Michael wants to invest $5000 in a retirement fund that guarantees a return of 11% annually using simple interest. How long will it take for his investment to earn $9000 in interest?

Q: Ivanna wants to save money to buy a motorcycle. She invests in an ordinary annuity that earns 7.8%…

A: Given P=6000 n=5 m=4 r=0.078

Q: You have an opportunity to invest in a fund that has a yearly interest rate of 6%. How much should…

A: From the given information, it is observed that FV = $15,000, r = 6%, that is, r =0.06 and t = 3.…

Q: Find the investment needed today to make $ 100,000 in 5 years with a simple interest rate of 8% per…

A: Given data÷ A=$100,000 t=5 years r=8% =0.08 per year

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: Henry has inherited $18 000 and would like to invest the money to pay for new car in two years. If…

A: The amount he invested for new car is:  P = $18,000 Interest rate:  r = 4.9% Interest is compounded…

Q: Jodie deposited $10,000 into an account paying 6.5% interest, compounded quarterly.  She needs to…

A: Let's say it will take t years to make the down payment

Q: Henry is going to retire in 22 years and would like to invest $50,000 now into his retirement…

A: Compounded Monthly formula :

Q: Adam Kaminski just received a signing bonus of $1,600,000. His plan is to invest this payment in a…

A: Consider the signing bonus as principal, that is P= $1,600,000. r=7% As Adam plans to establish the…

Q: When Jack started his job working for an idustrial manufacturing company, he contributed $680 at the…

A: According to the given information it is required to find how much money Jack would have at the end…

Q: Jeff has 5 years to save enough money to pay certain debt in full. During that time, he deposits…

A: If the interest is compounded, then the formula used is A=P1+rnnt , where, A is the final amount, P…

Q: Richard invests $205.42 every month into his retirement. At the end of 30 years, he has a balance of…

A: ANSWER :

Q: A mutual fund pays a yearly interest of 3.4%. If you invested $7,000 for 5 years, what is the value…

A: Given, Invested amount=7000$ rate of interest= 3.4% No of years=5  Investment after 5 years =?

Q: want to be able to withdraw $40,000 each year for 20 years. My account earns 4% interest compounded…

A: To determine the amount that needed to invest in the beginning in order to withdraw $40,000 each…

Q: A 55-year-old man deposits $50,000 to fund an annuity with an insurance company. The money will be…

A: