Tom wants to have $6,000 in three years. At 4.75% interest compounded monthly, how much does he need to deposit today, in order to obtain his goal?

Q: Ivanna wants to save money to buy a motorcycle. She invests in an ordinary annuity that earns 7.8%…

A: Given P=6000 n=5 m=4 r=0.078

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: If you want to earn 9% annual simple interest on an investment, how much should you pay for a note…

A: Given that  worth $28,700.00 in 5 months. 9% annual simple interest on an investment,

Q: Suppose you want to have $300,000 for retirement in 20 years. Your account earns 10% interest. How…

A: The objective of this question is to find out how much money needs to be deposited each month in an…

Q: Francis invests $4000 in a savings account earning 3.25%/year compounded weekly for 5 years. How…

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Q: Laurie has $2,500 in an investment account. What annually compounded interest rate would she need to…

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Q: Bo won $10,000 on a scratch-off lottery ticket. In five years, he wants to buy a new bass boat that…

A:

Q: Hamad needs $6500 in 3 years for his first-year university program. He is planning to deposit a…

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Q: Karina has two investment options for $20,000 she is saving for her future college expenses. One…

A: We know, in a year, there are 52 weeks.  So, if Karina invests the amount $20,000 in the account…

Q: John wants to accumulate at least $35,000 by depositing $1,900 at the end of each month into a fund…

A: The formula that we have to use here is A = d1+rknk-1rk Where A is the final amount, d is the…

Q: Suppose you want to have $700,000 for retirement in 30 years. Your account earns 6% interest. How…

A: We have given that future value (FV) = $700,000Number of years = 30Number of months = 30*12 =…

Q: 9. Nicole invests $4400 in an account which pays 6.7% compounded quarterly. The number of years…

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Q: Karen has $1000 from investing in an account that pays 3.2% interest compounded quarterly at the end…

A: We will use formula for compound interest.