Question

You decide to start saving for a dream vacation by putting money into a savings account...

You decide to start saving for a dream vacation by putting money into a savings account that pays 2.5% APR compounded annually. You will make the first deposit $4,500 at the end of the first year and increase their deposit by $300 each year after that, how much money will be in that account in 15 years? (Assume you do make your last deposit at the end of 15 years.)

Homework Answers

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
You decide to start a savings account in 2020 and you begin by putting $300 into...
You decide to start a savings account in 2020 and you begin by putting $300 into the account every month. If the APR on the account is 3%, how much money will you have in the account by 2055? Round to the nearest whole dollar. (no commas) Total in Account: $   Of your calculated Total deposit amount, how much money total would you have put into the account by 2055? Round to the nearest whole dollar. (no commas) Total money...
Sheela has set up a savings account to pay for a dream vacation. She will deposit...
Sheela has set up a savings account to pay for a dream vacation. She will deposit $780 at the beginning of each six-month period for seven years into a savings account. The interest rate on the account is 4.2% compounded semi-annually. a. What will be the value of the account at the end of seven years? b. How much interest will the account have earned over the seven years?
You are 23 years old and decide to start saving for your retirement. You plan to...
You are 23 years old and decide to start saving for your retirement. You plan to save $ 6,500 at the end of each year​ (so the first deposit will be one year from​ now), and will make the last deposit when you retire at age 69. Suppose you earn 12% per year on your retirement savings. a. How much will you have saved for​ retirement? b. How much will you have saved if you wait until age 40 to...
You are 30 years old and decide to start saving for your retirement. You plan to...
You are 30 years old and decide to start saving for your retirement. You plan to save $ 5000 at the end of each year​ (so the first deposit will be one year from​ now), and will make the last deposit when you retire at age 65 Suppose you earn 11 % per year on your retirement savings. a. How much will you have saved for​ retirement? b. How much will you have saved if you wait until age 39...
You are 2424 years old and decide to start saving for your retirement. You plan to...
You are 2424 years old and decide to start saving for your retirement. You plan to save $ 6 comma 500$6,500 at the end of each year​ (so the first deposit will be one year from​ now), and will make the last deposit when you retire at age 6767. Suppose you earn 11 %11% per year on your retirement savings. a. How much will you have saved for​ retirement? b. How much will you have saved if you wait until...
suppose that you have just celebrated your 18th birthday today. You decide to start saving money...
suppose that you have just celebrated your 18th birthday today. You decide to start saving money to purchase your first home in 12 years, which will cost $650,000. You aim to save sufficient money to pay the 15% initial deposit, and will take a mortgage to cover the 85% of property cost. The nominal interest rate for the savings account is 13% per annum compounded fortnightly. The nominal interest rate charged by the mortgage provider is 6% per annum compounded...
You are 25 years old and decide to start saving for your retirement. You plan to...
You are 25 years old and decide to start saving for your retirement. You plan to save $X at the end of each year​ (so the first deposit will be one year from​ now), and will make the last deposit when you retire at age 67. Suppose you earn 4% per year on your retirement savings. You want the present value of your total retirement savings to be $2Million. How do you need to save each year (the same amount...
You are 26 years old and decide to start saving for your retirement. You plan to...
You are 26 years old and decide to start saving for your retirement. You plan to save $6,000 at the end of each year (so the first deposit will be one year from now), and will make the last deposit when you retire at age 65. Suppose you earn 6% per year on your retirement savings, how much will you have saved for retirement right at age 65? (Round to the nearest dollar.)
10. You are 29 years old and decide to start saving on your retirement. You plan...
10. You are 29 years old and decide to start saving on your retirement. You plan to save $6,000 at the end of each year (so the first deposit will be one year from now) and make the last deposit when you retire at age 65. Suppose you earn 6% per year on your retirement savings. How much will you have saved for retirement at the age of 65? 11. A rich relative has bequeathed you with a growing perpetuity....
You want to open a savings account and you have 3 choices: 1) a saving account...
You want to open a savings account and you have 3 choices: 1) a saving account that pays interest of 7.2% compounded quarterly (In other words, it offers an APR=7.2%, compounded quarterly), 2) a saving account that pays interest of 6.8% compounded monthly, and 3) a saving account that pays interest of 7% continuously compounded? Which one do you prefer?
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT