Need help with this general accounting question You're trying to save to buy a new $192,000 Ferrari. Youhave $42,000 today that can be invested at your bank.The bank pays 5 percent annual interest on its accounts.How long will it be before you have enough to buy thecar? (Do not round intermediate calculations and roundyour final answer to 2 decimal places, e.g., 32.16.)

Explanation: In the given case, we are required to calculate the no. of years $42,000 will take to…

Answered: You're trying to save to buy a new…

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter11: Capital Budgeting Decisions

Section: Chapter Questions

Problem 8EB: You put $600 in the bank for 3 years at 15%. A. If Interest Is added at the end of the year, how...

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ed You're trying to save to buy a new $192,000 Ferrari. You have $42,000 today that can be invested at your bank. The bank pays 5 percent annual interest on its accounts. How long will it be before you have enough to buy the car? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) Number of years
You're trying to save to buy a new $141,720 Mercedes. You have $74,461 today that can be invested at your bank. The bank pays 5.74 percent annual interest on its accounts. How long will it be (in years) before you have enough to buy the car? Answer to two decimals.
If you want to have $23,000 for a down payment for a house in six years, what amount would you need to deposit today? Assume that your money will earn 3 percent. Use the TVM keys on your calculator ... NOT the tables in the book Enter your answer as a negative value in the form: -$nn,nnn.nn Numeric Response 19,262.13 X
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← Suppose you start saving today for a $45,000 down payment that you plan to make on a house in 6 years. Assume that you make no deposits into the account after the initial deposit. For the account described below, how much would you have to deposit now to reach your $45,000 goal in 6 years. An account with daily compounding and an APR of 4% D You should invest $ (Do not round until the final answer. Then round to two decimal places as needed.)
Suppose you start saving today for a $50,000 down payment that you plan to make on a house in 5 years. Assume that you make no deposits into the account after the initial deposit. For the account described below, how much would you have to deposit now to reach your $50,000 goal in 5 years. An account with daily compounding and an APR of 6% You should invest $ (Do not round until the final answer. Then round to two decimal places as needed.)
1.You’re trying to save to buy a new $180,000 Ferrari. You have $50,000 today that can be invested at your bank. The bank pays 5.8 percent annual interest on its accounts. How long will it be before you have enough to buy the car?. 2.You plan to make a series of deposits in an individual retirement account. You will deposit $1,000 today, $2,000 in two years, and $2,000 in five years. If you withdraw $1,500 in three years and $1,000 in seven years, assuming no withdrawal penalties,. Single choice.
You invested some money 15 months ago at 8 % annual simple interest. Your investment is now worth $1210. How much money did you originally invest? Give the answer to 2 decimal places, and do not use the $ sign in the answer box. Blank 1. Calculate the answer by read surrounding text. dollars
2. Suppose you have a bank account into which you make $100 deposits each month. You find a bank account paying r 100% (r is a decimal rate) per month. You would like to save up for a $2,000 car down payment, which you would like to have in 15 months. What must the bank account pay in order for this to be accomplished?
You're trying to save to buy a new $210,000 Ferrari. You have $38,000 today that can be invested at your bank. The bank pays 4.1 percent annual interest on is accounts. How long will it be before you have enough to buy the car? A. 39.29 years B. 40.67 years C.41.08 years D.42.54 years
How much money (to the nearest dollar) will you need to deposit in an account now in order to have $35,000 in the account after 5 years if the account earns 1.2% interest compounded weekly? Summarize the information provided, stating the interest rate in a decimal form. PN = r = N = k = Solve the problem and give your answer here:
Solve it correctly please. I

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