Question

You want to have $50,000 in your savings account 6 years from now, and you're prepared to make equal annual deposits into the account at the end of each year. |

Required: |

If the account pays 7.7 percent interest, what amount must you deposit each year? |

Answer #1

You want to have $68,000 in your savings account 5 years from
now, and you're prepared to make equal annual deposits into the
account at the end of each year.
Required:
If the account pays 7.3 percent interest, what amount must you
deposit each year?

You want to have $51,554 in your savings account 8 years from
now, and you're prepared to make equal annual deposits into the
account at the end of each year. If the account pays 5 percent
interest, what amount must you deposit each year?

You want to have $75,000 in your savings account 12 years from
now, and you’re prepared to make equal annual deposits into the
account at the end of each year. If the account pays 6.8 percent
interest, what amount must you deposit each year? How to
input the formula in Excel?

You want to have $77,000 in your savings account 11 years from
now, and you’re prepared to make equal annual deposits into the
account at the end of each year. If the account pays 6.30 percent
interest, what amount must you deposit each year? (Do not round
intermediate calculations and round your final answer to 2 decimal
places, e.g., 32.16.)
Annual deposit $

1. You would like to have $50,000 in 15 years. To accumulate
this amount you plan to deposit each year an equal sum in the bank,
which will earn 7% interest annually. Your first payment will be
made at the end of the year. o How much must you deposit annually
to accumulate this amount? o If you decide to make a large lump-sum
deposit today instead of the annual deposits, how large should this
lump-sum deposit be? o At...

Assume that 5 years from now you will need RM2000. Your bank
compounds interest at a 6% annual rate.
b. If you want to make equal payments at the end of Years 1
through 5 to accumulate the RM2,000, how large must each of the 5
payments be?
c. If your father were to offer either to make the payments
calculated in part (b) or to give you a lump sum of RM1,050 one
year from now, which would you...

One year from now, you deposit $500 in a savings account. You
deposit $1,800 the next year. Then you wait two more years (t=4)
and deposit $1,000. If your account earns 6% interest per year,
compounded annually, and you make no further deposits or
withdrawals, how much will be in the account 11 years from now?

You are 40 years old and want to retire at age 60. Each year,
starting one year from now, you will deposit an equal amount into
a savings account that pays 7% interest. The last deposit will be
on your 60th birthday. On your 60th birthday you will switch the
accumulated savings into a safer bank account that pays only 3.5%
interest. You will withdraw your annual income of $120,000 at the
end of that year (on your 61st birthday)...

1. You want to get $20,000 in your account 8 years from now. What
is the money to be deposited in your current account, if the bank
provides compound interest of 12% per year?
2. It is assumed that you deposit $1,000 now, 2 years to come, 4
years to come, 6 years to come and 8 years to come. Compound
interest of 8% per year is given in this deposit. Determine the
value of your deposit at the end...

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...

ADVERTISEMENT

Get Answers For Free

Most questions answered within 1 hours.

ADVERTISEMENT

asked 24 minutes ago

asked 25 minutes ago

asked 44 minutes ago

asked 48 minutes ago

asked 49 minutes ago

asked 1 hour ago

asked 1 hour ago

asked 1 hour ago

asked 1 hour ago

asked 1 hour ago

asked 1 hour ago

asked 2 hours ago