Problem #2. (a) Use the compound interest formula to calculate the compound amount of $43,250 invested at 9% interest compounded monthly for 10 years. (b) You want to accumulate the compound amount you calculated in part (a) 5 years from now, instead of 10. Use the present value formula to calculate how much your should invest now at the same interest rate of 9% compounded monthly. Show your work.

Q: How much money should be deposited today in an account that earns 5% compounded semiannually so that…

A: The formula to calculate amount to be deposited in the account is shown belowwhere A is the…

Q: How long will it take an investment of $4000 to grow to $10000 if it is invested in an account that…

A: Topic = Algebra   A=P1+rnntA=Final amountP=Principalr=rate of interestn=1 for anuallyt=time

Q: How long will it take to save $20,000 by making deposits of $100 at the end of every month into an…

A:

Q: What is the equation to calculate to determine how long it would take an investment of $10,000 to…

A: The objective of this question is to determine the time it would take for an investment of $10,000…

Q: Find the Interest rate needed for an investment of $8,000 to grow to $11,000 in 10 yr if interest is…

A:

Q: You have saved $7,000 towards the purchase of a car costing $9,000. How long will the $7,000 have to…

A: solution of the given problem is below ...

Q: Breanna went to a bank and obtained a personal loan with an interest rate of 6.4% compounded…

A: Here we can use the fact that if bi-weekly interest rate is r then effective annual interest rates…

Q: Stuart Daniels estimates that he will need $29,000 to set up a small business in 7 years. (a) How…

A: Here, Amount, A= 29,000 time, t=7 rate, r=0.08 compounded quarterly so, n=4

Q: You would like to put some money into an account so that you will have $6000 in the account 8 years…

A: Consider the formula to find the present value : PV=FV1+rknk where FV is the future value, r is the…

Q: How much money should be deposited today in an account that earns 8% compounded monthly so that it…

A:

Q: How much will you get out from 1000 that grows at 9% compounded monthly at the end of 17 years?

A:

Q: How long does $1,000 have to be deposited into a savings account at the end of each month to…

A:

Q: Mhat amount of money should be deposited today into an account that will earn 6.5% interest,…

A:

Q: Morris’s parents would like to retire in 20 years with a total of $400000. How much would they need…

A: