You deposit $400 each year in an account for 15 years and then $600 each year...
You deposit $400 each year in an account for 15 years and then $600 each year in an account for the 15 years after that. If you are
earning 8% annual compounding interest in the account how much do you have in 30 years?
A.
$42,131
B.
$ 38,135
C.
$ 48,087
D.
$ 37,298
E.
$ 50,744
Homework Answers
Answer:
$ 50,744
Explanation:
First 15 years:,
Annual deposit = $400
Years = 15
Interest rate = 8%
Amount at the end of year 15 = FV (rate, nper, pmt, pv, type) = FV (8%, 15, -400, 0, 0) = $10860.8456
Now next 15 years:
Beginning Balance from first 15 years = $10860.8456
Annual deposit = $400
Amount at the end of year 30 = FV (8%, 15, -600, -10860.8456, 0) = $50,744
As such option E is correct and other options A, B, C and D are incorrect.
Add Answer to:
You deposit $400 each year in an account for 15 years and then
$600 each year...
1. You deposit $400 each month into an account earning 7% interest compounded monthly. a) How...
1. You deposit $400 each month into an account earning 7% interest compounded monthly. a) How much will you have in the account in 35 years? $ b) How much total money will you put into the account? $ c) How much total interest will you earn? $ 2. Suppose you want to have $300,000 for retirement in 35 years. Your account earns 8% interest. a) How much would you need to deposit in the account each month? $ b)...
8-One year from now, you deposit $300 in a savings account. You deposit $1,800 the next...
8-One year from now, you deposit $300 in a savings account. You deposit $1,800 the next year. Then you wait two more years (until 4 years from now) and deposit $1,000. If your account always earns 6% annual interest and you make no withdrawals, how much will be in the account 11 years from now? 9-You deposit $5000 for 5 years at 4% annual interest. In 5 years, you add $15,000 to your account, but the rate on your account...
1- You deposit $300 each month into an account earning 6% interest compounded monthly. a) How...
1- You deposit $300 each month into an account earning 6% interest compounded monthly. a) How much will you have in the account in 15 years? b) How much total money will you put into the account? 2- Suppose you want to have $800,000 for retirement in 30 years. Your account earns 10% interest. a) How much would you need to deposit in the account each month? b) How much interest will you earn? c) How much total interest will...
You want to retire in 30 years, you estimate that you need to accumulate $500,000. You...
You want to retire in 30 years, you estimate that you need to accumulate $500,000. You plan to make equal, end-of-year deposits into an account earning 10 percent, annual compounding? How large must the annual deposits be to create the $500,000 fund in 30 years? If you can afford to deposit only $6000 per year into the account, how much will you have accumulated in 30 years? How large must the annual deposits be to create the $500,000 fund by...
You want to be able to withdraw $35,000 from your account each year for 15 years...
You want to be able to withdraw $35,000 from your account each year for 15 years after you retire. If you expect to retire in 25 your account earns 6.2% interest while saving for retirement and 5.4% interest while retired: and years Round your answers to the nearest cent as needed. a) How much will you need to have when retire? you S b) How much will you need to deposit each month until retirement to achieve your retirement goals?...
Future 0.23 Suppose that you deposit $1,000 into a savings account that pays 8 percent. a If the bank compounds int...
Future 0.23 Suppose that you deposit $1,000 into a savings account that pays 8 percent. a If the bank compounds interest annually, how much will you have in your account in four years? b. What would your balance be in four years if the bank used quarterly com- pounding rather than annual compounding? C. Suppose you deposited the $1,000 in four payments of $250 each year beginning one year from now. How much would you have in your account after...
You deposit $1000 each year into an account earning 6% interest compounded annually. How much will...
You deposit $1000 each year into an account earning 6% interest compounded annually. How much will you have in the account in 15 years?
suructions You deposit 84,900 in an account earning 3% interest compounded semiannually. How much will you...
suructions You deposit 84,900 in an account earning 3% interest compounded semiannually. How much will you have in the account after 7 years? (Note: Use n = 12 for monthly compounding, n = 4 for quarterly compounding, n = 2 for semiannual compounding, and n = 1 for annual compounding.) $ Points possible: 4 This is attempt 1 of 2.
You want to be able to withdraw $40,000 from your account each year for 30 years...
