Lily is going to invest $750 and leave it in an account for 18 years. Assuming the interest is compounded daily, what interest rate, to the nearest tenth of a percent, would be required in order for Lily to end up with $1,180?

Q: Trinh invested $3800 at an annual interest rate of 8%, compounded annually. How much will she have…

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Q: To save for retirement, Karla Harby put $325 each month into an ordinary annuity for 16 years.…

A: Given that, To save for retirement, Karla Harby put $325 each month into an ordinary annuity for 16…

Q: A company will need $25,000 in 8 years for a new addition. To meet this goal, the company deposits…

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Q: If you need $8000 to travel to Europe after you graduate in 4 years.  How much would your monthly…

A: The compound interest formula is,

Q: a wants to have $200,000 to buy a smaller retirement home in 20 years. If they can earn 4.5%…

A: To calculate the amount that Mika should deposit in his account now to have $200,000 in 20 years.…

Q: Frank Steed wants to open a camera shop. How much must he deposit now at 6% interest compounded…

A: To find the amount which should be deposited now at 6% interest compounded monthly to have $25,000…

Q: Parents wish to have $80,000 available for a child’s education. If the child is now 5 years old, how…

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Q: Karen wishes to have $17,730 cash for a new car 5 years from now.  How much should be placed in an…

A: Given: Karen wants $17,730 after 5 years. The interest is compounded weekly with a rate of 6%. To…

Q: . Find the simple interest (I = Prt) of $10,000 invested for 6 years at an annual simple interest…

A: Definition: simple interest If an amount of money,  P , the principal, is invested for a period of…

Q: Adrian invested $7,200 in an account paying an interest rate of 3.1% compounded monthly. Assuming no…

A: P=$7,200,  r=3.1%=0.031,  A=$12,110,  n=12

Q: Steve decided to deposit $3,285 into a savings account with 4.5% interest, compounded quarterly.…

A: Here we have to find how much money Steve have after 4 years in his account. The details calculation…

Q: Laurie has $2,500 in an investment account. What annually compounded interest rate would she need to…

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Q: A person needs $15 000 for a down payment on a car. If the person invests $10 000 at 9% interest,…

A: Given  A=15000 P=10000 r=9%=0.09

Q: Given the principal of $5000 and an investment that pays 8% interest, compounded monthly. How much…

A: Consider the given information.   The principal amount is $5000 at the rate of 8% and invested for 7…

Q: John wants to accumulate at least $35,000 by depositing $1,900 at the end of each month into a fund…

A: The formula that we have to use here is A = d1+rknk-1rk Where A is the final amount, d is the…

Q: A company is planning to manufacture snowboards. The fixed costs are $136 per day and the total…

A: Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: 9. Nicole invests $4400 in an account which pays 6.7% compounded quarterly. The number of years…

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Q: Karen has $1000 from investing in an account that pays 3.2% interest compounded quarterly at the end…

A: We will use formula for compound interest.

Q: A couple plans to invest money into an account that earns 9% interest, compounded quarterly, for…

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