Question

1/ You deposit $3000 at the beginning of each year into an account earning 5% interest...

1/ You deposit $3000 at the beginning of each year into an account earning 5% interest compounded annually. How much will you have in the account in 20 years?

2/Suppose you want to have $400,000 for retirement. Your account earns 7% interest compounded monthly. If you deposit $200 at the end of each month, how long will it take you to reach your goal? Round to the nearest year.

Business   Finance   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

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
6. You deposit $400 each month into an account earning 5% interest compounded monthly. a) How...
6. You deposit $400 each month into an account earning 5% interest compounded monthly. a) How much will you have in the account in 35 years? b) How much total money will you put into the account? c) How much total interest will you earn? 7. Suppose you want to have $500,000 for retirement in 25 years. Your account earns 7% interest. a) How much would you need to deposit in the account each month? b) How much interest will...
FINANCE 5. 5A. You deposit $5000 in an account earning 8% interest compounded monthly. How much...
FINANCE 5. 5A. You deposit $5000 in an account earning 8% interest compounded monthly. How much will you have in the account in 15 years? 5B. You can afford a $350 per month car payment. You've found a 3 year loan at 2% interest. How big of a loan can you afford? 5C. You have $300,000 saved for retirement. Your account earns 5% interest. How much will you be able to pull out each month, if you want to be...
You deposit $3000 each year into an account earning 6% interest compounded annually. How much will...
You deposit $3000 each year into an account earning 6% interest compounded annually. How much will you have in the account in 35 years?
1) You deposit $500 each month into an account earning 3% interest compounded monthly. a) How...
1) You deposit $500 each month into an account earning 3% interest compounded monthly. a) How much will you have in the account in 25 years? b) How much total money will you put into the account? c) How much total interest will you earn? 2) Suppose you invest $190 a month for 6 years into an account earning 7% compounded monthly. After 6 years, you leave the money, without making additional deposits, in the account for another 21 years....
You deposit $4000 each year into an account earning 3% interest compounded annually. How much will...
You deposit $4000 each year into an account earning 3% interest compounded annually. How much will you have in the account in 25 years?
Lauren plans to deposit $3000 into a bank account at the beginning of next month and...
Lauren plans to deposit $3000 into a bank account at the beginning of next month and $250/month into the same account at the end of that month and at the end of each subsequent month for the next 4 yr. If her bank pays interest at a rate of 5%/year compounded monthly, how much will Lauren have in her account at the end of 4 yr? (Assume she makes no withdrawals during the 4-yr period.  Round your answer to the nearest...
You deposit $300 each month into an account earning 5% interest compounded monthly. a) How much...
You deposit $300 each month into an account earning 5% interest compounded monthly. a) How much will you have in the account in 30 years? $ b) How much total money will you put into the account? $ c) How much total interest will you earn? $
1. Suppose you have 16 tubes of paint. How many distinct color groupings can you make...
1. Suppose you have 16 tubes of paint. How many distinct color groupings can you make with your paint? 2. You deposit $3000 each year into an account earning 6% interest compounded annually. How much will you have in the account in 20 years? 3. Suppose you want to have $300,000 for retirement in 25 years. Your account earns 4% interest. How much would you need to deposit in the account each month?
You deposit $300 each month into an account earning 2% annual interest compounded monthly A. How...
You deposit $300 each month into an account earning 2% annual interest compounded monthly A. How much money will you have in your account in 35 years? B. How much total money will you put into the account ? C. How much total interest will you earn?
You deposit $500 each month into an account earning 4% interest compounded monthly. How much will...
You deposit $500 each month into an account earning 4% interest compounded monthly. How much will you have in the account in 30 years? How much total money will you put into the account? How much total intrest will you earn?
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT