Skippy wants to have $15,000.00 in 8 years. His bank is offering an account that earns 2% compounded monthly. How much does he need to deposit to reach his goal? Round your final answer up to the nearest cent. Assume no additional deposits or withdrawals are made after the initial deposit.

Q: Sandeep borrows $20,000 for a new car. The bank offers him an annual interest rate of 9% compounded…

A: Given that the borrows amount PV= $ 20,000 Interest rate  r=9%=9100=0.09compounded monthly…

Q: Mr. John borrows money from a friend with simple interest of 12%, find the present worth of $25,000…

A: If the interest is simple, then the formula used is A=P(1+rt), where A is the final amount, P is the…

Q: You have $500,000 saved for retirement. Your account earns 5% interest. How much will you be able to…

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Q: Angela deposits $⁢5500 into an account with an APR of 2.4% for 7 years. Find the future value of the…

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

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Q: You deposit $2000 in an account earning 2% interest compounded monthly. How much will you have in…

A: given, principal (P)=$2000           interest  rate (R)=2%= 2/100 =0.02     (for compounded monthly…

Q: Find the simple interest and total amount if you borrow $8000 at 12% for 3 years.

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Q: ​Annie's cafe borrows $9,400 at 5​% for 240 days. Find the total amount that must be repaid after…

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Q: Solve for R. Your goal is to have Php100000 in 5 years. The bank offers 12% compounded at the…

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Q: You take a loan from your local bank. Determine the interest that is accrued on $7000 for five years…

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Q: Kelly paid off his student loan in 3 years by making payments of $650 at the beginning of every…

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Q: A man wants to set up a 529 college savings account for his granddaughter. How much would he need to…

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Q: Suppose you want to save in order to purchase a new boat. Take the APR to be 9.2%. You want to have…

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Q: Calculate the simple interest rate when P=$3,600, I=$160 and t=4 months. Round to the nearest…

A: The simple interest, I is calculated using the formula: I=Prt, where P is the principal amount, r is…

Q: A man invests R2500.00 at a compund interest rate of 8% per annum. if at the end of the end of the…

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Q: Suppose that you borrow $13,000 for four years at 6% toward the purchase of a car. Find the monthly…

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Q: Hannah is buying a house in Prince Edward Island. She paid $45000 cash when she bought the house and…

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Q: Find the interest for a principal of $8883, rate 9.3% and 5 years.

A: According to the question,  We have: Principal = P = $8883 Rate of Interest = R= 9.3% Time period =…

Q: Angela deposits $⁢5500 into an account with an APR of 2.4% for 7 years. Find the future value of the…

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

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Q: You have $400,000 saved for retirement. Your account earns 8% interest. How much will you be able to…

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Q: Fritz buys a car costing $8100. He agrees to make payments at the end of each monthly period for 6…

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