Michelle sets aside $60 for savings every month. Her bank pays her 4% annually on her savings account. What will Michelle's balance be in 5 years?
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What will Michelle's balance be in 5 year? General accounting
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- Charlotte wishes to accumulate $100,000 in a savings account in 10 years. If she wishes to make a single deposit today and the bank pays 4% compounded annually on deposits of this size, how much should Charlotte deposit in the account?Helen can earn 3% interest in her savings account. Her daughter Roberta is 11 years old today. Suppose Helen deposits $4000 today, and one year from today she deposits $1000. Each year she increases her deposit by $500 until she makes her last deposit on Roberta’s 18th birthday. How much is on deposit after the 18th birthday, and what is the annual equivalent of her deposits?Jules deposits $70 each month into a 4010d savings account paying 3.59% annually, and her employer matches 50%. After 43 years, she'll have $128.646.55 in her account. How much more is in the account than what Jules invested? Type your answer...
- Sara decides to set up a retirement fund by depositing $24 at the end of each day for 13 years. How much will she have then, if the interest rate is 6.48% compounded weekly and her account starts with $13487 already deposited?Sarah wants to save $20,000 to use for a down payment on a home. She deposits some money into a 4-year certificate of deposit (CD) with an annual interest rate of 4.5% compounded monthly. How much does Sarah need to deposit in the CD to reach her goal of having $20,000 in 4 years? Round your final answer to the nearest dollar.How much should Bianca's dad invest into a savings account today, to be able to pay for Bianca's rent for the next two years if rent is $850 payable at the beginning of each month? The savings account earns 2.50% compounded monthly Courtney set up a savings fund for his son's education so that he would be able to withdraw $1,600 at the beginning of every month for the next 4 years. The fund earns 4.89% compounded quarterly. a. What amount should he deposit today to allow for the $1,600 periodic withdrawals? $57,837.41 $69,654.42 $69,937.11 $58,544.47 b. How much interest would he earn in this investment? $69,937.11 $6,862.89 $76,800.00 $7,145.58
- Sara has just graduated from college. She has determined that to purchase a home in 9 years she needs to accumulate $36,500 for a down payment. If Sara can earn 9% per year on her savings, what is the amount of the annual annuity payment that Sara must make at the end of each year for 9 years? Round to two decimal placesGrandma Patt has decided to open a savings account for her newborn granddaughter. The savings account pays 3% interest. If Grandma Patt wants there to be $10,000 in the account in 18 years, how much should she deposit today? Assume no other deposits or withdrawals. a) $5,873.95 b) $17,024.33 c) $8,362.17 d) $10,609.23Abby Ellen wants to attend Ithaca College. She will need $75,000 6 years from today. Assume Abby's bank pays 6% interest compounded semi-annually. What must Abby deposit today to have $75,000 in 6 years?
- 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?Engr. Chloe deposits P10,000 in a savings account on the day her child is born. She deposits an additional $1000 on every birthday after that. The account has a 5% nominal interest rate, compounded continuously. How much money will be in the account the day after the child's 21st birthday?Leon wants to save a classic car so he deposits $1500 at the end of the years into a savings account that pays her 6% compounded annually. What are those deposits worth at the end of 5 years ?
