You are saving money for your daughter's private school tuition of $110,000, which is needed in 9 years. To this end, you decide to deposit an amount into a savings account with 4% nominal rate compounded monthly. Assuming you make no other deposits, how much would your initial deposit need to be? a. $67,073.23 b. $70,313.49 c. $73,555.96 d. $76,790.35

Q: In order to help you through college, your parents just deposited $35,000 into a bank account paying…

A: The annuity that can be withdrawn based on the amount that the parents have deposited at 8% interest…

Q: Suppose Mr. Mitchell wants to set aside $3,000 at the end of each year for the next 18 years to…

A: FUTURE VALUE OF ANNUITY  Future Value of Annuity is the value of a group of regular payments at any…

Q: 10. Kristine has $5,000 in an account today that pays 3% interest rate. Two years from now she…

A: Note: As per the Bartleby guidelines, we can answer only the first question. Kindly post the…

Q: how much money was invested in the CD​ account?

A: Solution:- Lets assume that the amount of money invested in CD account is x which makes the amount…

Q: Q2.3: Abigail set up a savings fund for his son's education so that he would be able to withdraw…

A: Annuity refers to series of annual payment which is paid or received at start or ending of specific…

Q: Your grandmother will be gifting you $150 at the end of each month for four years while you attend…

A: Monthly gift amount = $150Year = 4Discount rate = 3.7%To find: The worth of these payments on the…

Q: (Solving for PMT of an annuity) To pay for your child's education, you wish to have accumulated…

A: PMT is a series of cash flows (annuity) and can be paid/received at the end of each period, called…

Q: 37. Savings Gabriel Branson invested his summer earnings of $3000 in a savings account for college.…

A: Simple Interest = Principal × Interest Rate × TimeHere,Principal = $3,000Interest Rate = 1.5% or…

Q: You Save Bank has a unique account. If you deposit $7,250 today, the bank will pay you an annual…

A: In this case, the bank uses different interest rates for different periods, so we'll need to apply…

Q: Tony Ring wants to attend Northeast College. He will need $75,000 4 years from today. Assume Tony's…

A: Present value refers to the money present today is more valuable than the money will receive in…

Q: K (Solving for PMT of an annuity) To pay for your child's education, you wish to have accumulated…

A:

Q: ) Since your first birthday, your grandparents have been depositing $1200 into a savings  account on…

A: The future value of deposit includes the amount being deposited and amount of interest being…

Q: 2. Ms. Perez wants to invest in a savings account with interest rate of 9% per year. She decided to…

A: Annual payment (P) = Php 40,000 Number of annual payments (n) = 10 Interest rate (r) = 9%

Q: Ever since your first birthday, your parents have been depositing $1,000 into a college savings…

A: Future value is that amount which will be require to paid at some specified period of time. It…

Q: You want to buy a new sports car 3 years from now, and you plan to save $4,800 per year, beginning…

A: FV of annuity= pmt*((1+r)^n-1) /r

Q: Your cousin is currently 9 years old. She will be going to college in 9 years. Your aunt and uncle…

A: STEP 1 Present Value Given a certain rate of return, present value (PV) is the current value of a…

Q: Your grandmother has been putting $2,000 into a savings account on every birthday since your first…

A: Future value of ordinary annuity is the total value of all accumulated annuity payments at a future…

Q: A mother wants to invests 9,000.00 for her sons future education she invests a portion of the money…

A: Solution:- Interest is the return amount on money invested.

Q: Financial Math, question One: Ryan purchased an annuity that had an interest rate of 2.75%…

A: Present value refers to the current value of future investment or series of investments at a rate of…

Q: b. You have a $20,000 note payable which is due in three years. How much money must you put into a…

A: Solution d: N = 1 PV (Future value of at the end of 3 years) = $20,000 Interest rate (I) = 3%

Q: You plan to donate $2,500,000 to establish a fund to support the Feliciano School of Business at…

A: Present value can be defined as how much is the worth of the future sum of money at present provided…

Q: A couple plans to save for their child's college education. What principal must be deposited by the…

A: Present Value  Present value is the present worth of any sum of a money to be received in the future…