Question

You need to pay a tuition bill of $42,940 in 9 months. If your investment account...

You need to pay a tuition bill of $42,940 in 9 months. If your investment account pays

4.56% APR compounded monthly; how much do you have to deposit today to fund the tuition

payment?

Business   Finance   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

Please upvote if the answer is helpful.In case of doubt,do comment.Thanks

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
You need to fund a tuition payment of $44,678 in 17 months. You plan to make...
You need to fund a tuition payment of $44,678 in 17 months. You plan to make 7 equal monthly payments starting next month to your savings account to go toward your tuition. If your savings account pays 3.9% APR compounded monthly, how big must the payments be? (a/(1+c/1200)^f)
You need $320 in 7 months for your auto insurance bill. If your investments earn 3%...
You need $320 in 7 months for your auto insurance bill. If your investments earn 3% APR (compounded monthly), how much do you have to invest today such that your investment will grow to just cover your auto insurance bill?
You need $368 in 10 months for your auto insurance bill. If your investments earn 2%...
You need $368 in 10 months for your auto insurance bill. If your investments earn 2% APR (compounded monthly), how much do you have to invest today such that your investment will grow to just cover your auto insurance bill?
a. You plan to take a vacation in 10 months that will cost $8,167 How much...
a. You plan to take a vacation in 10 months that will cost $8,167 How much do you have to invest today to just fund your vacation if your investments earn 4.7% APR (compounded monthly)? b. You will have a property tax payment due in 10 months that will cost $8,292. How much do you have to invest today to have just enough to pay your property tax bill if your investments earn 4.9% APR (compounded monthly)?
You plan to take a vacation in 6 months that will cost $5,350 How much do...
You plan to take a vacation in 6 months that will cost $5,350 How much do you have to invest today to just fund your vacation if your investments earn 3.13% APR (compounded monthly)? You will have a property tax payment due in 8 months that will cost $9,975. How much do you have to invest today to have just enough to pay your property tax bill if your investments earn 3.58% APR (compounded monthly)?
During your retirement you will need $4,000 per month, each month, for 300 months. You plan...
During your retirement you will need $4,000 per month, each month, for 300 months. You plan on retiring 60 months from today. If your investments earn 6% APR (compounded monthly), how much would you need to have today to fully fund your retirement?
During your retirement you will need $4,132 per month, each month, for 174 months. You plan...
During your retirement you will need $4,132 per month, each month, for 174 months. You plan on retiring 74 months from today. If your investments earn 5% APR (compounded monthly), how much would you need to have today to fully fund your retirement?
You are considering using Bill Pay to pay your rent, which is $800 a month due...
You are considering using Bill Pay to pay your rent, which is $800 a month due at the beginning of each month starting today. You are going to put a lump sum of money in a savings account today that will cover your rent for a year. If you earn an APR of 2.4% on the account, how much do you have to deposit into the account? $9,476.36 $9,706.31 $9,725.72 $9,375.00 $9,495.31
Assume that you have found an investment fund that will earn you $500 at the end...
Assume that you have found an investment fund that will earn you $500 at the end of each month for 10 years. However, you will receive your first payment 2 years from now. The investment yield is 6% compounded monthly. How much do you need to deposit today?
You have been accepted into college. The college guarantees that your tuition will not increase for...
You have been accepted into college. The college guarantees that your tuition will not increase for the four years you attend college. The first $10,000 tuition payment is due in six months. After that, the same payment is due every six months until you have made a total of eight payments. The college offers a bank account that allows you to withdraw money every six months and has a fixed APR of 3.9% (with semiannual compounding) guaranteed to remain the...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT