Answered: You plan to save Php3,500 per year,…

You plan to save Php3,500 per year, beginning immediately. You will make 4 deposits in an account that pays 5.7% interest. Under these assumptions, how much will you have 4 years from today?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: You have $5,000 on a credit card that charges a 17% interest rate. If you want to pay off the credit…

A: A credit card is a payment card that allows the cardholder to borrow funds from a financial…

Q: suppose that you would like to save $20,000 over 5 years to use as a down payment for a house by…

A: Computation of monthly deposit:Hence, the monthly deposit into the account is $301.66 per month.

Q: Use the present value and future value tables to answer the following questions. A. If you would…

A: Since you have posted question with multiple sub parts, we shall be solving first three sub-parts…

Q: Suppose you invest $160 a month for 5 years into an account earning 9% compounded monthly. After 5…

A: Part (a) Given information, Monthly deposit payment (PMT) = $160Deposit period (t) = 5 yearsMonthly…

Q: Imagine you have $200 today and you think to save your money in a bank for 2 years. The Bank A says…

A: Interest rate is the rate which an investor may earn on the deposits in the banks or the investment…

Q: You want to buy a $33,000 car. The company is offering a 5% interest rate for 5 years. What will…

A: The calculation of a loan's monthly payment is the subject of the topic. This is a typical financial…

Q: . Suppose you have a bank account into which you make $100 deposits each month. You find a bank…

A: Periodic Payment = $100 Future Value = $2,000 Time Period = 15 Months

Q: If you want to have $875 in 36 months, how much money must you put in a savings account today?…

A: Present value:Present value is a financial concept that refers to the current worth of a future cash…

Q: You expect to need $1500 in 3 years. Your bank offers 4% compounded semi-annually. How much money…

A: Solution:- When an amount is invested somewhere, it earns interest on it. The amount initially…

Q: Give typing answer with explanation and conclusion You want to buy a 35,000 car. The company is…

A: The monthly payments can be regarded as an annuity i.e. as a payment of a fixed amount over a period…

Q: Want to be able to withdraw $50,000 each year for 30 years. Your account ea a) How much do you need…

A: Present value is the equivalent value today needed based on the time and interest rate of the money…

Q: can you solve it with formulas? please make your text readable.

A: Answer Deposit today = $100 Interest rate = 8% Time = 15 year

Q: If you deposit $300 at the end of every month in a savings account that pays a nominal APR of 5% per…

A: Compounding refers to phenomenon of calculating interest where interest is added to the principal…

Q: You would like to contribute to a savings account over the next three years in order to accumulate…

A: Compound = Quarterly = 4Number of Payment = n = 3 * 4 = 12Interest rate = i = 14 / 4 = 3.5%Payment =…

Q: your initial investment. (Let B be the account balance in dollars and investment.) 8(t)= dollars (b)…

A: The value of money grow with time and interest rate due to accumulation of interest over the period…

Q: You want to buy a $23,000 car. You can make a 10% down payment, and will finance the balance with a…

A: A loan refers to a contract between a borrower and a lender where a sum is exchanged on the promise…

Q: You have $300 and a bank is offering 5.5% interest on deposits. If you deposit the money in the…

A: FV = PV * (1 + r)^nWhere FV = Future ValuePV = Present Value = $300r = rate of interest = 5.5%n =…

Q: You need to save $200 000 by making monthly deposit of 100 for 6 years. How much interest must you…

A: Rate of interest refers to the percentage of return on the investment.

Q: You expect to receive two cash flows: $41,000 paid in 5 years and $61,500 paid in 10 years. You'll…

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

Q: A) calculate the amount of money you will have after 25 years if you deposit $150 each month in an…

A: Monthly deposit: Monthly deposits are instructions to the bank or financial institution to take a…

Q: At your new job, you will be making monthly deposits of $285 into a 401k. If you think that you…

A: Data given: Monthly deposit=$285 N=6 years Rate=13.57% Required: Amount in 6 years

Q: You are offered the opportunity to put some money away for retirement. You will receive 10 annual…

A: The following information has been provided,10 annual payments of $5,000 beginning in 26 years will…

Q: ou want to be able to withdraw $35,000 each year for 30 years. your account earns 6% how much do…

A: An annuity is defined as the sum of recurring payments over a period of time at a certain date, at a…

Q: To save up for your dream business, you committed to deposit P2,000, starting today, every month in…

A: Present value (PV)= P2,000 Interest rate (r)= 6% Number of period (n)= 5 Future value (FV)

Q: If you would like to accumulate $4,200 over the next 6 years when the interest rate is 8%, how much…

A: PV=FV/(1+i)^n (PV= present value FV= Future value i= discount rate n= Number of period ) FV=…

Q: Assume that your father is now 50 years old, plans to retire in 10 years, and expects to live for 25…

A: An annuity is a financial product or contract that provides a series of regular payments to an…

Q: If you are planning a trip to other place after 3 years. And, if you intend to deposit savings of…

