Question

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?

Business   Finance   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

SEE THE IMAGE. ANY DOUBTS, FEEL FREE TO ASK. THUMBS UP PLEASE

NEED HELP WITH FINANCIAL CALCULATOR, LET ME KNOW

AS NOTHING WAS MENTIONED, SOLVED WITH EXCEL.

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 $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)?
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?
You plan to visit France for 3 months, (starting next month). You will spend $8,412 in...
You plan to visit France for 3 months, (starting next month). You will spend $8,412 in each of those months. How much do you need to invest today to just fund your visit if your investments earn 2.86% APR (compounded monthly)?
You are an insurance company and have sold an annuity to a customer. The annuity pays...
You are an insurance company and have sold an annuity to a customer. The annuity pays 360 monthly payments (the same each month) starting 12 months from today. The monthly payments are $500 per month. If your firm earns 5.00% APR (compounded monthly), on its investments, how much does it have to invest today to just cover the cost of the annuity?
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 managing a trust fund that must pay its owner $17,756 each month, for 86...
You are managing a trust fund that must pay its owner $17,756 each month, for 86 months, (starting next month). How much do you need to invest today to make the trust fund payments if your investments earn 4.05% APR (compounded monthly)?
You need $50,000 in today's buying power 5 years from now. You can earn 3% APR...
You need $50,000 in today's buying power 5 years from now. You can earn 3% APR in real terms on your investments. How much do you have to invest, in nominal terms (the same amount each year), starting next year for 4 years, to just meet your needs, if you expect inflation to be 4% per year? $10,783 $12,768 $6,885 $5,287
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT
Active Questions
  • How can you use Bayes’ theorem in light of new information? In Bayes’ theorem, how does...
    asked 1 minute ago
  • Which of the following is not one of the four states of a working file? Unchanged,...
    asked 4 minutes ago
  • Assume we have CPU instructions that look like this: load register, address save register, address Where...
    asked 17 minutes ago
  • What is the difference between the following two declarations? char array[] = “Hello World”; char *array...
    asked 32 minutes ago
  • Discuss knowledge and understanding gleaned from The Least Dangerous Assumption and Strategies for Presuming Competence. How...
    asked 33 minutes ago
  • Exercise 13-20 (LO13-3) The owner of Maumee Ford-Volvo wants to study the relationship between the age...
    asked 35 minutes ago
  • Scenario The Department of Administrative Services (DAS) provides a number of services to other departments in...
    asked 43 minutes ago
  • Linear Regressions The number of newly reported crime cases in a county in New York State...
    asked 47 minutes ago
  • Specialty courts have been developed for various categories of crimes and offenders (e.g., mental health, substance...
    asked 52 minutes ago
  • An air-track cart with mass m=0.40kg and speed v0=1.2m/s approaches two other carts that are at...
    asked 52 minutes ago
  • Write a program in C# that reverses a collection and removes elements that are divisible by...
    asked 55 minutes ago
  • A gas pipeline with the thickness of 4mm is to be joint together by using welding...
    asked 1 hour ago