Sean has $47,381 in his savings account today. The interest rate is 8.4% p.a. compounded monthly. Sean wants to make 22 equal monthly withdrawals starting in one year. Calculate the maximum amount Sean can withdraw every month.

Q: hael wants to have $68,000 in 12 years on a savings plan that requires monthly contributions. If he…

A: Future value of investment includes the amount being deposited over the years and amount of interest…

Q: Michael wants to accumulate $38,000 in a fund with payments of $1,700 made at the end of every…

A: It can be calculated using=NPER(rate,pmt,pv,[fv],[type])Rate The interest rate for the loan.Nper…

Q: ichael wants to have $57,000 in 11 years on a savings plan that requires monthly contributions. If…

A: Future value of investment includes the amount being deposited over the years and amount of interest…

Q: Michael wants to have $60,000 in 11 years on a savings plan that requires monthly contributions.  If…

A: Future value is the estimation of future cash value which is likely to be received in the future…

Q: Peter has saved $350 per month for the last 4 years in savings account earning 5.1% compounded…

A: Monthly Payment = p = $350Number of Monthly Payment = n = 4 * 12 = 48Interest rate of monthly…

Q: John already has $50,429 in his savings account. He plans to make contributions of $1,658 at the end…

A: The banks generally offer compounding interest, The interest is earned on interest and the interest…

Q: jose has determine dhe need to have $800000 for retirment in 30 years. His account earns 6%…

A: Amount need to be deposited in the account each month can be calculated using the formula of future…

Q: The Martinez family wants to save money to travel the world. They purchase an annuity with a monthly…

A: Annuity means finite no. of payments which are same in size and made in equal intervals. Person gets…

Q: At the end of every 6 months, Tomas deposits $20,000 into a savings account, which pays an annual…

A: Compound = Semiannual = 2Saving Deposits = d = $20,000Interest rate = r = 12.3 / 2 = 6.15%Time = t =…

Q: Kolby has made deposits of $140.00 into his savings account at the end of every three months for 20…

A: Given that,    Interest Rate  per annum = 9%   Number of years             = 20   Number of Payments…

Q: Benji wants to purchase a new car in 4 years. He plans on putting $8,000 down. He will be putting a…

A: let payment be = A r=9% m=12 (monthly compounding) n =4 FVA = $8000

Q: Whitney deposited $200,000 into a savings account that has an annual interest rate of 8% compunded…

A: Interest is an extra amount which is received or paid on deposited or borrowed amount for the…

Q: Caesar is paid monthly and deposits $300 each pay period into a savings account. Money invested in…

A: Variables in the question:PMT=Monthly deposit=$300Rate=4% (compounded monthly)N=7 yearsWorking…

Q: Michael wants to have $63,000 in 9 years on a savings plan that requires monthly contributions.  If…

A: Future Value = fv = $63,000Compound = monthly = 12Time = t = 9 * 12 = 108Interest rate = r = 7 / 12…

Q: Sharon has  an account that starts at $5,800. She  add $100 to it each month. It earns 7.4%…

A: Present value is the estimation of the current value of future cash value which is likely to be…

Q: Noah has $4686 in his savings account today. The interest rate is 8,3% p.a. compounded monthly. Noah…

A: Loan amortization refers to the process of gradually paying off a loan through regular installment…

Q: Heidi deposits $8,000 in a savings account that earns 4.5% interest, compounded quarterly. How much…

A: Amount she will have is future value of deposit

Q: Anthony plans to deposit $500,000 now and $10,000 every 6 months for 5 years into an account.…

A: Deposit now (D) = $500000 Semiannual deposit (A) = $10000 n = 5 years = 10 semiannual deposits…

Q: Sam's family has decided that they will start depositing $100 at the end of every month into a…

A: Monthly Deposit = 100 End of month deposits Time Period =  3 years or 36 months Interest Rate = 4.6%…

Q: Tak wants to save $10 000 for a vacation. He deposits $150 at the end of each month for 4.5 years in…

A: Solved using Financial Calculator  PMT = +/- 150 N = 4.5 years *12 months = 54 I/Y = 8.7/12 = 0.725…

Q: Solomon has accumulated $11,000 in his savings account. In addition, he plans to deposit $460 at the…

A: Step 1: Given DataInitial amount in savings account (P) : $11000Regular deposit amount (R) : $460…

Q: Jason has a credit card with an APR of 29.5% and a current balance of $13,150.35. He wants to pay it…

A: APR = 29.5% Monthly interest rate (r) = 29.5%/12 = 2.45833333333333% Current balance (PV) = $…

Q: The Ward family wants to save money to travel the world. They purchase an annuity with a quarterly…

A: The individual or company can invest any amount of money with the bank or other financial…

Q: Jose currently has $12,000.00 saved and plans to make quarterly savings contributions of $9,150.69.…

A: Compound = Quarterly = 4Present Value  = pv = $12,000Payment = p = $9150.69Interest rate = r = 18.04…

Q: John already has $19,598 in his savings account. He plans to make contributions of $753.35 at the…

A: The banks generally offer compounding interest, The interest is earned on interest and the interest…

Q: Chris deposits $15,000 at the end of each month in a savings account that grants an annual 14%…

A: It is a case of future value of annuity. Here, future value of the monthly annuity is given, but the…

Q: Shelly deposits the $2000 she got as a birthday gift from her grandmother into an account earning…

A: The company would be considering the value for future through the compounding of interest rates over…

Q: Seamus has made deposits of ​$97.00 into his savings account at the end of every three months for 10…

A: The objective of the question is to find the final balance in Seamus's account after he has made…