You want to retire at age 65. You decide to make a deposit to yourself at the end of each year into an account paying 12%, compounded annually. Assuming you are now 25 and can spare $1,100 per year, how much will you have when you retire at age 65? (Give your answer to the nearest cent.)

Q: Find the accumulated amount at the end of 11 months on a $2100 bank deposit paying simple interest…

A: Given, period=11 months Amount= $2100 interest at a rate of 9%/year. To find the accumulated amount…

Q: Suppose you want to have $400,000 for retirement in 25 years. Your account earns 9% interest. How…

A:

Q: ou have $5,000 on a credit card that charges 16% interest rate. If you want to pay off the credit…

A: To calculate the amount need to pay each month to repay the amount.

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: Sandeep borrows $20,000 for a new car. The bank offers him an annual interest rate of 9% compounded…

A: Given that the borrows amount PV= $ 20,000 Interest rate  r=9%=9100=0.09compounded monthly…

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

A:

Q: John and Rosamond want to retire in 15 years and can save $150 every three months. They plan to…

A:

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

A:

Q: You borrow $4500 at 5% interested compounded quarterly. How much will you owe after 7 years?

A:

Q: You know you will have $25,000,000 in your account when you retire. You want to be able to take…

A:

Q: Grandma Riley wants to help Scott while he's in college by giving him a $220 monthly allowance for 5…

A:

Q: A homeowner planning a kitchen remodeling an afford $700 monthly payment. How much can the homeowner…

A: Given that  A homeowner planning a kitchen remodeling an afford $700 monthly payment. How much can…

Q: Sallie wants to buy a new home.  She will borrow $400,000 at 3% compounded monthly for 30 years.

A: Given, Initial amount: Interest rate: Interest rate for compounded monthly: Number of years:…

Q: Find the simple interest (in dollars) due on a 31-day loan of $950 if the annual simple interest…

A: The provided information is as follows:The principal amount is .The total number of days is .The…

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

A:

Q: A bond pays dividends of $110 at the end of each year. If the bond matures in 20 years, what is the…

A:

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: Kevin takes out a $350 000 mortgage for 30 years at 2.05% annual interest compounded quarterly. His…

A: The EMI i.e. the monthly payment required to be done by Kevin includes the interest component to be…

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: A man deposits $18,000 at the beginning of each year for 8 years in an account paying 6% compounded…

A: Compound interest is a type of interest that is calculated not only on the initial principal amount,…