Question

You currently have $8,200 (Present Value) in an account that has an interest rate of 3%...

You currently have $8,200 (Present Value) in an account that has an interest rate of 3% per year compounded semi-annually (2 times per year). You want to withdraw all your money when it reaches $16,400 (Future Value). In how many years will you be able to withdraw all your money?

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
5-1 FUTURE VALUE If you deposit $10,000 in a bank account that pays 10% interest annually,...
5-1 FUTURE VALUE If you deposit $10,000 in a bank account that pays 10% interest annually, how much will be in your account after 5 years? 5-2 PRESENT VALUE What is the present value of a security that will pay $5,000 in 20 years if securities of equal risk pay 7% annually? 5-3 FINDING THE REQUIRED INTEREST RATE Your parents will retire in 18 years. They currently have $250,000, and they think they will need $1,000,000 at retirement. What annual...
You want to retire in 38 years and have $100,000 currently saved in an account earning...
You want to retire in 38 years and have $100,000 currently saved in an account earning 9.5% interest. How much must you deposit into that account each month to be able to retire for 25 years and withdraw $500,000 per year if you are able to earn 5% during retirement?
Your mother deposited $50,000 into a savings account for your retirement. the account will compound interest...
Your mother deposited $50,000 into a savings account for your retirement. the account will compound interest at 5% annually. you will not be able to withdraw any money from the account until you retire in 40 years. Which of the following is correct? A. The interest you earn 6 years from now will equal the interest you earn 10 years from now. B. The present value of this investment is equal to $50,000. C. The interest amount you earn will...
What is the present value of the following annuity? $1,070 every half year at the beginning...
What is the present value of the following annuity? $1,070 every half year at the beginning of the period for the next 14 years, discounted back to the present at 3.13 percent per year, compounded semiannually. You plan to buy a house in 14 years. You want to save money for a down payment on the new house. You are able to place $348 every month at the end of the month into a savings account at an annual rate...
he interest rate is 9% per year compounded semi annually. You account for your company's profits...
he interest rate is 9% per year compounded semi annually. You account for your company's profits on a weekly basis. What is the effective rate to be used in using the time value of money equations to find the present or future value of an annuity? (Hint: CP and PP, 4 weeks in a month, 30 days in month, 26 weeks in 6 months, 52 weeks in a year)(Note: no units, the answer should be in decimals such that 10%...
You want to deposit an equal amount of money every year at the end of each...
You want to deposit an equal amount of money every year at the end of each of the next 30 years into an account that pays 6.5% annually compounded interest, in order to be able to retire comfortably. During your retirement years, you want to have the ability to withdraw at the end of each of the 15 years, the amount of $32,000. During your retirement years, you will keep your money in an account that earns 3% annually compounded...
The balance in LanaLana's savings account is currently $35,000. Initially, LanaLana opened the account by depositing...
The balance in LanaLana's savings account is currently $35,000. Initially, LanaLana opened the account by depositing $10,000 at 5.75% interest per year, compounded semi-annually (2 times per year). She made no other deposits into the account after her original deposit. How many years (to two decimal places) has it been since Lana opened the savings account? a) 20.71 years b) 22.10 years c) 22.41 years d) 22.90 years
You currently have $20,000 in a bank account that pays you 5 percent interest annually. You...
You currently have $20,000 in a bank account that pays you 5 percent interest annually. You plan to deposit $800 (starting 1 year from now) every year for the next 10 years in the same account. How much are you going to have in that account at the end of 10 years? You currently have $20,000.01 in a bank account that pays you 5 percent interest annually. You plan to withdraw $800 (starting 1 year from now) every year for...
You want to deposit an equal amount of money every year at the end of each...
You want to deposit an equal amount of money every year at the end of each of the next 30 years into an account that pays 7.5% annually compounded interest, in order to be able to retire comfortably. During your retirement years, you want to have the ability to withdraw at the end of each of the 15 years, the amount of $32,000. During your retirement years, you will keep your money in an account that earns 3% annually compounded...
You want to deposit an equal amount of money every year at the end of each...
You want to deposit an equal amount of money every year at the end of each of the next 30 years into an account that pays 7.5% annually compounded interest, in order to be able to retire comfortably. During your retirement years, you want to have the ability to withdraw at the end of each of the 15 years, the amount of $32,000. During your retirement years, you will keep your money in an account that earns 3% annually compounded...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT