Suppose you have $60,000 in a savings account earning 2%. You would like to make equal quarterly withdrawals from this account for the next 7 years. How much can you withdraw such that you have zero balance left after the last withdrawal? Round to the nearest dollar. Type your numeric answer and submit
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- Use the tables in Appendix B to answer the following questions. A. If you would like to accumulate $4,200 over the next 6 years when the interest rate is 8%, how much do you need to deposit in the account? B. If you place $8,700 in a savings account, how much will you have at the end of 12 years with an interest rate of 8%? C. You invest $2,000 per year, at the end of the year, for 20 years at 10% interest. How much will you have at the end of 20 years? D. You win the lottery and can either receive $500,000 as a lump sum or $60,000 per year for 20 years. Assuming you can earn 3% interest, which do you recommend and why?Use the tables in Appendix B to answer the following questions. A. If you would like to accumulate $2,500 over the next 4 years when the interest rate is 15%, how much do you need to deposit in the account? B. If you place $6,200 in a savings account, how much will you have at the end of 7 years with a 12% interest rate? C. You invest $8,000 per year for 10 years at 12% interest, how much will you have at the end of 10 years? D. You win the lottery and can either receive $750,000 as a lump sum or $50,000 per year for 20 years. Assuming you can earn 8% interest, which do you recommend and why?You put $600 in the bank for 3 years at 15%. A. If Interest Is added at the end of the year, how much will you have in the bank after one year? Calculate the amount you will have in the bank at the end of year two and continue to calculate all the way to the end of the third year. B. Use the future value of $1 table In Appendix B and verify that your answer is correct.
- You want to be able to withdraw $4000 from an account at the end of each year for the next 19 years. How much money should you invest now into an account earning 6.6% interest per year, compounded annually, in order to fund the desired withdrawals? Assume the account is empty after the last withdrawal is made. Give the answer to 2 decimal places, and do not use the $ sign in the answer box. The amount to invest now is Blank 1. Calculate the answer by read surrounding text. dollars.You want to be able to withdraw $8500 from an account at the end of each 6-month period (that is, twice a year) for the next 10 years. How much money should you invest now into an account earning 2.9% interest per year, compounded every 6 months, in order to fund the desired withdrawals? Assume the account is empty after the last withdrawal is made. Give the answer correctly to 2 decimal places.Suppose you deposit $10 every week into an account that earns 4% interest compounded weekly. How much money (to the nearest cent) will you have in the account after 5 years? Summarize the information provided, stating the interest rate in a decimal form. d = r = N = k = Solve the problem and give your answer here
- You plan to deposit $1,500 per year for 4 years into a money market account with an annual return of 3%. You plan to make your first deposit one year from today. What amount will be in your account at the end of 4 years? Do not round intermediate calculations. Round your answer to the nearest cent.$ Assume that your deposits will begin today. What amount will be in your account after 4 years? Do not round intermediate calculations. Round your answer to the nearest cent.$You plan to deposit $700 in a bank account now and $900 at the end of one year. If the account earns 2% interest per year, what will the balance be in the account right after you make the second deposit? There will be $ in the account right after the second deposit. (Type an integer or a decimal.)You want to be able to withdraw $4500 from an account at the end of each 6-month period (that is, twice a year) for the next 11 years. How much money should you invest now into an account earning 4.1% interest per year, compounded every 6 months, in order to fund the desired withdrawals? Assume the account is empty after the last withdrawal is made. Give the answer correctly to 2 decimal places. The amount to invest now is ______ dollars.
- You plan to deposit $700 in a bank account now and $200 at the end of one year. If the account earns 3% interest per year, what will the balance be in the account right after you make the second deposit? There will be $ in the account right after the second deposit. (Type an integer or a decimal.) an example Get more help - Clear allYou deposit $320 each month into an account earning 2% interest compounded monthly. Use the TVM Solver on the TI calculator. Round to the nearest cent (two decimal places). a) How much will have accumulated in the account in 20 years? $ b) How much money will you have deposited in the account during this time? $ c) How much of the amount in the account will be interest?You have a balance of $8,000 on your credit card. The interest rate is 19% per year. You want to make equal monthly payment for the next 6 years to completely pay off the balance. Assume no other purchases or payments other than your calculated plan. What must be the amount of your monthly payment? Round to the nearest $ and use the $ symbol.