generate answers in 2 steps with an explanation in each step and each step by step and make some good headings, explanations, and final solutions also You have $58,777.99 in a brokerage account, and you plan to deposit an additional $2,500 atthe end of every future year until your account totals $280,000. You expect to earn 13%annually on the account. How many years will it take to reach your goal? Do not roundintermediate calculations. Round your answer to the nearest whole number.

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EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter5: The Time Value Of Money

Section: Chapter Questions

Problem 6P

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Similar questions

You put $600 in the bank for 3 years at 15%. A. If Interest Is added at the end of the year, how much will you have in the bank after one year? Calculate the amount you will have in the bank at the end of year two and continue to calculate all the way to the end of the third year. B. Use the future value of $1 table In Appendix B and verify that your answer is correct.
You have $67,046.95 in a brokerage account, and you plan to deposit an additional $3,000 at the end of every future year until your account totals $270,000. You expect to earn 11% annually on the account. How many years will it take to reach your goal? Round your answer to the nearest whole number.
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Please help with this one im not sure
You have $30,629.21 in a brokerage account, and you plan to deposit an additional $5,000 at the end of every future year until your account totals $250,000. You expect to earn 11% annually on the account. How many years will it take to reach your goal? Round your answer to the nearest whole number. years
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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), _._ _%?______________
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