student invests $2500 of their wages from their part-time job. They want it to grow to $6000 for a down payment on a car they’re hoping to buy 9 years from now.  What annual interest rate, compounded annually would be needed to make this happen?

Q: Suppose that a car that you want costs $11000. You make a down payment of $1000 and finance the…

A: Car cost: $11000.  Down payment: $1000 Time: 4 yearInterest: 1.9% p. a.

Q: if $24 is is invested at a simple interest rate of 2% per year what was the account balance be after…

A:

Q: The monthly income from recycling paper and cardboard at the XYZ Center is estimated to be $300…

A: The monthly income is given by = 300 dollars the value of the income after 3 years is = 300×12×3=…

Q: Gem plans to purchase an e-bike in 6 months so they open an account earning an annual interest of…

A: We have to find how much money is needed to open the account in order to reach the goal using given…

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: Find what simple interest rate will be necessary for Sonny to get a 40% return on a $500 investment…

A:

Q: Find the investment needed today to make $ 100,000 in 5 years with a simple interest rate of 8% per…

A: Given data÷ A=$100,000 t=5 years r=8% =0.08 per year

Q: Jayden just graduated from college and owes $19,400 on his student loans. The bank charges an annual…

A:

Q: Suppose you have budgeted $ 1130 a month towards a mortgage. If you are offered a 30 year mortgage…

A: Given that, the monthly payment towards a mortgage is $1130, the number of years is 30 years and the…

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Q: Suppose $100 is withdrawn at the EOY 2026, emptying an account that earns 7% interest, compound…

A:

Q: Henry has inherited $18 000 and would like to invest the money to pay for new car in two years. If…

A: The amount he invested for new car is:  P = $18,000 Interest rate:  r = 4.9% Interest is compounded…

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

A:

Q: Since he was 23 years old, Ben has been depositing $200 at the end of each month into a tax-free…

A: Sol:- To solve this problem, we can use the formula for the future value of an annuity due: FV = PMT…

Q: Suppose your friend,halima, who lives new york  received an unexpected inheritance of $1,000,000 and…

A:

Q: Kristy Joe deposits $150 each month in an ordinary annuity to save for a new car. If the annuity…

A: We will find out the required savings for given ordinary annuity.

Q: present value of this $6000?

A: Given that  Promised to give money is $6000 = A Time period (t)  = 8 years  Interest rate (I)  = 6%…

Q: Adam Kaminski just received a signing bonus of $1,600,000. His plan is to invest this payment in a…

A: Consider the signing bonus as principal, that is P= $1,600,000. r=7% As Adam plans to establish the…

Q: Emily would like to accumulate $205,000 for his retirement in 11 years. If he is promised a rate of…

A: Emily would like to accumulate $205,000 for his retirement in 11 years. He is promised a rate of…

Q: Howard University’s School of Business will need several new commercial printers in 2 years and Dean…

A: Consider the provided question, Given, P = $60,000 Time = 2 years Rate of interest = 6% = 0.06…