16. You receive a 10,000 check from your grandparents for graduation. You decide to save it...
16. You receive a 10,000 check from your grandparents for graduation. You decide to save it toward a down payment on a house. You invest it earning 10% per year and you think you will need to have 20,000 saved for the down payment. How long will it be before the 10,000 has grown to 20,000?
Homework Answers
rate positively ..
| we have to use financial calculator to solve this | ||||||
| put in calculator - | ||||||
| FV | 20000 | |||||
| PV | -10000 | |||||
| PMT | 0 | |||||
| I | 10% | |||||
| Compute N | 7.27 | |||||
| therefore it will take 7.27 year to growth the money at required level. | ||||||
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16. You receive a 10,000 check from your grandparents for
graduation. You decide to save it...
You receive a $7,000 check from your grandparents for graduation. You decide to save it toward...
You receive a $7,000 check from your grandparents for graduation. You decide to save it toward a down payment on a house. You invest it earning 10% per year and you think you will need to have $14,000 saved for the down payment. How long will it be before the $7,000 has grown to $14,000? To double the money you received from your grandparents, it will take years. (Round to one decimal place.)
eri stoga u You receive a $8,000 check from your payment. How long will it be...
eri stoga u You receive a $8,000 check from your payment. How long will it be before the $8,000 has grown to $16,000? letosave it to an a down payment on a hose You ivest it ea ing7% per year and you th kyou wil need to have S16000 saved forthe down ion ou To double the money you received from your grandparents, it will take years. (Round to one decimal place )
You are a very forward looking college student with 2 years to go before graduation. You...
You are a very forward looking college student with 2 years to go before graduation. You would like to be able to purchase your first home 4 years after graduation (6 years from now) and will need $50,000 for the down payment. You have been a good saver and currently have $15,000 in your savings account (this is from before college and you will not be able to save any more until after graduation). Assume that your salary the first...
If you invest the $10,000 you receive at graduation in a mutual fund which averages a...
If you invest the $10,000 you receive at graduation in a mutual fund which averages a 12 % annual return, how much will have forty years later?
Please help by providing explanation/step by step processes for solutions. Thank you! A young adult expects to receive...
Please help by providing explanation/step by step processes for solutions. Thank you! A young adult expects to receive a cash gift of $9,402 from his trust fund in 9 years. At an interest rate of 10% compounded annually, the present value of the gift is closest to: _______ You expect to buy a house in 9 years. At that time, you will need a down payment of $45,524. A local bank offers a savings account that pays 5% per year,...
You are a very forward-looking college student with 2 years to go before graduation. You would...
You are a very forward-looking college student with 2 years to go before graduation. You would like to be able to purchase your first home 4 years after graduation (6 years from now) and will need $50,000 for the down payment. You have been a good saver and currently have $15,000 in your savings account (this is from before college and you will not be able to save any more until after graduation). Assume that your salary the first year...
You are trying to decide a present worth of a contract. You will receive $10,000 when...
You are trying to decide a present worth of a contract. You will receive $10,000 when the contract is signed, a $20,000 payment at the end of Year 1, and $30,000 at the end of Year 2, and $40,000 at the end of Year 3, and $50,000 at the end of Year 4 when the project is completed. Your annual costs for this project are $10,000 per year. What is the present worth of the contract at 5%? Must use...
You receive $20,000 from your grandmother as a graduation gift. You plan to invest this at...
You receive $20,000 from your grandmother as a graduation gift. You plan to invest this at an annual interest rate of 6.5 percent. How much money will you have 10 years now?
You receive $20,000 from your grandmother as a graduation gift. You plan to invest this at...
You receive $20,000 from your grandmother as a graduation gift. You plan to invest this at an annual interest rate of 6.5 percent. How much money will you have 12 years now? Group of answer choices $41,220.63 $35,782.89 $42,581.93 $37,542.75
You expect to receive $10,000 at graduation in two years. You plan on investing it at...
You expect to receive $10,000 at graduation in two years. You plan on investing it at 9 percent until you have $60,000. How long will you wait from now?
You receive a $7,000 check from your grandparents for graduation. You decide to save it toward a down payment on a house. You invest it earning 10% per year and you think you will need to have $14,000 saved for the down payment. How long will it be before the $7,000 has grown to $14,000? To double the money you received from your grandparents, it will take years. (Round to one decimal place.)
eri stoga u You receive a $8,000 check from your payment. How long will it be before the $8,000 has grown to $16,000? letosave it to an a down payment on a hose You ivest it ea ing7% per year and you th kyou wil need to have S16000 saved forthe down ion ou To double the money you received from your grandparents, it will take years. (Round to one decimal place )
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