Question

After graduating from High School Peter works for four years. During this time he deposits each month R 1000 on a savings account at an annual interest rate of 5% (no initial deposit). The next four years Peter spends on College. During this time he withdraws each month an amount of R pw from his savings account so that at the end of the four years the balance is zero again. Develop a mathematical model then find pw and the total interest earned.

Answer #1

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After graduating college, Jon finds a job and decides to start
saving for retirement. He deposits 1180 at the end of each month
into a retirement account that pays 5.8% interest compounded
monthly. After 5 years, he moves the investment to a mutual fund
which pays 7.3% compounded monthly and increases his monthly
deposit to 2000.
Find the amount Jon will have on deposit 5 years after that (10
years after graduation).

Cam saved $280 each month for the last four years while he was
working. Since he has now gone back to school, his income is lower
and he cannot continue to save this amount during the time he is
studying. He plans to continue with his studies for three years and
not withdraw any money from his savings account. Money is worth
3.9% compounded monthly.
(a) How much will Cam have in total in his savings account when
he finishes...

Kate deposits P5,000 to her bank account every year
when she was in high school for four years to prepare for her
college degree. She took an engineering course and since then, she
stopped depositing to her bank account. Right after graduation (she
graduated on time), she got a job that pays P250,000 a year. If she
continues to deposit to the same bank account P50,000 every year
for 10 years, calculate the future worth after 30 years if the...

If Jackson deposits $50 at the end of each month in a savings
account earning interest at a rate of 3%/year compounded monthly,
how much will he have on deposit in his savings account at the end
of 3 years, assuming he makes no withdrawals during that period?
(Round your answer to the nearest cent.)

Problem 5-57 (similar to)
(Complex annuity) Upon graduating from college 40 years ago,
Dr. Nick Riviera was already thinking of retirement. Since then he
has made deposits into his retirement fund on a weekly basis in the
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interest compounded weekly.
a. Since graduating from college 40 years ago, Dr. Nick Riviera
has made deposits into...

James deposits $1,000 in an account today. He will deposit $600
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A person wants to establish an annuity for retirement. He wants
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retires? Value of account at retirement:
[Note: Your answer is a dollar amount and should have a dollar
sign and exactly two decimal places.]
(b) How much should be...

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Ashley is planning to attend college when she graduates from
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For 20 years Jenny deposits $500 at the end of each month in an
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How much interest did she earn in this 20 year
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for the next 25 years Jenny neither deposits nor withdraws any
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monthly.
How much does Jenny have in the account after
these 25 years?
How much...

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