You want to be able to withdraw $20,000 from your account each year for 20 years after you retire. You expect to retire in 30 years. If your account earns 4% interest, how much will you need to deposit each year until retirement to achieve your retirement goals? $ Round your answer to the nearest cent.

Q: You deposit $5000 in an account earning 8% interest compounded monthly. How much will you have in…

A: The objective of this question is to calculate the future value of an investment with monthly…

Q: You deposit $3000 in an account earning 2% interest compounded monthly. How much will you have in…

A: Since, there has been a deposit of $3000 in an account earning 2%interest compunded monthly. Our aim…

Q: How much would you need to deposit in an account now in order to have $5000 in the account in 5…

A: P=Principle=?t=time=5 yearsr=interest rate=6%=0.06A=final amount=$5000n=number of times compounded…

Q: You want to save money to finance your young son's college education. Explain the financial…

A:

Q: You deposit $3000 in an account earning 5% interest compounded monthly. How much will you have in…

A:

Q: Find the monthly payment (in $) and the total interest (in $) for a mortgage of $42,000 at 52% for…

A:

Q: You deposit $3000 in an account earning 8% interest compounded quarterly. How much will you have in…

A: P=Principle=$3000t=time=15 yearsr=interest rate=8%=0.08A=final amount=?n=number of times compounded…

Q: Find the simple interest on a $2000 investment made for 2 years at an interest rate of 9%/year. What…

A: Formula for finding Simple interest (S.I)  is S.I=prtwhere p= principal amount,            r=rate of…

Q: You borrow $950 from a payday loan office for 15 months. They charge you simple interest at a rate…

A:

Q: Suppose you want to save in order to purchase a new boat. Take the APR to be 9.2%. You want to have…

A:

Q: If you decide to deposit $96 per month into an account earning 4.8% annual interest compounded…

A:

Q: How much would you need to deposit in an account now in order to have $2000 in the account in 15…

A: P=Principle=?t=time=15 yearsr=interest rate=8%=0.08A=final amount=$2000n=number of times compounded…

Q: You have $2,000 on a credit card that charges a 21% interest rate. If you want to pay off the credit…

A: The objective of this question is to calculate the monthly payment required to pay off a credit card…

Q: You want to save $20,000 for a down payment on a home by making regular monthly deposits over five…

A:

Q: You deposit $1,000 in an account at the Lifelong Trust Savings and Loan that pays 8% interest…

A:

Q: You deposit $4000 in an account earning 2% interest compounded monthly. How much will you have in…

A: From the provided information FV=P*((1+r)n-1r)FV=4000*((1-0.02)5-10.02)FV=20816

Contingency Table

A contingency table can be defined as the visual representation of the relationship between two or more categorical variables that can be evaluated and registered. It is a categorical version of the scatterplot, which is used to investigate the linear relationship between two variables. A contingency table is indeed a type of frequency distribution table that displays two variables at the same time.

Binomial Distribution

Binomial is an algebraic expression of the sum or the difference of two terms. Before knowing about binomial distribution, we must know about the binomial theorem.