Sandy's parents would like to have an annuity pay her $600 at the beginning of every month from September 1, 2012, to April 1, 2017, to help with her university tuition and living expenses. On May 1, 2017, they would like to give her a graduation gift of $6,000. If the annuity can earn 6.15% compounded monthly, how much money must be in the account on September 1, 2012?

Q: Joanna’s Dad is looking to deposit a sum of money immediately into an account that pays an annual…

A: The objective of the question is to find out how much Joanna's Dad needs to deposit into an account…

Q: At the time of her grandsons birth, a grandmother deposits 8,000 in an account that pays 2%…

A: Given, PV=Deposits= $8000   Rate(r)=6.5% (compounded monthly) Monthly rate=2%12=0.001667 No. of…

Q: Leila is saving for her retirement by making deposits of $22,000 on each birthday into a savings…

A:

Q: Your parent started to deposit monthly $20,000 in the bank 2 years after birth. The bank offers are…

A: Amount deposited $20,000 monthly Rate of interest is 6%.

Q: John Rider wants to accumulate $100,000 to be used for his daughter’s college education. He would…

A: 1.Calculate the amount John invested on December 31, 2016:

Q: James deposits a fixed quarterly amount into an annuity account for his child's college fund. He…

A: Annuity refers to a stream of cash flows that is usually fixed and constant. The cash flows occur at…

Q: New parents wish to save for their newborn's education and wish to have $40,000 should the parents…

A: Since you have posted a question with multiple sub-parts, we will solve first three subparts for…

Q: In December 2020 Sally purchased an annuity that pays her $1,000 per month for 16 years. She paid…

A: Given in the question: Annuity purchased for = $150,000 During the year 2021, Sally has received the…

Q: Marilyn wishes to retire at age 65 with $2,000,000 in the bank. At the age 21, she decides to begin…

A: Calculate the monthly payments as follows:MS-Excel --> Formulas --> Financials -->PMT

Q: You annually invest $1,500 in an individual retirement account (IRA) starting at the age of 25 and…

A: Your annual investment, PMT = $ 1,500    Starting age = 25Number of Years, n = 15Annual Interest…

Q: Josie wants to be able to celebrate her graduation from CSULA in 5 years. She found an annuity that…

A: According to bartleby guidelines , if question involves multiple sub parts , then 1st sub 3 parts…

Q: Brittany's parents want their child to go to the same college that they did. After talking with the…

A: Working of the amount put down by the Brittany’s Parents is shown: Hence, the amount deposited will…

Q: Janet's parents want her to go to the same college that they did. They decided to pay a lump sum…

A: Given information,Compounding frequency: QuarterlyAmount deposited: Rate: NPER for future value:…

Q: Cyrus deposits a fixed monthly amount into an annuity account for his child's college fund. He…

A: Interest earned refers to an amount that is being earned by the investors over the amount of…

Q: Janet's parents want her to go to the same college that they did. They decided to pay a lump sum…

A: The question is based on the concept of Present value

Q: Your grandmother will be gifting you $190 at the end of each month for four years while you attend…

A: In the Market, some factors are present such as inflation, market rates, and investment…

Q: To help out with her retirement savings, Kaitlin invests in an ordinary annuity that earns 2.4%…

A: We will apply the required formula to calculate the quarterly payment, we will take the future value…

Q: As soon as she graduated from college, Kay began planning for her retirement. Her plans were to…

A: Retirement fund refers to the portion of the income which is saved by an individual for the purpose…

Q: Today is Derek's 25th birthday. Derek has been advised that he needs to have $3,863,156.00 in his…

A: Future value required=$3863156.00Interest rate=r=9.0%Number of deposits=39 deposits

Q: Denise has $180,983 saved for her upcoming retirement and will make no further contributions. She…

A: Interest rate = 5% compounded semiannually Annuity amount (A) = $5000 per quarter for 20 years (80…

Q: Trina opened a deposit account on December 1, 2016 with a deposit of $5 000. She added $2000.00 on…

A: The concept of money's time value indicates that any sum of money is worth more currently than what…

Q: et's parents decided to pay a lump sum payment today of $135000 so she will be able to make 4 years…

A: The future value is the future worth of the amount that will be paid or received in the future.

Q: Sharon has worked for a company with a retirement program, and today is retiring from her job with…

A: We need to use annuity due formula to calculate annual payment of…

Q: how much of the $90,000$⁢90,000 will Kevin ultimately deposit in the account, and how much is…

A: Kevin deposits a fixed quarterly amount into an annuity account for his child's college fund. He…

Q: You annually invest $2,000 in an individual retirement account (IRA) starting at the age of 30 and…

A: Since, in this question fixed amount is invested each year. So, it is the question of annuity.…

Q: Janet's parents want her to go to the same college that they did. They decided to pay a lump sum…

A: Lump sum Payment as on today (PV)=$126,000 Duration (n)=8*4=32 periods Rate per period (i)=6%4=0.015

Q: Alejandra Marrufo wants to know how much she should deposit today, so that in 10 years she will have…

A: Time value of money (TVM) refers to the concept which proves that the value of money today is higher…

Q: deposit sufficient funds for this trip in an investment account for you. On the basis of a budget,…

A: Present value is an estimate of the present value of future cash values ​​that may be received at a…