You have $15,852.43 in a brokerage account, and you plan to deposit an additional $6,000 at the end of every future year until your account totals $240,000. You expect to earn 14% annually on the account. How many years will it take to reach your goal? Round your answer to the nearest whole number. years

Q: If you pay $500 each year into an account that grows at 14% per year, how much will you have in the…

A: An annuity is end of year deposits made over a period of time at a specified rate of interest.The…

Q: Your friend plans to invest $1,000 per month into an account expected to have an effective annual…

A: Here, EAR is 6.2% Monthly payment (PMT) is $1,000 Required Amount (FV) is $100,000

Q: suppose you want to be able to withdraw $4,800 at the end of each month for the next 20 years. How…

A: The present value of the annuity factor is used when there is an equal series of cash flows and the…

Q: Six years from today you need $10,000. You plan to deposit $1,600 annually, with the first payment…

A: Future value=$10000Annual deposit=$1600Interest rate=7%Calculate last deposit.

Q: You have $67,046.95 in a brokerage account, and you plan to deposit an additional $3,000 at the end…

A: The concept of time value of money will be used here. As per the concept of time value of money the…

Q: How much must you deposit into an account today so that you can have $25,000 in twelve years? Assume…

A: The concept of TVM refers to the interest-earning capacity of money because money earned earlier is…

Q: Determine the size of your investment account 30years from now (when you plan to retire) if you…

A: Future value of annuity , FV= P * ( (1+r)^t -1) /rwhere P =$12,000r=0.10t=30 yearsFV =?

Q: You want to be able to withdraw $8500 from an account at the end of each 6-month period (that is,…

A: Given that;Periodic withdrawal amount is $8500Interest rate is 2.9% per year

Q: Six years from today you need $10,000. You plan to deposit $1,400 annually, with the first payment…

A: Future value represents the future worth of present cash flows. It is calculated by compounding the…

Q: You have a $200,000 loan at 4% interst over 20 years. You make the payment plus $250 at the end of…

A: A loan is a financial arrangement in which one or more people, companies, or other entities lend…

Q: Six years from today you need $10,000. You plan to deposit $1,500 annually, with the first payment…

A: Solution:

Q: Six years from today you need $10,000. You plan to deposit $1,400 annually, with the first payment…

A: Future value represents the future worth of present cash flows. It is calculated by compounding the…

Q: You have $20,800.51 in a brokerage account, and you plan to deposit an additional $3,000 at the end…

A: The number of years required to accomplish the goal can be find out by using the future value of…

Q: Your goal is to save up $30,000 to use as a future down payment. If you save $4,596 every year in an…

A: Here,RequiredAmount (FV) is $30,000Yearly Savings (PMT) is $4,596Interest Rate (Rate) is 3%

Q: You plan to deposit $200 at the end of every six months for 8 years starting at the end of month 6.…

A: Answer: Calculation of the amount that will be available to withdraw at the end of year 15: The…

Q: will be making end of month deposits of $800 into the account for 12.5 years. How much will you need…

A: The future value is an estimate of how much money you will have in the future from investments or…

Q: 22) An investment pays you $5,000 at the end of each of the next five years. Your plan is to invest…

A: The amount after 5 years can be computed using the future value formula.

Q: You have $51, 854.38 in a brokerage account, and you plan to deposit an additional $3,000 at the end…

A: The time value of money is a concept in finance that takes into account the effects of compounding…

Q: You expect to receive $3,100 upon your graduation and will invest your windfall at an interest rate…

A: Here, Particulars Values Present value of money (PV)  $ 3,100.00 Quarterly interest rate…

Q: Your plan is to have $40,000 in your account, 13 years from today. You can invest in an account that…

A: Future value required (FV) $40,000 Interest rate = 8.05% Monthly interest rate (r) = 8.05%/12 =…

Q: You need to accumulate $10,000. To do so, you plan to make deposits of $1,350 per year with the…

A: Future value is an estimate of future cash values ​​that may be received at a future date,…

Q: You deposit $5000 each year into an account earning 6.8% interest. How much will you have in the…

A: Given: Yearly deposit = $5000 Interest = 6.8% annually Time =15 years

Q: You decided to deposit $300 each month starting next month for the next 10 years. If your account…

A: Computation: