Question

You’re prepared to make monthly payments of $250, beginning at the end of this month, into...

You’re prepared to make monthly payments of $250, beginning at the end of this month, into an account that pays 8 percent interest compounded monthly. How many payments will you have made when your account balance reaches $50,000? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)

Business   Finance   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

Open Excel --> Go to formulas --> Use NPER function:

Number of payments 127.52

NPER = Number of periods

FV = future value

PMT = Payment

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're prepared to make monthly payments of $320, beginning at the end of this month, into...
You're prepared to make monthly payments of $320, beginning at the end of this month, into an account that pays 8 percent interest compounded monthly. How many payments will you have made when your account balance reaches $20,263?
You're prepared to make monthly payments of $380, beginning at the end of this month, into...
You're prepared to make monthly payments of $380, beginning at the end of this month, into an account that pays 6 percent interest compounded monthly. How many payments will you have made when your account balance reaches $25,495? Multiple Choice 4.96 63.8 27.71 52.2 58
A 13-year annuity pays $3,400 per month, and payments are made at the end of each...
A 13-year annuity pays $3,400 per month, and payments are made at the end of each month. The interest rate is 8 percent compounded monthly for the first eight years, and 6 percent compounded monthly thereafter. What is the present value of the annuity? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) Present value $ The answer I found here is wrong.
You want to have $77,000 in your savings account 11 years from now, and you’re prepared...
You want to have $77,000 in your savings account 11 years from now, and you’re prepared to make equal annual deposits into the account at the end of each year. If the account pays 6.30 percent interest, what amount must you deposit each year? (Do not round intermediate calculations and round your final answer to 2 decimal places, e.g., 32.16.) Annual deposit $   
You are planning to make annual deposits of $5,700 into a retirement account that pays 10...
You are planning to make annual deposits of $5,700 into a retirement account that pays 10 percent interest compounded monthly. How large will your account balance be in 30 years? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)
You are planning to make annual deposits of $6,090 into a retirement account that pays 9...
You are planning to make annual deposits of $6,090 into a retirement account that pays 9 percent interest compounded monthly. How large will your account balance be in 30 years? (Do not round intermediate calculations and round your final answer to 2 decimal places, e.g., 32.16.)
Harlan made equal payments at the end of each month into his RRSP. If interest in...
Harlan made equal payments at the end of each month into his RRSP. If interest in his account is 11.1% compounded semi-annually​, and the balance after eleven years is ​$14,000​, what is the size of the monthly ​payment? The size of the monthly payment is ​$nothing. ​(Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as​ needed.)
A 20-year annuity pays $2,250 per month, and payments are made at the end of each...
A 20-year annuity pays $2,250 per month, and payments are made at the end of each month. If the interest rate is 11 percent compounded monthly for the first ten years, and 7 percent compounded monthly thereafter, what is the present value of the annuity?
A 17-year annuity pays $1,900 per month, and payments are made at the end of each...
A 17-year annuity pays $1,900 per month, and payments are made at the end of each month. The interest rate is 7 percent compounded monthly for the first six years and 5 percent compounded monthly thereafter. What is the present value of the annuity?
A 14-year annuity pays $2,600 per month, and payments are made at the end of each...
A 14-year annuity pays $2,600 per month, and payments are made at the end of each month. The interest rate is 10 percent compounded monthly for the first six years, and 8 percent compounded monthly thereafter. Required: What is the present value of the annuity?
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT