Sharon has  an account that starts at $5,800. She  add $100 to it each month. It earns 7.4% interest, compounded monthly. The investment will last herfor 41 years. Beyond the $100 you add each month, how much additional monthly payment will she need to add in order for the account to end with $900,000 after 41 years?

Q: Samantha made regular, equal deposits into savings accounts at the end of every month for three…

A: Annuity is a no. of finite payments which are equal size and made in equal time periods. Person…

Q: Lauren plans to deposit $6000 into a bank account at the beginning of next month and $175/month into…

A: Future Value is the value which is measured at a specified date at a given interest rate,  it can be…

Q: At retirement, Maria's saving account has $620,000 in it and is earning 1.2% compounded monthly.…

A: The present value is the value of the sum received at time 0 or the current period. It is the value…

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A: Future value Future value simply means determining the value of future investments. This approach…

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A: Future Value is the value of current investments at a certain future date at the assumed…

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A: Solution: An equal amount invested every period is called annuity. So, future value of annuity = PMT…

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

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

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A: Variables in the question:Deposit (PMT)=$4146Rate=9.51% p.a.Semi-annual rate==4.755%N=3 yearsnper=3…

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: ane needs $30,000  to buy a new car in four years. How much should she deposit at the endof each…

A: We will use the concept of time value of money here. The concept of time value of money states that…

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A: > Given data:> Annual interest rate = 5%> Effective annual interest rate =…

Q: Ann invests $1000 today in an investment that has APR of 9.8% and is compounded monthly. How much…

A: 1) Future Value = Present value * (1+r)^n Where, r =rate of interest per period i.e. 9.8%/12 =…

Q: Patrick makes payments of $250 per month at the end of each month. At the end of 10 years, he wants…

A: The rate of interest required to have the desired amount can be calculated with the help of rate…

Q: When Jasmine retires she has $950,000 in a retirement account that earns 6% annual interest,…

A: Using PMT function in excel

Q: Christine invested her savings in a bank at 4.00% compounded quarterly. How much money did she…

A: See belowExplanation:

Q: Tom deposits $100 to his investment account at the end of each month for the first n month, and $200…

A: We have a series of annuity running for first n months and then another one running over next 2n…

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A: The objective of this question is to find out the single payment that Alexa should make in four…

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A: Present value of an investment is the sum total value of all deposits in today's period that are…

Q: Isabelle makes deposits of $365 monthly (at the end of each month) into an account that pays 1.5%…

A: Annuity refers to series of equalized payments that are either made at start or end of specific…

Q: Peter deposits $75 at the end of each quarter for 15 years into an account that pays 3.14%…

A: Given data; payment amount= $75 number of years = 15 annual rate = 3.14% compounding frequency = 4…

Q: Tabatha has saved $85, 700.00. If she decides to withdraw $2,726.00 at the beginning of every month…

A: The present value of an annuity is the current worth of a series of cash flows at a certain rate of…

Q: Natalie’s RRSP is currently worth $250,000. She plans to contribute for another five years, and then…

A: Annuity refers to series of annual payment which is paid or received at start or ending of specific…

Q: Cheska is saving for her dream cellphone. She deposits 2,000 pesos at the end of each month that…

A: Future Value refers to value of any current amount or flow of recurring payments at some future date…

Q: John and Rosamond want to retire in 10 years and can save $170 every three months. They plan to…

A: The Future Value of an Ordinary Annuity refers to the concept which gives out the compounded or…

Q: Aryssa has saved $84,100.00. If she decides to withdraw $3,337.00 at the beginning of every month…

A: Present Value = PV = $84,100 PMT = $3,337 Rate = 8.01%

Q: Alvin has $16000 in his saving account. For how long can he withdraw $1600 be from the account at…

A: Annuity refers to series of equalized payments that are paid or received at start or ending of…

Q: Tristan will deposit $254 into an account every two weeks (26 times per year). The account earns an…

A: Future value refers to the value of a current asset at some future date using inflation or…

Q: John and Rosamond want to retire in 10 years and can save $140 every three months. They plan to…

A: Future value refers to the total value of an investment or savings at a specified future date,…

Q: Alyssa has $800,000 saved for retirement in an account earning 2.2% interest, compounded quarterly.…

A: The Present Value of Ordinary Annuity refers to the concept which gives out the discounted or…

Q: Juanita has $100 deducted from her paycheck at the end of each month and put into a savings account…

A: Monthly Payment (pmt) = $100Interest Rate (rate) = 11%Type of Interest Compounded = MonthlyTime…

Q: Metehan Atay invests 550 pounds per week in the bank for an investment that will earn him 20% per…

A: An annuity is a sequence of periodic cash flows with a fixed amount at equal time intervals over a…

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: In 7 years Harry and Sally would like to have $20,000 for a down payment on a house. How much should…

A: A down payment seems to be a monetary payment made at the start of a purchase deal. It is frequently…

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: Jesscia bailey currently has $6,300 in her 401K retirement account. She will contribute $200 a month…

A: Value of investment refers to the amount which is invested by the investors for the purpose of…