Question

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 nearest​ cent.)

Homework Answers

Answer #1

Answer question

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
Starting one month from now, you need to withdraw $250 per month from your bank account...
Starting one month from now, you need to withdraw $250 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 0.2% 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? $ (Round to the...
1, Your parents deposit $10,000 into your bank account and allow you to withdraw $500 every...
1, Your parents deposit $10,000 into your bank account and allow you to withdraw $500 every month for living expenses in 2 years to support your MBA education. What annual interest rate does the bank pay so that you will withdraw everything in 2 years? Please round your answer to the fourth decimal. For example, if your answer is 1%, you should input 0.0100. 2, A preferred stock pays an annual dividend of $1.01 per share forever. The appropriate interest...
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            $
You estimate you’ll need $9,000 per month for 30 years starting one month from your 65th...
You estimate you’ll need $9,000 per month for 30 years starting one month from your 65th birthday to live on during your retirement. Today is your 40th birthday and you want to make equal monthly deposits into an account paying 4% per year, the first deposit in one month. How much must each deposit be, so you can pay yourself $9,000/Mo for 30 yrs. starting in 25 yrs.? ***Please use financial calculator with steps written down for the keystrokes***
You need to cover payments on a health plan. Hence, starting 3 months from today, you...
You need to cover payments on a health plan. Hence, starting 3 months from today, you want to draw $3,400 each quarter from your money market account over the next four years. If the account pays .56 percent interest per quarter, how much do you need to have in your money market account today to meet your expense needs over the next four years?
You need to cover payments on a health plan. Hence, starting 3 months from today, you...
You need to cover payments on a health plan. Hence, starting 3 months from today, you want to draw $2,800 each quarter from your money market account over the next four years. If the account pays .50 percent interest per quarter, how much do you need to have in your money market account today to meet your expense needs over the next four years?
You have finished your time at Kelley and need to start thinking about retirement. You plan...
You have finished your time at Kelley and need to start thinking about retirement. You plan on working for 20 more years and then retire. Upon your retirement 20 years from today, you plan to have enough money to withdraw $10,000 per month, with the first payment coming exactly one month after your retirement day. You expect your retirement account to earn a return of 8% APR (stated rate), compounded monthly, on all funds in the retirement account. Assuming you...
You estimate that it will take five years to complete your university education. Your parents want...
You estimate that it will take five years to complete your university education. Your parents want to invest enough money today at 12 per cent to enable you to withdraw $5000 at the end of each year for the next five years with nothing left at the end of the five-year period. How much money do they need today? please answer using Present value table
You are 21 years old today. Starting one month from now, if you deposit $500 per...
You are 21 years old today. Starting one month from now, if you deposit $500 per month for 32 years into your retirement account which earns 0.7 percent per month, are you a millionaire by age of 53? part 1 - Find out how much money you will have by age of 53. If that number is greater than one million, then you are a millionaire by that age. Part 2 -Find out how many months it takes to reach...
8. You want to withdraw $ 24,728 from your account at the end of one year...
8. You want to withdraw $ 24,728 from your account at the end of one year and $ 55,664 at the end of the second year. How much should you deposit in your account today so that you can make these withdrawals? Your account pays 11 percent p.a. (Record your answer without a dollar sign, without commas and round your answer to 2 decimal places; that is, record $3,245.847 as 3245.85). 10. You deposit $ 61,680 in your account today....