Question

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

Answer #1

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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 at 6.5% compounded semiannually?

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=

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)

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 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 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 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 take to
a) double your money in years?
b) To triple it in years?

How many months will it take to save $5000 by making deposits
of $80 at the end of every month into an account earning interest
at 4.2% compounded monthly?
Select one:
a. 62
b. 71
c. 57
d. 63

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