Question

how many monthly deposits of $50 are needed to accumulate $3000 if the interest rate is...

how many monthly deposits of $50 are needed to accumulate $3000 if the interest rate is 3.6% compounded monthly?

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

ANSWER IS ROUNDED TO 2 DECIMALS.

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
Determine the interest rate needed to accumulate the following amounts in a sinking fund, with monthly...
Determine the interest rate needed to accumulate the following amounts in a sinking fund, with monthly payments as given. Accumulate $155,000, monthly payments of $500 over 16 years.
What is the size of the monthly deposits that will accumulate to $67,200 after eight years...
What is the size of the monthly deposits that will accumulate to $67,200 after eight years at 6.5% compounded semiannually?
In order to accumulate enough money for a down payment on a house, a couple deposits...
In order to accumulate enough money for a down payment on a house, a couple deposits $367 per month into an account paying 6% compounded monthly. If payments are made at the end of each period, how much money will be in the account in 7 years? Amount in the account= How much interest earned=
Determine the semi-annual deposits required to accumulate $4,000 four years from today, given an annual interest...
Determine the semi-annual deposits required to accumulate $4,000 four years from today, given an annual interest rate of 12%, compounded semi-annually. (Assume your deposits begin 6 months from now and there are 8 total deposits)
you can afford monthly deposits of $220 into an account that pays 3.6% compounded monthly. How...
you can afford monthly deposits of $220 into an account that pays 3.6% compounded monthly. How long will it be until you have $6,000 to buy a boat? Type the number of months____ (round to the next-higher month if not exact)
You want to accumulate $30,000 two years from now. You decide to make monthly deposits into...
You want to accumulate $30,000 two years from now. You decide to make monthly deposits into a fund that pays a nominal rateof 4% per year compounded monthly. You would like to deposit $X every month during the first year and $2X every month during the second year. Determine the amountsof your monthly deposits during year 1 and year 2.
You are planning to make monthly deposits of $50 into a retirement account that pays 10...
You are planning to make monthly deposits of $50 into a retirement account that pays 10 percent interest compounded monthly. If your first deposit will be made one month from now, how large will your retirement account be in 18 years? Multiple Choice $31,529.57 $360,337.93 $30,028.16 $27,359.50 $28,526.75
If Jackson deposits $50 at the end of each month in a savings account earning interest...
If Jackson deposits $50 at the end of each month in a savings account earning interest at a rate of 3%/year compounded monthly, how much will he have on deposit in his savings account at the end of 3 years, assuming he makes no withdrawals during that period? (Round your answer to the nearest cent.)
Easy Bank offers you a monthly interest rate of 0.30% for deposits, how long does it...
Easy Bank offers you a monthly interest rate of 0.30% for deposits, how long does it take to a) double your money in years? b) To triple it in years?
Determine the monthly payment necessary to accumulate $30,000 in a fund paying 6% per year, compounded...
Determine the monthly payment necessary to accumulate $30,000 in a fund paying 6% per year, compounded monthly, for 8 years. (Assume end-of-period deposits and compounding at the same intervals as deposits.) Round your answer to the nearest cent.
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT