You want to save $21,000 to purchase a car for cash. You plan to make monthly deposits into an index fund earning 3.75%/year compounded monthly. How much do you need to deposit each month to have the $21,000 saved in 4 years? Use units in your answer, round to two decimal places.

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: Barry open a compound interest savings account and his initial deposit was $1,145. The account pays…

A: Barry open a compound interest savings account and his initial deposit was . The account pays…

Q: Caroline wants to have $10,000 in 5 years after investing in an account that earns 7.3% compounded…

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Q: How much would you need to deposit in an account now in order to have $6000 in the account in 10…

A: See the attachment

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

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Q: You deposit $2000 in an account earning 2% interest compounded monthly. How much will you have in…

A: given, principal (P)=$2000           interest  rate (R)=2%= 2/100 =0.02     (for compounded monthly…

Q: You can afford monthly deposits of $120 into an account that pays 2.4% compounded monthly. How long…

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Q: After retiring, you want to be able to take $1000 a month for a total of 15 years from your…

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Q: Matthew deposits $818 in the bank. He is told that his account will earn 4% interest compounded…

A: Matthew deposits $818 in the bank. He is told that his account will earn 4% interest compounded…

Q: Lori buys a $1,075 certificate of deposit (CD) that earns 3.2% interest that compounds monthly.  How…

A: Monthly interest rate and future value will be calculated using the formula,

Q: You have $400,000 saved for retirement. Your account earns 8% interest. How much will you be able to…

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Q: Carlos inherits 10,000 from his uncle's estate. He decides to invest the money in a portfolio of…

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

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Q: You put $399 per month in an investment plan that pays an ApR 6%. How much money will you have after…

A: Given: PMT=$399 APR=6% money after 15 years =?