time from $60,000 that he has available to…

A: The annual interest rate that is charged by the lenders or at which the investors earn additional…

Q: Jahan deposits $9,000 into an account today that promises to earn 17.3% annually for the foreseeable…

A: To calculate the future value of Jahan's deposit after 9 years with an annual interest rate of…

Q: Lester hopes to earn $1100 in interest in 2.2 years time from $22,000 that he has available to…

A: We need to use future value formula to calculate annual interest rateFV = PV(1+r)nwhereFV = Future…

Q: John already has $50,429 in his savings account. He plans to make contributions of $1,658 at the end…

A: The banks generally offer compounding interest, The interest is earned on interest and the interest…

Q: Derek currently has $13,229.00 in an account that pays 6.00% He will withdraw $5,251.00 every other…

A: Savings account:A savings account is a financial tool offered by banks and credit unions that…

Q: Nick saves $175 per month, deposited directly into his credit union account on payday, the last day…

A: In order to calculate the amount at the end of a specific period of time, the future value of the…

Q: Derek currently has $12,962.00 in an account that pays 5.00%. He will withdraw $5,837.00 every other…

A: Cash Flow at year 0=$12,962.00Cash Flow at for year 1,3,5,7,9,11,13,15= $5,837.00 Cash Flow at year…

Q: Pete Leary wants to attend College. Seven years from today he will need $30,000. If Pete's bank pays…

A: Present value refers to the current amount of the future payment in a specified period of time. It…

Q: Joe invests $5550 in an account earning 8.1% interest, compounded monthly. How long will it take for…

A: Initial investment (I) = $5550 Future value (FV) = $20345 Monthly interest rate (r) = 0.00675 (i.e.…

Q: Joshua is saving up to buy a house. He invested $10000 at 3.5% per year, compounded quarterly. He…

A: Future Value: The future value is the amount that will be received at the end of a certain period.…

Q: Juan decided to start saving for college.  He deposited $500 into an account that earns 4% simple…

A: Amount deposited = $500 Simple Interest = 4%

Q: andré is looking ahead to his retirement. He wants to have $580,000 in his savings account when he…

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

Q: Saturnino won a lottery and will receive a check for P700,000 at the beginning of each quarter for…

A: An annuity is a periodic cash flow that occurs at regular intervals. The future value of the annuity…

Q: Juan decided to start savings for college.  He deposited $500 into an account which earns 4% simple…

A: Simple interest is the interest that is determined on the original deposit made to the account. In…

Q: Derek currently has $13, 229.00 in an account that pays 6.00%. He will withdra 5, 251.00 every other…

A: Value of money changes with time and not same again.The concept of time value of money will be used…

Q: Sven accumulated $10,500 in credit card debt. If the interest rate is 3.45% per year and he does not…

A: Compound interest can be defined as the addition of interest to the principal balance. It can be…

Q: Darien invests $10,000 in an account that pays 3.2% interest per year, compounded semi-annually.…

A: The amount of money can be calculated as future value of the principal amount.

Q: Harold starts saving in order to fund his children's education. He decides to deposit $120 each…

A: The value of an asset at a future date is called future value.

Q: Julie deposited some money in a savings account this morning. Her money will earn 5 percent…

A: Computation:

Q: Charlie wants to withdraw $12,000 each year forever from his account. At an interest rate of 6% per…

A: Perpetuity is the stream of cash flows or payments that are made at equal intervals that do not have…

Q: John invests $ 350 on the last day of each month into an account for 4 years compounding monthly at…

A: Monthly investment = $350Interest rate = 7.5%Total number of years = 7 yearsNumber of years of…

Q: Jack purchased $1,000 from his credit card and his bank, RBC, suggests installment on each purchase…

A: Emi stands for "Equated Monthly Installment." It's a fixed amount of money that a borrower pays to a…

Q: Mr. Yiu just wins a lottery of $6,261,362 today. He opens a bank account and puts the whole amount…

A: FV is the future worth of cash flows that have occurred in the past or present.

Q: Bozo the clown decides to start saving money. So, every month he deposits $200 into an account which…

A: The future value refers to the value of the annuity or the cash flow at the future date. The future…

Q: Rapi Tulpo invests Php1,000 in a Bank that doubles his money in five years. To what annual interest…

A: Investment means an asset(financial assets or fixed assets) that is purchased to generate additional…

Q: Derek will deposit $7,502.00 per year for 23.00 years into an account that earns 8.00%, The first…

A: The future value is the amount that will be received at the end of a certain period. In simple…

Q: Jacob has 5000 dollars and wants to earn 6500 dollars from the bank. If the bank gives a compound…

A: It will take 6.69 years for Jacob to reach 6500 dollars

Q: Derek currently has $11,753.00 in an account that pays 6.00%. He will withdraw $5,408.00 every other…

A: Savings Accounts is a deposit facility offered by commercial banks. It allows accountholder to…

Q: Derek currently has $10,579.00 in an account that pays 6.00%. He will withdraw $5,474.00 every other…

A: Future value represents the future worth of existing cash flows. It is determined by compounding…

Q: Ahmad earned $475 last summer. He deposited this money in an account that pays an interest rate of…

A: Future value = Present value * (1+rate)^n Where, n = no. of compounding period i.e. 15

Q: Bozo the clown decides to start saving money. So, every month he deposits $200 into an account which…

A: because you have posted multiple questions we will answer the first question Only, for the remaining…

Q: Derek currently has $11, 936.00 in an account that pays 5.00%. He will withdraw $5,341.00 every…

A: Savings Accounts is a deposit facility offered by commercial banks and it allows accountholder to…

Q: John and Randy are competing to see who can accumulate more money. They are both given $100 to…

A: Time Value of Money states that a dollar earned today has more value than a dollar some time in the…

Q: Ali deposits BD 2,500 in a savings account that pays interest at the rate of 5.5% per year,…

A: Amount is the sum of the initial principal amount and interest accumulated on it during the time…