A: According to the time value principle, a sum of money may have different purchasing powers in…

Q: 1. If you receive $176 each month for 12 months and the discount rate is 0.04, what is the future…

A: In this Question we require to calculate the Future Value of Cash flows received every month for 12…

Q: You invest $5 daily into an account earning 6% compounded daily. How much will be in the account…

A: FV stands for future value which is the concept that allocates the value to the asset grounded on…

Q: you want to have $15,000 at the end of 5 years. if you can earn a return of 3.2% annually, how much…

A: given, fv= $15000 r=3.2% n=5 years

Q: ease provide the steps to solving this problem using a financial calculator: You just opened a…

Q: Suppose you have been saving for the last 4 years to buy a new mountain bike. This year you will…

A: We need to use future value of ordinary annuity formula below to calculate total savings in bank…

Q: If you pay the minimum payment per month of $49.25 on your credit card, you will pay it off after…

A: Short Term finances refers to to financing of funds for very short period of time which ranges from…

Q: You want to buy a $15,000.00 car. You can make a 10% down payment, and will finance the balance with…

A: The Equal Montly installment is calculated with the help of following formula EMI = P × r(1 + r)n…

Q: You deposit $2000 in an account that pays 7% interest compounded semiannually. After 2 years, the…

A: Initial deposit (P) = $2000 Semiannual interest rate for first 2 years (r1) = 0.035 (i.e. 0.07 / 2)…

Q: How much will accumulate in three years by depositing $560 at t Note: Use tables, Excel, or a…

A: Future value estimates are critical for making sound financial decisions, such as retirement…

Q: Your bank offers you a savings plan with an APR of 2.7% compounded quarterly. You plan to save…

A: The future value refers to the estimated value of an investment or asset at a specific point in the…

Q: how much will you have 4 years from today?

A: In the given case interest is 5.7%. But in the question it is not mentioned that whether it's simple…

Question

100%

You plan to save Php3,500 per year, beginning immediately. You will make 4 deposits in an account that pays 5.7% interest. Under these assumptions, how much will you have 4 years from today?

SHOW MANUAL SOLVING

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step 3

VIEW

Step by step

Solved in 3 steps

SEE SOLUTION Check out a sample Q&A here

Similar questions

Reaching a Financial Goal You need to accumulate $10,000. To do so, you plan to make deposits of $1,300 per year - with the first payment being made a year from today - into a bank account that pays 13% annual interest. Your last deposit will be less than $1,300 if less is needed to round out to $10,000. How many years will it take you to reach your $10,000 goal? Do not round intermediate calculations. Round your answer up to the nearest whole number. year(s) How large will the last deposit be? Do not round intermediate calculations. Round your answer to the nearest cent. $
Answer the following questions correctly and show your Solution.a. Find the actual time from October 5, 2019 to December 11, 2019 b. Thirty months is equivalent to c. How much money will you have after 4 years if you deposited Php 10,000.00 in a bank that paste 6 % simple interest.
you want to have 25000.00 in your account in ten years to go on a dream trip to austrailia. what sum of money must you deposit at the end of every 3 months if your account earns interest at 6% compounded monthly?
You have decided to open a savings account and put $11000 in your local bank at an interest rate of 2.5% APR, which is compounded monthly. About how much money will you have in the saving account at the end of 10 years.
Assume that you have $10,000,000 in your bank account. You wish to withdraw $400,000 per year, at the end of each year, for the next 5 years, after which you wish to have $11,000,000 in the bank. What is the balance in your account after the 2nd year (after the withdrawal)? Hint: you will need first to solve for rate in Excel given all other parameters. Watch signs. Select one: a. $10,366,644 b. $10,600,000 c. $9,600,000 d. $10,488,912
You decide to save $9300 by making annual deposits for 5 years into an account that pays 7% compounded annually. Once the payments stop, you plan to leave the money in the account for an additional 2 years. What size deposits do you need to make?
You 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?
Give typing answer with explanation and conclusion
You want to purchase a car 4 years from now, and you plan to save $4,500 per year, beginning immediately. You will make 4 deposits in an account that pays 6.3% interest. Under these assumptions, how much will you have 4 years from today? (please round your answer to two decimal points)
You are saving for a new car. You place $14,200 into an investment account today. How much will you have after four years if the account earns (a) 4%, (b) 6%, or (c) 8% compounded annually? Note: Use tables, Excel, or a financial calculator. Round your answers to 2 decimal places. (FV of $1, PV of $1, FVA of $1, and PVA of $1)
You wish to purchase some equipment for a new business venture. You plan to save $35,000 per year. You will make 5 deposits in an account that pays 8.25%. Required: Determine how much you will have 5 years from today? Please show all working.
You plan to save Php7,000 per year, beginning immediately. You will make 3 deposits in an account that pays 5.2% interest. Under these assumptions, how much will you have 3 years from today?SHOW MANUAL SOLVING