You have $7,500 and will invest the money at an interest rate of .26 percent per month until the account is worth $13,000. How many years do you have to wait until you reach your target account value? Multiple Choice 16.48 years 15.45 years 17.65 years 19.01 years 17.90 years
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You have $7,500 and will invest the money at an interest rate of .26 percent per month until the account is worth $13,000. How many years do you have to wait until you reach your target account value?
-
16.48 years
-
15.45 years
-
17.65 years
-
19.01 years
-
17.90 years
Step by step
Solved in 2 steps
- Calculating interest earned and future value of savings account. If you put 6,000 in a savings account that pays interest at the rate of 3 percent, compounded annually, how much will you have in five years? (Hint: Use the future value formula.) How much interest will you earn during the five years? If you put 6,000 each year into a savings account that pays interest at the rate of 4 percent a year, how much would you have after five years?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?You put $250 in the bank for S years at 12%. 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 fifth year. B. Use the future value of $1 table in Appendix B and verity that your answer is correct.
- You want to invest $8,000 at an annual Interest rate of 8% that compounds annually for 12 years. Which table will help you determine the value of your account at the end of 12 years? A. future value of one dollar ($1) B. present value of one dollar ($1) C. future value of an ordinary annuity D. present value of an ordinary annuityYou 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 expect to receive $3.500 upon your graduation and will invest your windfall at an interest rate of 51 percent per quarter until the account is worth $5,050. How many years do you have to wait until you reach your target account value? Multiple Choice 19.40 years 16 82 years 15.77 years 18:02 years 1815 years
- You would like to save a million dollars by depositing $25,000 at the end of year into an account that pays 8% interest annually. How long will it take you to achieve your savings goal? Group of answer choices 18.65 years 12.35 years 20.0 years 40.00 years 37.04 yearsYou expect to receive a payout from a trust fund in 5 years. The payout will be for $11,400. You plan to invest the money at an annual rate of 6.2 percent until the account is worth $19,600. How many years do you have to wait from today? Multiple Choice 12.45 years 9.01 years 14.01 years 10.51 years 12.61 years PreYou invest $9000 in an account that pays simple interest of 2% for 13 years. What is the interest you will have at the end of the indicated period?
- You expect to receive $18,000 at graduation in two years. You plan on investing it at 7 percent until you have $95,000. How long will you wait from now? Multiple Choice 24.59 years 26.59 years 29.78 years 29,25 yearsYou feel that you will need $2.3 million in your retirement account and when you reach that amount, you plan to retire. You feel you can earn an APR of 10.3 percent compounded monthly and plan to save $320 per month until you reach your goal. How many years will it be until you reach your goal and retire? Multiple Choice 37.25 years 42.21 years 49.91 years 34.59 yearsAfter retirement, you expect to live for 25 years. You would like to have $91,000 in income each year. How much should you have saved in your retirement account to receive this income if the annual interest rate is 9 percent per year? (Assume that the payments start one year after your retirement) Multiple Choice $1,472.33173 $893,85474 $2,275,000.00 $101,089.74
