Today, you start working for University of Houston as administrative staff. You decided to invest $500 a month in a fund that is expected to earn 6 percent annual interest. If you start monthly contribution of $500 today for 35 years, how much will you have in 35 years? Round to the nearest cent. Do not include any unit (If yo
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Today, you start working for University of Houston as administrative staff. You decided to invest $500 a month in a fund that is expected to earn 6 percent annual interest. If you start monthly contribution of $500 today for 35 years, how much will you have in 35 years?
Round to the nearest cent. Do not include any unit (If your answer is $111.11, then type 111.11 without $ sign.)
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- * Suppose someone wants to accumulate $65,000 for a college fund over the next 15 years. Determine whether the following investment plans will allow the person to reach the goal. Assume the compounding and payment periods are the same. The person deposits $120 per month into an account with an APR of 5%. Will the person meet the goal? Select the correct choice below and fill in the answer box to complete your choice. (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.) OA. No, because the amount that will be in the college fund, $ B. Yes, because the amount that will be in the college fund, $ is less than the goal of $65,000. " is more than the goal of $65,000. "You want to create an endowment income of $35,000 per year for Oxtordshire Charity, but the Tirst payment will not be made until the 4th year's time. a. If you can earn a return of 8% APR on your investment, and if the payment is made on a monthly basis, calculate how much to invest now? $5,133,086.81 B. $4,133,086.81 $5,233,086.81 $4,233,086.81 $5,250,000.81Suppose someone wants to accumulate $55,000 for a college fund over the next 15 years. Determine whether the following investment plans will allow the person to reach the goal. Assume the compounding and payment periods are the same. The person deposits $60 per month into an account with an APR of 7%. Will the person meet the goal? Select the correct choice below and fill in the answer box to complete your choice. A. No, because the amount that will be in the college fund, $enter your response here, is less than the goal of $55,000. B. Yes, because the amount that will be in the college fund, $enter your response here, is more than the goal of $55,000.
- Suppose someone wants to accumulate $40,000 for a college fund over the next 15 years. Determine whether the following investment plans will allow the person to reach the goal. Assume the compounding and payment periods are the same. The person deposits $200 per month into an account with an APR of 8%. Will the person meet the goal? Select the correct choice below and fill in the answer box to complete your choice. (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.) OA. Yes, because the amount that will be in the college fund, S OB. No, because the amount that will be in the college fund, S is more than the goal of $40,000. is less than the goal of $40,000.Suppose your client is 35 years old and has already saved $150,000 for retirement. How much does your client need to contribute to a fund each month for the next 25 years (first payment at the end of this month), to reach a retirement goal of 4,000,000, if the fund is expected to earn an effective annual rate of 12%?Suppose you're fresh out of college and have a new job where you're able, by being frugal, to put aside $400 from each monthly paycheck for 2 years to invest in a fund that pays you 6% interest, compounded monthly. By the end of two years you would have put $9600 total into that fund, and it would be worth $10,223.65 at that point. Not bad. You've made over $600! But by then there are other constraints on your monthly paycheck and you can't continue your good habit. However, you leave that $10,223.65 invested in the fund that pays 6% compounded monthly. How much is that investment worth when you go back to claim it when you retire, exactly 46 years later? Round your answer to the nearest dollar,
- Suppose you are starting a PhD program. The university has agreed to waive your tuition, cover all of your living expenses, and pay you an additional stipend of $2,000 at the end of each month, as long as you teach one course per semester over the course of five years. If your savings account is able to earn 5.5% per year for the five years that you will be in this program, how much will you have accumulated in your savings account by the end of the program if interest is compounded on a monthly basis? $104,705.67 $137,761.65 $34,899.71 $866,900.74Suppose that you earned a bachelorʹs degree and now youʹre teaching middle school. The school district offers teachers the opportunity to take a year off to earn a masterʹs degree. To achieve this goal, you deposit $1500 at the end of every three months in an annuity that pays 5.5% compounded quarterly. How much will you have saved at the end of 6 years? Find the interest.You are meeting with a financial planner to begin saving for retirement. Your starting salary is $65,000 in year one and you expect to receive pay increases at a rate of 3% each year for the first 30 years of your career, then maintain your salary until you retire. Your financial planner advised you to invest 10% of your yearly salary into a retirement account to maintain a similar lifestyle in retirement. You expect to work for the next 40 years. How much will you have in the account when you retire if your retirement account produces an average return of 9% per year?
- We are considering the effects of starting early or late to save for retirement. Assume that each account considered has an APR of 6% compounded monthly. Following expert advice, you begin your retirement program as soon as you graduate from college at age 32. You plan to retire at the age of 65. What monthly contributions do you need to make to have a retirement account worth $1,000,000? (Round your answer to the nearest cent.) $ What will your total personal contribution be by the time you retire if you start saving after graduation? $ Against expert advice, you begin your retirement program at age 49. You plan to retire at the age of 65. What monthly contributions do you need to make to have a retirement account worth $1,000,000? (Round your answer to the nearest cent.) $ What will your total personal contribution be by the time you retire if you start saving at age 49? $ How much more will you personally contribute by the time you retire if you start saving at age 49…K Suppose someone wants to accumulate $65,000 for a college fund over the next 15 years. Determine whether the following investment plans will allow the person to reach the goal. Assume the compounding and payment periods are the same. The person deposits $55 per month into an account with an APR of 7%. ... Will the person meet the goal? Select the correct choice below and fill in the answer box to complete your choice. (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.) O A. No, because the amount that will be in the college fund, $ is less than the goal of $65,000. OB. Yes, because the amount that will be in the college fund, $ is more than the goal of $65,000. 3Today is your 23rd birthday. Your aunt just gave you $1,000. You have used the money to open up a brokerage account. Your plan is to contribute an additional $2,000 to the account each year on your birthday, up through and including your 65th birthday, starting next year. The account has an annual expected return of 12 percent. How much do you expect to have in the account right after you make the final $2,000 contribution on your 65th birthday?