You want to be able to withdraw $50,000 from your account each year for 25 years after you retire. You expect to retire in 15 years. If your account earns 4% interest, how much will you need to deposit each year until retirement to achieve your retirement goals?

Q: You have $3,500 on a credit card that charges a 15% interest rate. If you want to pay off the credit…

A: Given Information:Present value in the credit card is .Rate of interest is .Number of years is 5…

Q: How much would you need to deposit in an account each month in order to have $10,000 in the account…

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Q: Find the amount borrowed if $800 is due at the end of 7 months when an annual simple interest rate…

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Q: If you deposit $300 now in a savings account and increase your deposits by 10% each month, how much…

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Q: To save for retirement, you decide to deposit $1000 into an IRA at the end of each year for the next…

A: PMT = 1000N = 30 years Rate = 10%

Q: A $500 bond matures in 25 years. What should you be willing to pay for the bond now if you want an…

A: To calculate the present amount of bond that is willing to pay if amount of bond is $500, the time…

Q: You have $2,500 on a credit card that charges a 14% interest rate. If you want to pay off the credit…

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Q: Suppose you want to have $300,000 for retirement in 20 years. Your account earns 10% interest. How…

A: The objective of this question is to find out how much money needs to be deposited each month in an…

Q: Jackson is trying to determine how to invest $10,000 that he inherited from his uncle Eddie.  He has…

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Q: After some thought, you have decided that you will need $60,000 each year to live on after you…

A: This is a problem related to simple interest calculation. Based on the general formula of simple…

Q: You expect to retire in 30 years. After you retire, you want to be able to withdraw $4,500 from your…

A: Given: PMT=$4,500, Rate=4%, Total number of months=15×12=180To find: Amount of deposit per month…

Q: Suppose you want to have $800,000 for retirement in 30 years. Your account earns 9% interest. How…

A: Given, Future value (FV) = $800,000 Rate of interest (r) = 9% Time (t) = 30 years n = 12 ( months)…

Q: How much would you need to deposit in an account each month in order to have $20,000 in the account…

A: We know that Simple interest = PTR/100 Here Time is 7 years and Rate is 6%  Amount is 20000$. Amount…

Q: Jeff has 5 years to save enough money to pay certain debt in full. During that time, he deposits…

A: If the interest is compounded, then the formula used is A=P1+rnnt , where, A is the final amount, P…

Q: You want to be able to withdraw $45,000 from your account each year for 30 years after you retire.…

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Q: You want to be able to withdraw $20,000 from your account each year for 20 years after you retire.…

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Q: A mutual fund pays a yearly interest of 3.4%. If you invested $7,000 for 5 years, what is the value…

A: Given, Invested amount=7000$ rate of interest= 3.4% No of years=5  Investment after 5 years =?

Q: Suppose you want to have $500,000 for retirement in 35 years. Your account earns 8% interest. How…

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Q: Suppose you deposit $500 at the end of each quarter into an account that pays 3% annual…

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