You wish to have $10,000 on August 1, 2026. You plan to to make monthly deposits into an account with pays 5% monthly. Your first deposit will be on March 1, 2019, and your last will be on February 1, 2021. What are the size of your deposits?
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You wish to have $10,000 on August 1, 2026. You plan to to make monthly deposits into an account with pays 5% monthly. Your first deposit will be on March 1, 2019, and your last will be on February 1, 2021. What are the size of your deposits?
The question is based on the concept of Future value and annuity
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- You decide to make monthly $2000 deposits into an account that pays 4% compounded monthly. If your first deposit was on January 1, 2019, then how much is in the account immediately after the deposit on January 1, 2025?On March 1, 2021, you opened an account with a deposit of $500. You plan to continue to make $500 deposits every year until March 1, 2040, when you will make your last deposit. How much will be in the account on March 1, 2050 if the account earns 5% annually?You wish to deposit $500 dollars per year. The first deposit will be on April 1, 2017, and your last deposit will be on April 1, 2026. How much will be in the account on April 1, 2050 if the bank pays 4% annually?
- Every year, on 1st January, starting in 2020 and ending in 2049 (so 30 payments), you deposit $1,000 into a bank account. What rate of return would you need to earn on the account so that on 31st December 2049, just after that year's interest was paid into the account, you had $50,000 in the account?if you deposit $190, $250, and $300 in a savings account at the end of the years 2017, 2018, and 2019 respectively how much money will be there in the account at the end of 2019 if you earn an interest of 5.3% per year on your savings?If the bank compounds interest annually, how much will you have in your account on January 01, 2021?
- Your father offers to give you $400 on January 1, 2019. You will then make six additional equal payments each 6 months from July 2019 through January 2022. If your bank pays 8% compounded semiannually, how large must each payment be for you to end up with $1,000 on January 1, 2022? What is the Effective Annual Rate (EAR) earned on the bank account in part f? What is the Nominal Interest Rate or Annual Percentage Rate (APR) earned on the account?How much do you need to deposit on April 1, 2019, so that you can make a series of monthly withdrawals of $500? The first withdrawal will be made on May 1, 2025, and the last is made on May 1, 2030. The interest rate is 10% compounded monthly.January 1, 2022, you open a checking account with the same bank that you have your savings account. This bank gives you a bonus of 0.01% on your savings account, so you now have 0.02% interest on your savings account. You still are going to deposit $25 each paycheck twice a month into the savings and are not going to make any withdrawals. How much money will you have at the end of this year?
- It is now January 1, 2018. You will deposit $1,000 today into a savings account that pays 8 percent.a. If the bank compounds interest annually, how much will you have in your account on January 1, 2021?b. What would your January 1, 2021, balance be if the bank used quarterly compounding? c. Suppose you deposit $1,000 in 3 payments of $333.333 each on January 1 of 2019, 2020, and 2021.How much would you have in your account on January 1, 2021, based on 8 percent annual compounding?d. How much would be in your account if the 3 payments began on January 1, 2018? e. Suppose you deposit 3 equal payments in your account on January 1 of 2019, 2020, and 2021.Assuming an 8 percent interest rate, how large must your payments be to have the same ending balance asin part a?A person wants to be able to make monthly $500 withdrawals. If the first withdrawals is on April 1, 2021 and the last withdrawal is on December 1, 2029, then how much needed to be in the account on April 1, 2021? The account pays 5% compounded monthlyYou want to save $8,000 by November 1, 2024. You plan to make annual deposits. The first deposit will be on November 1, 2019 and the last will be on November 1, 2024. If the account pays 6% annually, then what are the size of your annual deposits?