Rachel wants to have $2,500.00 in 9 months. Her bank is offering her a Certificate ofDeposit, a special savings account, that earns 1.4% compounded weekly. How muchdoes she need to deposit now to reach her goal? Round your answer up to the nearestpenny. Assume the interest rate does not change while the account is open.Principal$

Answered: Image /qna-images/answer/a11b3164-3930-445d-b55b-9a1668c0a255.jpg

Answered: Rachel wants to have $2,500.00 in 9…

Algebra and Trigonometry (6th Edition)

6th Edition

ISBN:9780134463216

Author:Robert F. Blitzer

Publisher:Robert F. Blitzer

ChapterP: Prerequisites: Fundamental Concepts Of Algebra

Section: Chapter Questions

Problem 1MCCP: In Exercises 1-25, simplify the given expression or perform the indicated operation (and simplify,...

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You have $2,000 on a credit card that charges a 21% interest rate. If you want to pay off the credit card in 3 years, how much will you need to pay each month (assuming you don't charge anything new to the card)?$ each month
You want to save $20,000 for a down payment on a home by making regular monthly deposits over five years. Take the APR to be 4%. How much money do you need to deposit each month?
Cathy makes a single deposit into an account earning 2.5% compounded monthly. After five years the account contains $3057.46.how much did she deposit?
You deposit $400 in an account earning 3% interest compounded annually. How much will you have in the account in 30 years? Round to the nearest penny.
Angela deposits $5000 into an account with an APR of 4.4% for 10 years. Find the future value of the account of interest is compounded monthly. Round your answer to the nearest hundredth, if necessary. Answer Keypad Keyboard Shortcuts
Mai has contributed $175 at the end of each month into her company's employee retirement account for the past 10 years. Her employer has matched her contribution each month. If the account has earned interest at the rate of 3%/year compounded monthly over the 10-year period, determine how much Mai now has in her retirement account. (Round nearest cent.)$ Peggy made a down payment of $400 toward the purchase of new furniture. To pay the balance of the purchase price, she has secured a loan from her bank at 5%/year compounded monthly. Under the terms of her finance agreement, she is required to make payments of $71.32 at the end of each month for 36 months. What was the purchase price of the furniture? (Round nearest cent.)$ The Turners have purchased a house for $140,000. They made an initial down payment of $20,000 and secured a mortgage with interest charged at the rate of 2.5%/year on the unpaid balance. (Interest computations are made at the end of each month.) Assume that the…

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