Solve the problem. Suppose your father deposited in your bank account P10,000 at an annual interest rate of 0.5% compounded yearly when you graduate from kindergarten and did not get the amount until you finish Grade 12. How much will you have in your bank account after 12 years?

Q: You need to turn $11,827 dollars into $18,864 dollars in 7 years.  Assuming you make no extra…

A: Future Value = Present Value * (1+r)^nWhere,r = rate of interest per periodn = no. of compounding…

Q: Your brother has decided to ask you for advice about saving up for his teenager's college fund. He…

A: Answer: Calculation of the amount that your brother need to deposit today: The amount that your…

Q: Suppose your parents decide to give you $10,000 to be put in a college trust fund that will be paid…

A: Present value = $10,000 Interest rate per period, r = 1.5% Number of compounding periods, n = 5 × 4…

Q: how much money was invested in the CD​ account?

A: Solution:- Lets assume that the amount of money invested in CD account is x which makes the amount…

Q: Can you please help me work out this problem in detail?   Tony Ring wants to attend Northeast…

A: We need to use the concept of time value of money to solve the question. According to the concept of…

Q: You have just remembered that four years ago you placed $1,000 in a bank account. If the bank was…

A: PV x (1+r)n=FV

Q: On january 1, 2010, you put 1000.00 in a savings account that pays 6(1)/(4)% interest, and you will…

A: The time value of money is a concept in finance that evaluates the worth of cash flows at any given…

Q: a) Dylan will start start college in 9 years. Dylans parents want to save a total amount of $32 000…

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

Q: Pretend that you are saving up for a down payment on a car or house. Pretend that we get an…

A: A savings account seems to be an account that is opened by a salaried person. It is a very basic…

Q: If a family deposits $500 at the beginning of the first year into a bank account that pays 7% annual…

A: Future value:The term "future value" refers to the expected value of an investment at a future…

Q: Max the mouse needs $10,000 in 5 years. How much should Max deposit today if the bank has a simple…

A: Simple interest is the type of interest that is calculated on the original amount invested and not…

Q: 1.1 Suppose you received R1000 from your grandparents on your 18th birthday, which was 17 years ago.…

A: Savings account earn compound interest. To calculate final account balance we can use the formula…

Q: Starting next year, you will need $5,000 annually for 4 years to complete your education. (One year…

A: An annuity is a method of fulfilling a financial goal for a specified period of time at a defined…

Q: Jace is trying to determine how to invest $1,234.56 that he inherited from his cousin Elijah.  He…

A: Note: All the Given Options are incorrect, so we are solving the correct one for you as per the…

Q: Your grandfather put some money into an account for you on the day you were born. You are now 18…

A: It represents the expected amount or value of the current asset at a future date. It is estimated by…

Q: How much money can they expect to withdraw?

A: Future value of ordinary annuity refers to the sum total value of all deposits made periodically at…

Q: Suppose that a young couple has just had their first baby and they wish to insure that enough money…

A: Future value refers to the future value of the expected future cash flow. It can be determined by…

Q: magine that the interest rate on your savings account is positive and there is no inflation rate.…

A: Due to  interest rate money grow with time but due to the inflation the value of money decreases…

Q: (2) Jack has deposited P1,000 into a savings account. He wants to withdraw it when it has grown to P…

A: Future value = Present Value* (1+Rate of Interest)t Here t is the time period or we can also say…

Q: Your first child was just born and you want to set up an annuity due savings plan to finance her…

A: Future Value is the amount which is received by the investor at the end of some specified period of…

Q: Mr. Yiu just wins a lottery of $6,261,362 today. He opens a bank account and puts the whole amount…

A: FV is the future worth of cash flows that have occurred in the past or present.

Q: 0. I have $72,000 in my bank account today. The bank manager told me that I will have $100,000 money…

A: We will use the below formula to calculate the interest rate (APR)     APR = (FV/PV)1/n-1 Where FV -…