Answered: Mary Puppins needs $200,000 in 10…

Financial Accounting Intro Concepts Meth/Uses

14th Edition

ISBN:9781285595047

Author:Weil

Publisher:Weil

ChapterA: Appendix - Time Value Of Cash Flows: Compound Interest Concepts And Applications

Section: Chapter Questions

Problem 11E

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Similar questions

Carla Willis will invest $26,000 today. She needs $52,317 in 12 years. What annual interest rate must she earn?
Candice Willis will invest $30,000 today. She needs $150,000 in 21 years. What annual interest rate must she earn?
Jamie wants to have $800,000 for her retirement in 25 years. How much should she save annually if she expects to earn 10% on her investments?
Debra Moore needs $20,000 3 years from now. How much should she invest today in order to reach her goal if she can earn 6% compounded annually? Round answers to the nearest dollar.
Jamie wants to have $1,000,000 for her retirement in 25 years. How much should she save annually if she thinks she can earn 10% on her investments?
Suppose marsha plans to invest $1000 at the beginning of each year for the next 5 years. She expects to earn 13 percent per year. 1.how much will marsha have in 5 years 2.how much would marsha need to deposit today in order to have the same results?
Sandra needs to save $46000 over the next 5 years. If she can save $6400 per year and earn an 12% rate of return on an annualized basis, by how much (approximately) will she exceed or fall short of her goal?
Angela is planning for her daughter’s university education in seven (7) years’ time. She estimated that the university education will cost $1,955,000. How much should she invest each year for the next seven (7) years to achieve this goal if interest rate is 15%?
Steve Madison needs $250,000 in 10 years. How much must he invest at the end of each year, at 5% interest, to meet his needs?
Monica has decided that she wants to build enough retirement wealth, if invested at 8 percent per year, to provide her with $3,500 of monthly income for 20 years. To date, she has saved nothing, but she still has 30 years until she retires. How much money does she need to contribute per month to reach her goal? First compute how much money she will need at retirement, then compute the monthly contribution to reach that goal.
Your mother wants to buy a car which will cost $15,000 five years from today. She would like save $2,450 at the end of each year (for the next five years) in an account, so as to have the amount she needs. What interest (to the closest percent) must she earn in this account to achieve this financial objective?
Jane has been given an opportunity to receive 20,000, six years from now. If she can earn 10% on her investments, what is the most she should pay for this. opportunity?

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Mary Puppins needs $200,000 in 10 years. How much must she invest at theend of each year at 12% interest to meet her needs?