Use geometric sums to find out how much you will need to put away monthly at 3, 6, 9, and 12% (compounded monthly) for you to reach your desired amount of retirement money. Show all work.   Compare what happens at the different rates. You will need your current age 25, age when you want to retire 65, and how much you want to have saved up for retirement. $2,000,000  Use present value of an annuity (not lump sum up front). Don't forget that this is compounded monthly. Also, it is a finite geometric sum.

Q: You deposit $3,000 into a savings plan at the end of each year for three years. The interest rate is…

A: We have deposit amount is P=$3,000 Rate of interest = 5% = 0.05 Time = 3 years. Now, the value of…

Q: Find the monthly payment (in $) and the total interest (in $) for a mortgage of $42,000 at  5 1/4…

A: To find the total interest

Q: Cyrus deposit $744.88 Each quarter into an annuity account for his child college fund. He wishes to…

A: Given that Cyrus deposited $744.88 each quarter into an annuity account. The future value he wish to…

Q: Skippy wants to have $15,000.00 in 8 years. His bank is offering an account that earns 2% compounded…

A: Future value, F=$15000 Time, t=8 years. Interest rate, i=2%=0.02 Compounded frequency, m=12

Q: Find the value of the annuity at the end of the indicated number of years. Assume that the interest…

A: write the formula for the future value of the annuity. F=P1+iN-1i Here, i is the interest rate that…

Q: Quarterly withdrawals of $850 for 7 years; interest rate is 4.9% compounded quarterly. Find the…

A: The formula is:A=P1+r4004Twhere P=principal amountr=rate of interestT=time

Q: You decide to quit using your credit card and want to pay off the balance of $2,400 in 3 years. Your…

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Q: (a) Find the amount in the account at the end of 1 year. $0 (b) Find the amount in the account at…

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Q: Labors wants to buy a boat five years from today. She will need $40,000. Lanita wants you to…

A: Step 1: Given Value for Calculation Compound = Semiannually = 2Time = t = 5 * 2 = 10Future Value =…

Q: You start a retirement fund. You can afford to make monthly deposits of $200 into an account earning…

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Q: Use the sinking fund formula shown to the right to determine the monthly payment needed to…

A: Given data: Amount that needs to be accumulated (A)=$360000 Interest rate (r) =9% Time (t) =34…

Q: You open a brand-new savings account January 1, 2021. every paycheck you earn you deposit $25 into a…

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Q: You put $500 into an account paying 2% compounded monthly. What size can you withdraw at the…

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Q: Find the value of a retirement savings account paying an APR of 5.4% after 40 years (contributions…

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Q: You deposit $5000 into savings account that earns 0.6% compounded monthly. If you don't any…

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Q: You won the lottery today and immediately deposit your funds into an investment account that earns…

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Q: You owe $16,000 on student loans at an interest rate of 4.15% compounded monthly. You want to pay…

A: The monthly payment is calculated using the formula: Monthly Payment=Loan amount×i1-(1+i)-n. Here, i…

Q: How much should you deposit at the end of each month into an IRA that pays 8.5% compounded monthly…

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Q: Calculate the amount of money you'll have at the end of the indicated time period, assuming that you…

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Q: You need to borrow $20000 and will pay it all back in a lump sum in 6 years. Of the two loan options…

A: Loan A is the best loan between these two loans . Loan A will save more money to us than loan b.…

Q: Dustin deposits $800 at the end of every 3 months in an RRSP that is earning 5.10% compounded…

A: Given Data: Deposit for every 3 months = 800 Future Value =33000 r=5.10% = 5.10100=0.051

Sequence and Series

A sequence is defined as a collection of things. Series is defined to sum the things one by one in the sequence.  It was invented by German mathematician Carl Friedrich Gauss.