Luoxana contributed $5,000.00 every year into an RRSP for 18 years. What nominal annual rate of interest will the RRSP earn if the balance in Luoxana's account just after she made her last contribution was $195,000.00?
Q: At the time of her grandsons birth, a grandmother deposits 8,000 in an account that pays 2%…
A: Given, PV=Deposits= $8000 Rate(r)=6.5% (compounded monthly) Monthly rate=2%12=0.001667 No. of…
Q: How much money will there be in the account?
A: solution A= R(1+i)n+1/i R= Contribution half year=$425 n= number of periods=48 years - 33 years =15…
Q: wishes to provide herself, or her estate, with an income of $10,000 at the end of each year for 10…
A: Deposit A Amount = 10,000 End of year deposits N = 10 years Deposit B Amount = 10,000 End of year…
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A: Since Gabriela wants to withdraw a specific amount after a certain period of time, thus, it is…
Q: Ali contributed $1,000 per year for the past 9 years into an RRSP account, earning 3.8% compounded…
A: a) Ali leaves this amount ($10,496.48) for additional 5 years therefore, the worth after 5 years…
Q: Madelaine has $1 million as a lump sum in her superannuation when she retires in at 65 years old.…
A: Time Value of Money :— According to this concept, value of money in present day is greater than the…
Q: Magnus wishes to have $1,500,00 when he retires in 44 years. What are the monthly payments he must…
A: Future value of annuity = P * [ (1+r)^n - 1 ] /r Where, Future value of annuity = 150000 n = 44 r…
Q: Carla Lopez deposits $2,500 a year into her retirement account. If these funds have an average…
A: Future value of Annuity cash flows = A x [(1+i)^t -1] / iwhereA = Periodic cash flow = $2,500 per…
Q: Jocelyn contributed $90.00 every three months into an RRSP for 5 years. What nominal annual rate of…
A: Future value of the amount is the amount of deposits made and the amount of interest accumulated…
Q: Ivana deposits $2000 annually into a Roth IRA that earns 6.85% compounded annually. Due to a…
A: Annual deposit for 10 years = $ 2000 Annual interest rate = 6.85% Period of future value = 25+10 =…
Q: After retiring, Gabriella wants to be able to withdraw $7,000.00 every quarter from her account for…
A: Future Value: It is the worth of a resource at a particular date. It estimates the ostensible…
Q: After retiring, Rosetta wants to be able to withdraw $4,000.00 every month from her account for 26…
A: Amount to withdraw per month "PMT" is $4,000 Time period is 26 years Interest rate is 6% Compounded…
Q: Helen contributed $500 at the end of every month for the past 5 years into an RRSP account, earning…
A: Annuity means series of no. of finite payments which are same in size and made in equal intervals.…
Q: Jill invested $1,000 each year into an account that earns 10% interest compounded annually to have…
A: The future value is the future worth of the amount that will be paid or received in the future.
Q: Bobbi opens an IRA account in which she deposits $3,000 per year until she retires in 50 years. If…
A: The accumulated amount can be calculated with the help of future value of annuity function
Q: Ginger Rogers deposits $3,000 a year into her retirement account. If these funds have an average…
A: The future value function or concept can be used to determine the future value of a present sum or…
Q: How much does Jeanette need in her account when she retires?
A: Present Value: It is computed by discounting the future annuity cash payments by an appropriate…
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A: A study that proves that the future worth of the money is lower than its current value due to…
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A: The rate of interest can be computed with the help of future value function.
Q: At the time of her grandsons birth a grandmother deposits 13,000 in an account that pays 6.5%…
A: PV=Initial deposit = 13000 r=rate=6.5% (compounded monthly) n=21 years Monthly rate=r= 6.5%/12 No…
Q: Six years ago, Gladys opened a retirement account with an initial deposit of $14,000. Each year…
A: The present value refers to the current worth of a sum of money to be received in the future,…
Q: cecilia invested $5000 in an account four years ago. Today her account has a balance of $6200. Given…
A: Present value=$5000Future value=$6200Period= 4 yearsPeriod= 16 quarters
Q: Carla Lopez deposits $5, 200 a year into her retirement account. If these funds have an average…
A: Annual deposit=$5200Period=n=40 yearsInterest rate=r=6%Calculate future value.