You want to be able to withdraw $40,000 from your account each year for 30 years after you retire. If you expect to retire in 25 years and your account earns 5.6% interest while saving for retirement and 4.1% interest while retired: Round your answers to the nearest cent as needed. a) How much will you need to have when you retire? b) How much will you need to deposit each month until retirement to achieve your retirement goals? c)...
How much would you need to invest today, assuming a fixed 7% annual interest rate, to...
How much would you need to invest today, assuming a fixed 7% annual interest rate, to have $500,000 in 30 years with annual compounding of interest? If you deposit $10,000 today into an interest bearing account earning 6% per year, how much will you have 25 years from now with monthly compounding of interest? If you save $600 at the end of each month, how much will you have in 20 years, assuming a 6% interest rate and monthly compounding?
8-One year from now, you deposit $300 in a savings account. You deposit $1,800 the next year. Then you wait two more years (until 4 years from now) and deposit $1,000. If your account always earns 6% annual interest and you make no withdrawals, how much will be in the account 11 years from now? 9-You deposit $5000 for 5 years at 4% annual interest. In 5 years, you add $15,000 to your account, but the rate on your account...
You want to retire in 30 years, you estimate that you need to accumulate $500,000. You plan to make equal, end-of-year deposits into an account earning 10 percent, annual compounding? How large must the annual deposits be to create the $500,000 fund in 30 years? If you can afford to deposit only $6000 per year into the account, how much will you have accumulated in 30 years? How large must the annual deposits be to create the $500,000 fund by...
You want to be able to withdraw $35,000 from your account each year for 15 years after you retire. If you expect to retire in 25 your account earns 6.2% interest while saving for retirement and 5.4% interest while retired: and years Round your answers to the nearest cent as needed. a) How much will you need to have when retire? you S b) How much will you need to deposit each month until retirement to achieve your retirement goals?...
Future 0.23 Suppose that you deposit $1,000 into a savings account that pays 8 percent. a If the bank compounds interest annually, how much will you have in your account in four years? b. What would your balance be in four years if the bank used quarterly com- pounding rather than annual compounding? C. Suppose you deposited the $1,000 in four payments of $250 each year beginning one year from now. How much would you have in your account after...
suructions You deposit 84,900 in an account earning 3% interest compounded semiannually. How much will you have in the account after 7 years? (Note: Use n = 12 for monthly compounding, n = 4 for quarterly compounding, n = 2 for semiannual compounding, and n = 1 for annual compounding.) $ Points possible: 4 This is attempt 1 of 2.
You want to be able to withdraw $40,000 from your account each year for 30 years after you retire. If you expect to retire in 25 years and your account earns 5.6% interest while saving for retirement and 4.1% interest while retired: Round your answers to the nearest cent as needed. a) How much will you need to have when you retire? b) How much will you need to deposit each month until retirement to achieve your retirement goals? c)...
Most questions answered within 3 hours.
-
Where is the error in this code sequence?
String s1 = "Hello";
String s2 = "ello";...
asked 11 months ago -
Financial data for Joel de Paris, Inc., for last year
follow:
Joel de Paris, Inc.
Balance...
asked 11 months ago -
Consider this reaction:
Al2(SO4)3 (aq)+ BaCl3
(aq) Al2Cl6 (aq)- +
3BaSO4(s) . What is the...
asked 11 months ago -
Suppose that Savneet is considering increasing her
recent random sample from 20 car rentals to 40...
asked 11 months ago -
Trucks arrive at an unloading terminal at an average rate of 120
per hour.
Trucks arrive...
asked 11 months ago -
Why are methanol and ethanol completely soluble in water while
octanol is not very little soluble....
asked 11 months ago -
A facilities manager at a university reads in a research report
that the mean amount of...
asked 11 months ago -
When the CuSO4 is rehydrated by adding water to the anhydrous
compound, is this an endothermic...
asked 11 months ago -
A ray of sunlight is passing from diamond into crown glass; the
angle of incidence is...
asked 11 months ago -
A block of mass 0.249 kg is placed on top of a light, vertical
spring of...
asked 11 months ago -
how do the kidneys compensate in the presences of acidosis
a) trigger hyperventilate
b) reserve acid...
asked 11 months ago -
Question 501 pts
The rental rate of capital to the firm increases. Which of the
following...
asked 11 months ago