Question

How much money do i need in the bank now to be able to withdraw a...

How much money do i need in the bank now to be able to withdraw a uniform annual amount of 36,000 over 20 years if it is invested at 15%

Business   Economics   
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
Beginning three months from now, you want to be able to withdraw $3,300 each quarter from...
Beginning three months from now, you want to be able to withdraw $3,300 each quarter from your bank account to cover college expenses over the next four years. If the account pays .73 percent interest per quarter, how much do you need to have in your bank account today to meet your expense needs over the next four years? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) Amount needed            $
1. Jeffrey deposited P150 in the bank now and plans to withdraw P100 next year. What...
1. Jeffrey deposited P150 in the bank now and plans to withdraw P100 next year. What will be the amount of money left in the bank after 10 years from his withdrawal? Effective annual interest is 10% 2.  P2000 was deposited 20 years ago at an interest rate of 8% compounded semi-annually. How much is the sum now? 3. 500 years ago, Rajah Salayog deposited Php 0.01 with an interest rate of 5% per annum. Now the bank discovered that you...
Marvin the Martian is thinking about retirement. He wants to be able to withdraw $5,450 from...
Marvin the Martian is thinking about retirement. He wants to be able to withdraw $5,450 from his retirement account every quarter for the next 15 years. If his bank pays a nominal annual rate of 6.25% compounded weekly, how much money does Marvin the Martian need to deposit in his retirement account today to be able to complete each quarterly withdrawal for the next 15 years?
You want to be able to withdraw $30,000 each year for 20 years. Your account earns...
You want to be able to withdraw $30,000 each year for 20 years. Your account earns 7% interest. How much do you need in your account at the beginning? How much total money will you pull out of the account? How much money of that is interest?
you want to be able to withdraw $50,000 each year for 15 years. Your account earns...
you want to be able to withdraw $50,000 each year for 15 years. Your account earns 6% interest. a) How much do you need in your account at the beginning? How much total money will you pull out of the account? $ c) How much of that money is interest?
You want to be able to withdraw $25,000 each year for 15 years. Your account earns...
You want to be able to withdraw $25,000 each year for 15 years. Your account earns 9% interest. a) How much do you need in your account at the beginning? $ b) How much total money will you pull out of the account? $ c) How much of that money is interest?
You want to be able to withdraw $50,000 each year for 15 years. Your account earns...
You want to be able to withdraw $50,000 each year for 15 years. Your account earns 4% interest. a) How much do you need in your account at the beginning? b) How much total money will you pull out of the account? c) How much of that money is interest?.
You want to be able to withdraw $40,000 each year for 15 years. Your account earns...
You want to be able to withdraw $40,000 each year for 15 years. Your account earns 6% interest. a) How much do you need in your account at the beginning? $ b) How much total money will you pull out of the account? $ c) How much of that money is interest? $
Starting one month from​ now, you need to withdraw ​$230230 per month from your bank account...
Starting one month from​ now, you need to withdraw ​$230230 per month from your bank account to help cover the costs of your university education. You will continue the monthly withdrawals for the next four years. If the account pays 0.40.4​% interest per​ month, how much money must you have in your bank account today to support your future​ needs? How much money must you have in your bank account today to support your future​ needs? ​$nothing   ​(Round to the...
You want to be able to withdraw $25,000 each year for 20 years. Your account earns...
You want to be able to withdraw $25,000 each year for 20 years. Your account earns 6% interest. a) How much do you need in your account at the beginning? $ b) How much total money will you pull out of the account? $ c) How much of that money is interest? $
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT