Question

Payments with periodic rates Denise has her heart set on being a millionaire. Denise has her...

Payments with periodic rates

Denise has her heart set on being a millionaire. Denise has her heart set on being a millionaire quarter over the coming 39 years at 8% APR to reach her retirement goal of $1.2 million?

What quarterly payment does Denise need to make to reach her retirement​ goal?

​$______  (Round to the nearest​ cent.)

Business   Finance   
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
Savings with periodic rates. What investment does Patrick need to make at the end of each...
Savings with periodic rates. What investment does Patrick need to make at the end of each quarter into his savings account over the coming 11 quarters to reach his vacation goal of ​$4,000 if he is getting 7​% APR on his​ account? What investment does Patrick need to make at the end of each quarter into his savings​ account? ​$_______(Round to the nearest​ cent.)
Marie, an employee at McCormick, has determined that she will need $5000 per month in retirement...
Marie, an employee at McCormick, has determined that she will need $5000 per month in retirement over a 30-year period. She has forecasted that her money will earn 7.2% compounded monthly. Marie will spend 25-years working toward this goal investing monthly at an annual rate of 7.2%. How much should Marie’s monthly payments be during her working years in order to satisfy her retirement needs?  Hint: Find how much Marie must have at retirement, then find the monthly payments to reach...
Present value with periodic rates.   Sam​ Hinds, a local​ dentist, is going to remodel the dental...
Present value with periodic rates.   Sam​ Hinds, a local​ dentist, is going to remodel the dental reception area and add two new workstations. He has contacted​ A-Dec, and the new equipment and cabinetry will cost ​$24,000. The purchase will be financed with an interest rate of 9​% loan over 8 years. What will Sam have to pay for this equipment if the loan calls for semiannual payments ​(2 per​ year) and monthly payments ​(12 per​ year)? Compare the annual cash...
Grandma Dayhoff has set up a trust fund for her grandson Donny that will make annual...
Grandma Dayhoff has set up a trust fund for her grandson Donny that will make annual payments of 50000 dollars for 17 years, starting on his 30th birthday. Today is Donny's 21st birthday, and he meets with a tax expert and learns that the IRS will charge him a tax of 12 percent of the present value of all the trust fund payments on the day he receives the first payment. (The tax is due on the day he receives...
1. The Johnsons have accumulated a nest egg of $40,000 that they intend to use as...
1. The Johnsons have accumulated a nest egg of $40,000 that they intend to use as a down payment toward the purchase of a new house. Because their present gross income has placed them in a relatively high tax bracket, they have decided to invest a minimum of $2300/month in monthly payments (to take advantage of the tax deduction) toward the purchase of their house. However, because of other financial obligations, their monthly payments should not exceed $2900. If local...
Option #1: Time Value of Money Personal Finance Application Your friend Sue has asked you to...
Option #1: Time Value of Money Personal Finance Application Your friend Sue has asked you to help her out as she is developing her financial plan. Help her come up with a plan for her finances and how she can set herself up for financial success! She has an after tax income of $48,000 and budgets $30,000 for necessary expenses. This leaves $18,000 to spend on debt and savings annually. (Assume all annuity payments are in the form of ordinary...
*Round all values to 4 decimal places. 1. What is the present value of $10,000 paid...
*Round all values to 4 decimal places. 1. What is the present value of $10,000 paid at the end of each of the next 71 years if the interest rate is 8% per​ year? The present value is $______. ​(Round to the nearest​ cent.) 2. Assume that your parents wanted to have $110,000 saved for college by your 18th birthday and they started saving on your first birthday. They saved the same amount each year on your birthday and earned...
1. For the next 6 years, you pan to make equal quarterly deposits of $600.00 into...
1. For the next 6 years, you pan to make equal quarterly deposits of $600.00 into an account paying 8% compounded quarterly. How much will be the total you have at the end of the time? 2. How much money will you have to deposit now if you wish to have $5,000 at the end of 8 years. Interest is to be at the rate of 6% compounded semiannually? 3. In the California “Million Dollar Lottery” a winner is paid...
1. John invested $20,000 fifteen years ago with an insurance company that has paid him 8...
1. John invested $20,000 fifteen years ago with an insurance company that has paid him 8 percent (APR), compounded quarterly (every 3 months). How much interest did John earn over the 15 years? a. $2,416.08 b. $45,620.62 c. $24,000.00 d. $28,318.95 e. $65,620.62 2. You are running short of cash and really need to pay your tuition. A friend suggests that you check out the local title pawn shop. At the shop they offer to loan you $5,000 if you...
Intermediate 1. Multiple compounding periods: Find the future value of an investment of $2,500 made today...
Intermediate 1. Multiple compounding periods: Find the future value of an investment of $2,500 made today for the following rates and periods: a.            6.25 percent compounded semiannually for 12 years b.            7.63 percent compounded quarterly for 6 years c.            8.9 percent compounded monthly for 10 years d.            10 percent compounded daily for 3 years 2. Multiple compounding periods: Find the present value of $3,500 under each of the following rates and periods. a.            8.9% compounded monthly for five years. b.          ...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT