Mark loves pizza and decides he wants to open his own Italian restaurant in 6 years Mark deposits $1498 per month at the end of every month for savings. His bank will pay 16% interest annually, compounded monthly, on his savings account What will Mark's balance be in 6 years?

Q: hael wants to have $68,000 in 12 years on a savings plan that requires monthly contributions. If he…

A: Future value of investment includes the amount being deposited over the years and amount of interest…

Q: ichael wants to have $57,000 in 11 years on a savings plan that requires monthly contributions. If…

A: Future value of investment includes the amount being deposited over the years and amount of interest…

Q: Michael wants to have $60,000 in 11 years on a savings plan that requires monthly contributions.  If…

A: Future value is the estimation of future cash value which is likely to be received in the future…

Q: Matt plans to start his own business once he graduates from college. He plans to save $1,700 every…

A: Future value is the value of all payments accumulated or annuity paid at future date with interest…

Q: APR

A: Formula to calculate the future value is: FV = p*[(1+r)^n-1]/r

Q: Chris has decided to create a retirement fund. He will deposit $250 at the end of each month for the…

A: An annuity is a stream of equal cash flows occurring at regular intervals.  the future value of an…

Q: $28,437 $26,908 $29,216 $25,099 $27,411

A: Money growth is due to compounding of interest rates and significant in long term.

Q: Alex estimates that he will have $47,500 in student loans by the time he graduates. The interest…

A: Here, Present Value is $47,500 Interest Rate is 7.2% Therefore, the Monthly Interest Rate is : Time…

Q: Jack borrows $28,163 to pay for a car. The loan carries an annual rate of 5.7% and he wants to be…

A: ANSWER: Interest on loan = $6,021.6163328  (or) $6,022 EXPLANATION:- Present Value (PV) = $28,163…

Q: After graduation, you plan to work for Dynamo Corporation for 12 years and then start your own…

A: The FV of an investment refers to the combined value of the cash flows of the investment at a…

Q: To secure the future of his son, a man plan to deposit P50,000 in a bank account every quarter for 5…

A: Effective interest rate There is different frequency of deposited amount and the compounding of…

Q: Benji wants to purchase a new car in 4 years. He plans on putting $8,000 down. He will be putting a…

A: let payment be = A r=9% m=12 (monthly compounding) n =4 FVA = $8000

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: Peter makes a deposit at the end of every three months into a savings account that earns interest at…

A: Annuity means no. of finite payments which are the same in size and made in equal intervals. Person…

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: Matt Johnson delivers newspapers and is putting away ​$18 at the end of each month from his paper…

A: Monthly payment (P)  = $18 Period = 6 Years Number of monthly payments (N) = 6*12 = 72

Q: Peter makes a deposit at the end of every three months into a savings account that earns interest at…

A: Future value is the value of the future cash flows being compounded at a predefined rate of interest…

Q: Madison is planning to save for his newborn daughter’s college tuition, to be paid in 18 years. The…

A: The concept of time value of money will be used here. As per the concept of time value of money the…

Q: Leon wants to save a classic car so he deposits $1500 at the end of the years into a savings account…

A: We need to use future value of ordinary annuity formula to calculate worth of deposit after 5 years.…

Q: tion, you plan to work for Dynamo Corporation for 12 years and then start your own business. You…

A: In compounding of interest there is interest on interest including interest on deposit amount due to…

Q: What semi-annual deposits does Adrian have to make?

A: Time value of money (TVM) refers to the method or concept which is used to determine the amount of…

Q: am wishes to have $500,000 in his retirement account when he retires, in 30 years . If he can earn…

A: A retirement account refers to a savings account in which an individual saves an amount for the…

Q: Santo plans to invest his money for 10 years for his son's university education. His son Brian is 10…

A: We need to use the concept of time value of money (TVM) to solve the question. According to TVM, the…

Q: Peter makes a deposit at the end of every month into a savings account that earns interest at 3.0%…

A: There is need of financial planning needed for needs of tomorrow so we should prepare systematically…

Q: Kelly just started retirement with $500000 in his retirement account. The retirement account has an…

A: The question is based on the concept of Financial Management. As per the Bartleby guidelines we are…

Q: Mike's parents decide to deposit an amount of money at the end of every month into a bank account…

A: Annuity is a series of equal receipts/payments made at a regular interval of time  over a fixed…

Q: open a savings account that pays 5% interest compounded quarterly and he will be making $150 qu…

A: Future value is amount deposited and compound interest earned on that.

Q: Today, Jeff has $350,000 in his savings and Patrick has $875,000. Patrick will not make any more…

A: The concept of time value of money will be used and applied here. As per the concept of time value…

Q: Metehan Atay invests 550 pounds per week in the bank for an investment that will earn him 20% per…

A: An annuity is a sequence of periodic cash flows with a fixed amount at equal time intervals over a…

Q: Shelly deposits the $2000 she got as a birthday gift from her grandmother into an account earning…

A: The company would be considering the value for future through the compounding of interest rates over…

Q: John, a 25-year-old teacher, wants to start saving for his retirement. John wants a comfortable…

A: Given:

Q: Joshua borrows 35,000 pesos from a cooperative to buy a laptop. He will repay the loan in equal…

A: Borrowing refers to the act of taking money from another party with known intention to repay that…

Q: John and Rosamond want to retire in 6 years and can save $190 every three months. They plan to…

A: The time-value-of-money concept is used to determine the actual worth of money you have now and what…

Q: Tala McLouf, a 21-year-old BBA graduate, likes to plan for her future ahead, and would like to save…

A: Since the question has more than 3 sub-parts, the first 3 subparts are answered. If you want the…