The Hall family wants to save money to travel the world. They plan to invest in an ordinary annuity that earns 7.2% interest, compounded monthly. Payments will be made at the end of each month. How much money do they need to pay into the annuity each month for the annuity to have a total value of $13,000 after 13 years? E

Q: Eric invest $1050 every year in an annuity that pays six. Six interest compounded annually. Payments…

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Q: ou have $5,000 on a credit card that charges 16% interest rate. If you want to pay off the credit…

A: To calculate the amount need to pay each month to repay the amount.

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: you deposit $5000 in an account earning 3% interest compounded monthly. how much will you have in…

A: We have given,

Q: $102 is invested in an annuity at the end of every month at 8.5%.  Find the value of the annuity at…

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Q: Jenny invests $9,000 at 8% compounded annually in an annuity. How long until Jenny has $18,000

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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: To save for retirement, you decide to deposit $1000 into an IRA at the end of each year for the next…

A: PMT = 1000N = 30 years Rate = 10%

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: To save for graduate school, a student invests $1470 semiannually in an ordinary annuity with 3%…

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Q: A woman deposit $290 of her quarterly checks into an annuity for the education of her child. She…

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Q: At the beginning of each quarter, $1,650 is deposited into a college fund. The fund earns 7% annual…

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Q: You have $2,500 on a credit card that charges a 14% interest rate. If you want to pay off the credit…

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Q: To save for retirement, a student invests $30 each month in an ordinary annuity with 3% interest…

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Q: Suppose you want to have $800,000 for retirement in 30 years. Your account earns 9% interest. How…

A: Given, Future value (FV) = $800,000 Rate of interest (r) = 9% Time (t) = 30 years n = 12 ( months)…

Q: A man deposits $18,000 at the beginning of each year for 8 years in an account paying 6% compounded…

A: Compound interest is a type of interest that is calculated not only on the initial principal amount,…

Q: A bank offers a CD that pays a simple interest rate of 5%. How much must you put in this CD now in…

A: First, always look for what you are asked to find. Here it is how much you must put into a CD.…

Q: You have $2,000 on a credit card that charges a 21% interest rate. If you want to pay off the credit…

A: The objective of this question is to calculate the monthly payment required to pay off a credit card…