Q: After retiring, Valeria wants to be able to withdraw $36,500.00 every year from her account for 27…
A: Amount to withdraw every year "PMT" is $36,500 Time period "N" is 27 years Interest rate "I/Y" is…
Q: Judy recently purchased her first home for $220,000. She made a down payment of $20,000, and…
A: First we need to calculate PV annuity factor for loan to calculate monthly payment. Since payment is…
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A: Balance at the end of 45 years will be future value of monthly savings
Q: Laura's parents invested $13,000.00 in a 14-year certificate for her that pays 6% compounded annual.…
A: Using excel FV function
Q: At the time of her grandson's birth, a grandmother deposits $4000 in an account that pays 4.5%…
A: The value of an account is defined as the total worth of the account for holdings. Cash value is…
Q: Tameshia deposits $5500 in her retirement account every year. If her account pays an average of 6%…
A: We get future value of depositsUse FV function in excel Type =FV and press tab key. Type 6%, (this…
Q: Kia deposited $1,200, at the beginning of each year for 30 years in a credit union account. If the…
A: The series of payments to be paid at the beginning of every period is called annuity due.
Q: Reese contributed $250.00 every month into an RRSP for 5 years. What nominal annual rate of interest…
A: Solution:-When an equal amount is contributed each period at end of period, it is called ordinary…
Q: Heather deposited $1, 700 at her local credit union in a savings account at the rate of 9.8% paid as…
A: The objective of the question is to calculate the total amount of money that the credit union would…
Q: Monique contributed $500.00 every month into an RRSP for 15 years. What nominal annual rate of…
A: The nominal rate refers to the rate that is to be taken into account without considering fees,…
Q: Suppose Brianna invests $1300 each year for 5 years, in annuity that pays 6% annual interest,…
A: Future value of annuity = P * [ (1+r)^n - 1 ] /r Where, P = 1300 r = 6% n = 5 years
Q: At the time of her grandsons birth, a grandmother deposits 3000 in an account that pays 6.5%…
A: Data given PV=Deposits= $3000 (Assumed $) r=rate=6.5% (compounded monthly) n=21 years Working…
Q: Cosette will retire in 35 years. To that end she contributes S900 per month to her 401-kaccount…
A: Here,Contribution per month (PMT) is $900Time Period of contribution (n) is 20 yearsTime Period of…
![Luoxana contributed $5,000.00 every year into an RRSP for 18 years. "What nominal annual rate of interest
will the RRSP earn if the balance in Luoxana's account just after she made her last contribution was
$195,000.00?](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F45c1e13c-f856-436d-b904-f52ef672d476%2Fb9f15c77-90fa-453e-872e-b142fef4f2d9%2Fc3vvg0p_processed.jpeg&w=3840&q=75)
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- Monique contributed $500.00 every month into an RRSP for 15 years. What nominal annual rate of interest will the RRSP earn if the balance in Monique's account just after she made her last contribution was $200,000.00Helen contributed $500 at the end of every month for the past 5 years into an RRSP account, earning 3.8% p.a. compounded quarterly. If she leaves the accumulated contributions for another 4 years in the RRSP at the same rate of interest How much will Helen have in total in her RRSP account? How much did she contribute? How much will be the interest?Ali contributed $1,000 per year for the past 9 years into an RRSP account, earning 3.8% compounded annually. If he leaves the accumulated contributions for another 5 years in the RRSP at the same rate of interest, a. How much will Ali have in total in his RRSP account? b. How much did Ali contribute? c. How much will be the interest?
- Jocelyn contributed $90.00 every three months into an RRSP for 5 years. What nominal annual rate of interest will the RRSP earn if the balance in Jocelyn's account just after she made her last contribution was $2,200.00? The nominal annual rate of interest is % compounded quarterly. (Round to two decimal places as needed.)Judy recently purchased her first home for $220,000. She made a down payment of $20,000, and financed the balance over 15 years, at 6% interest. If Judy's first payment is due on October 1 of this year, approximately how much interest will she pay inthis year? $2,073.47. $1,979.76 $3,288.63. $5,885.09.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
- Ginger Rogers deposits $3,000 a year into her retirement account. If these funds have an average earning of 8 percent over the 40 years until her retirement, what will be the value of her retirement account?At the time of her grandsons birth a grandmother deposits 13,000 in an account that pays 6.5% compounded monthly. What will be the value of the accounts at the childs twenty first birthday assuming that no other deposits or withdrawals are made during this periodAt the time of her grandsons birth, a grandmother deposits 8,000 in an account that pays 2% compounded monthly. What will be the value of the account after the child’s 21st birthday, assuming that no other deposits or either are made during this period
- Carla Lopez deposits $2,500 a year into her retirement account. If these funds have an average earnings of 5 percent over the 40 hears until her retirement, what will be the value of her retirement account?Suppose Brianna invests $1300 each year for 5 years, in annuity that pays 6% annual interest, compounded annually. What percentage of the balance, after 5 years, is Brianna's contributions?Six years ago, Gladys opened a retirement account with an initial deposit of $14,000. Each year since then, she has added $2,000 to the account at the end of each year. She plans on contributing for the next 25 years. How would you determine the future value of her account at retirement? O Future value of a lump sum and future value of an annuity. O Future value of an annuity and the present value of a lump sum. O Future value of a lump sum and present value of an annuity. O Future value of an annuity.