Question

How much money must be deposited in saving account each month to accumulate $25,000 at the...

How much money must be deposited in saving account each month to accumulate $25,000 at the end of 6 years , if the bank pays interest at the rate of 8% per year compounded

a. monthly ?

b. quarterly ?

Homework Answers

Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
How much money must be deposited in saving account each month to accumulate $25,000 at the...
How much money must be deposited in saving account each month to accumulate $25,000 at the end of 6 years , if the bank pays interest at the rate of 8% per year compounded Monthly? Quarterly ?
How much money will be in an account into which $500 per month is deposited for...
How much money will be in an account into which $500 per month is deposited for 8 years, if the interest rate is 6% compounded monthly?
How much must be deposited into an account to accumulate to $32,000 at 7% compounded semiannually...
How much must be deposited into an account to accumulate to $32,000 at 7% compounded semiannually a. at the beginning of each year for 20 years? __________ b. at the end of each month for 20 years? __________ c. If you wish to maximize the amount of interest earned, which option would you prefer?
* Engineering Economic Analysis How much money must be invested in an account that pays 6%...
* Engineering Economic Analysis How much money must be invested in an account that pays 6% per year in- terest to be worth $20,000 at the end of 8 years if (forgetting leap years and making “convenient” assumptions): (a) Interest is compounded annually ? (b) Interest is compounded semi-annually ? (c) Interest is compounded quarterly ? On (c), provide the solutions using the Compound interest table AND the formula AND the EAIR
How much will accumulate in an Individual Retirement Account (IRA) in 15 years if $5000 is...
How much will accumulate in an Individual Retirement Account (IRA) in 15 years if $5000 is deposited in the account at the end of each quarter during that time? The account earns 8% annual interest, compounded quarterly.
An Engineer deposited $12,000 in a bank saving account that pays 3% per quarter. a) How...
An Engineer deposited $12,000 in a bank saving account that pays 3% per quarter. a) How much money the engineer will find in his account after 4 years? b) What will be the effective interest rate per six months? c) What will be the effective interest rate per year?
Present/future value computations 1. How much must be deposited on January 1, 2013 to accumulate a...
Present/future value computations 1. How much must be deposited on January 1, 2013 to accumulate a balance of $50,000 on December 31, 2017? At interest rate of 3.5% At interest rate of 6% 2. 50,000 is deposited at interest compounded annually what amount will be on hand in seven years At 4%? At 8% 2A. What if 50,000 is deposited at interest compounded semi-annually what amount will be on hand in seven years At 4%? At 8% 3. How much...
How much should be deposited into an account today if it is to accumulate to $2700...
How much should be deposited into an account today if it is to accumulate to $2700 in 6 years if the account earns interest at the nominal annual rate of 4% compound monthly? Round your answer to two decimal places.
How much must be deposited at the beginning of each year to accumulate to $16,000 in...
How much must be deposited at the beginning of each year to accumulate to $16,000 in six years if interest is at 9%?
4. How much money needs to be deposited into a certificate of deposit (CD) account to...
4. How much money needs to be deposited into a certificate of deposit (CD) account to be able to withdraw 50,000.00 from the account at the end of 10 years if the interest rate is 2% compounded monthly?