You have $35,000 in a brokerage account, and you plan to deposit an additional $500 at the end of every future month until your account totals $ 300,000 so you can withdraw the money for a down payment. You expect to earn 10% APR on the account. How many years will it take to reach your goal?
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- Use the tables in Appendix B to answer the following questions. A. If you would like to accumulate $4,200 over the next 6 years when the interest rate is 8%, how much do you need to deposit in the account? B. If you place $8,700 in a savings account, how much will you have at the end of 12 years with an interest rate of 8%? C. You invest $2,000 per year, at the end of the year, for 20 years at 10% interest. How much will you have at the end of 20 years? D. You win the lottery and can either receive $500,000 as a lump sum or $60,000 per year for 20 years. Assuming you can earn 3% interest, which do you recommend and why?Use the tables in Appendix B to answer the following questions. A. If you would like to accumulate $2,500 over the next 4 years when the interest rate is 15%, how much do you need to deposit in the account? B. If you place $6,200 in a savings account, how much will you have at the end of 7 years with a 12% interest rate? C. You invest $8,000 per year for 10 years at 12% interest, how much will you have at the end of 10 years? D. You win the lottery and can either receive $750,000 as a lump sum or $50,000 per year for 20 years. Assuming you can earn 8% interest, which do you recommend and why?You have $58,138.29 in a brokerage account, and you plan to deposit an additional $4,000 at the end of every future year until your account totals $240,000. You expect to earn 10% annually on the account. How many years will it take to reach your goal? Round your answer to the nearest whole number.
- You just opened a brokerage account, depositing $4,500. You expect the account to earn an interest rate of 8.57 % . You also plan on depositing $3,000 at thenend of years 5 through 10. What will be the value of the account at the end of 20 years, assuming you earn your expected rate of return?You plan to deposit $1,500 per year for 4 years into a money market account with an annual return of 3%. You plan to make your first deposit one year from today. What amount will be in your account at the end of 4 years? Do not round intermediate calculations. Round your answer to the nearest cent.$ Assume that your deposits will begin today. What amount will be in your account after 4 years? Do not round intermediate calculations. Round your answer to the nearest cent.$You just opened a brokerage account, depositing $4,000. You expect the account to earn an interest rate of 10.2%. You also plan on depositing $1,500 at the end of years 5 through 10. What will be the value of the account at the end of 20 years, assuming you earn your expected rate of return?
- You make $10,000 deposit 1 year from now, $15,000 deposit 3 years from now and $20,000 deposit 5 years from now. You plan to retire 30 years from now. What monthly income you will receive due to these deposits over five years after the retirement? The first payment would be received at the end of the first month after the retirement and the last payment on the month ending the fifth year. The rate of return is 7.14%. Choices: $3,956.71 $9,221.89 $3,235.26 $4,267.06 $5,614.60Suppose you want to buy a vacant lot for your future home for $29,673. If your bank is willing to loan you the money at a 6% APR over the next 14 years how much would be your monthly payment? (Round up your answer to two decimal point)Suppose you lend $11,500 to a friend at an APR of 10.00%. Your friend will pay you back beginning next month with 60 monthly installments. You can reinvest the payments you receive in your money market account at an APR of 1.10%, calculated monthly. a. How much will your friend pay you each month? ______________ b. How much will you have in your account at the end of 60 months? (to nearest $___________________ c. What is your effective annual return (EAR), _._ _%?______________
- Suppose you start saving today for a $50,000 down payment that you plan to make on a house in 5 years. Assume that you make no deposits into the account after the initial deposit. For the account described below, how much would you have to deposit now to reach your $50,000 goal in 5 years. An account with daily compounding and an APR of 6% You should invest $ (Do not round until the final answer. Then round to two decimal places as needed.)Consider a credit card with a balance of $7000 and an APR of 12.5%. If you want to make monthly payments in order to pay off the balance in 11 year, what is the total amount you will pay? Round your answer to the nearest cent, if necessary.You are planning to save for retirement over the next 30 years. To do this, you will invest$700 a month in a stock account and $300 a month in a bond account. The return of thestock account is expected to be 10 percent, and the bond account will pay 6 percent.When you retire, you will combine your money into an account with an 8 percent return.How much can you withdraw each month from your account assuming a 25-yearwithdrawal period?
