Question

You need to accumulate $114,480 for your son's education. You have decided to place equal year-end deposits in a savings account for the next 14 years. The savings account pays 6.88 percent per year, compounded annually. How much will each annual payment be?

Please show your work and do not use calculators.

Answer #1

You need to accumulate $114480 for your son's education. You
have decided to place equal year-end deposits in a savings account
for the next 14 years. The savingsaccount pays 6.88 percent per
year

You need to accumulate $119,221 for your son's education. You
have decided to place equal year-end deposits in a savings account
for the next 7 years. The savings account pays 4.08 percent per
year, compounded annually. How much will each annual payment
be?
Round the answer to two decimal places.

3c3.
You need to accumulate $75,706 for your son's education. You
have decided to place equal year-end deposits in a savings account
for the next 5 years. The savings account pays 14.25 percent per
year, compounded annually. How much will each annual payment
be?
Round the answer to two decimal places.
3b3.
You plan to buy a house in 13 years. You want to save money for
a down payment on the new house. You are able to place $323...

You are going to save money for your son's education. You have
decided to place $2,454 every half year at the end of the period
into a saving account earning 7.47 percent per year, compounded
semi-annually for the next 10 years. How much money will be in the
account at the end of that time period?

You are going to save money for your son’s education. You have
decided to place $786 every half year at the end of the period into
a saving account earning 5.15 percent per year, compounded
semi-annually for the next 13 years. How much money will be in the
account at the end of that time period?

You are going to save money for your son’s education. You have
decided to place $579 every half year at the end of the period into
a saving account earning 3.07 percent per year, compounded
semi-annually for the next 5 years. How much money will be in the
account at the end of that time period?

3b4
You are going to save money for your son’s education. You have
decided to place $2,724 every half year at the end of the period
into a saving account earning 11.02 percent per year, compounded
semi-annually for the next 11 years. How much money will be in the
account at the end of that time period?
Round the answer to two decimal places.

You have decided to place $972 in equal deposits every month at
the beginning of the month into a savings account earning 14.83
percent per year, compounded monthly for the next 12 years. The
first deposit is made today. How much money will be in the account
at the end of that time period?
Round the answer to two decimal places.

You have decided to place $361 in equal deposits every month at
the beginning of the month into a savings account earning 4.63
percent per year, compounded monthly for the next 5 years. The
first deposit is made today. How much money will be in the account
at the end of that time period? Round the answer to two decimal
places.

You have decided to place $644 in equal deposits every month at
the beginning of the month into a savings account earning 5.88
percent per year, compounded monthly for the next 6 years. The
first deposit is made today. How much money will be in the account
at the end of that time period?
Round the answer to two decimal places.

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