Sharon wants to retire in 30 years time, and so decides to start a new retirement savings account. She wants to accumulate 400000 dollars by the time she retires. Initially, Sharon deposits 1000 dollars into the account. She will make further deposits at the end of each month. The account will earn interest at annual rate 5 percent, compounded monthly. How much will she have to deposit into the account each month in order to reach this target after 30 years? (Give your answer, in dollars, correct to the nearest cent.)

Q: As a new year’s challenge Hakan and Raymi are in a race to find a bank which gives the best…

A:

Q: Donna deposits $20,000 into an account that pays simple interest at a rate of 4% per year. Tony…

A: Donna deposits $20,000 into an account that pays simple interest at a rate of 4% per year. Tony…

Q: Ivanna wants to save money to buy a motorcycle. She invests in an ordinary annuity that earns 7.8%…

A: Given P=6000 n=5 m=4 r=0.078

Q: Kellee deposits​ $5000 in a savings account with an interest rate of​ 0.9% compounded monthly. If…

A: From the given information, it is observed that Kellee deposited $5000 that is, P = $5000 with the…

Q: The first credit card Elisabeth receives charges 13.81% interest compounded monthly to its…

A: compounded interest =13.81% n=4 months A=2425.23 i=13.8112×100   =0.011508 it is known that  A=P1+in

Q: Charlie invests $8,000 into an account to save for college. If the investment is compounded annually…

A: We know, when a Principal amount ( P ) is compounded annually with an interest rate 'r' % and for 't…

Q: nicholas heard that he could triple his money in 27 years if he invested it in his friend's…

A: We can follow the step by step approach used in step 2 to get the required answer

Q: much

A: Amount formula is given of compound interest.

Q: Jamie is planning to invest in a college fund for her granddaughter. She would like the account to…

A:

Q: A sum of $25,000 is deposited into an account paying 5.4% interest per year, compound daily. What…

A:

Q: Melanie places $5,000 into an account that earns 6% interest compounded daily. Approximately six…

A:

Q: a wants to have $200,000 to buy a smaller retirement home in 20 years. If they can earn 4.5%…

A: To calculate the amount that Mika should deposit in his account now to have $200,000 in 20 years.…

Q: Izan and Meng plan to send their daughter to university. To pay for this they will contribute equal…

A:

Q: Marcus buys a $1250 certificate of deposit (CD) that earns 6.6% interest that compounds monthly. How…

A: See the handwritten solution

Q: Rita is planning ahead for a 3-month world tour to celebrate completing graduate school.The trip’s…

A: The formula to calculate the future value of an annuity is: Here, C is the payment given per…

Q: Alexa and Erik plan to send their son to university. To pay for this they will contribute 9 equal…

A:

Q: Matilda and Horace open a retirement account with $120,000. How many years will it take for the…

A: Find the time taken for the amount $120,000 to grow to $800,000 if it grows at a rate of 4.5%…

Q: Jasmine wants to invest $5,000, but unsure which bank to invest in. She can invest in the Houston…

A:

Q: Bo won $10,000 on a scratch-off lottery ticket. In five years, he wants to buy a new bass boat that…

A:

Q: Richard invests $205.42 every month into his retirement. At the end of 30 years, he has a balance of…

A: ANSWER :

Q: Jake invests $4900 at an 8% interest rate compounded contínuously for 2 $5000 at a 7% interest rate…

A:

Q: A 55-year-old man deposits $50,000 to fund an annuity with an insurance company. The money will be…

A: