A 13-year-old has his dad save$100of his birthday money for the next family vacation. How much will he have after 15 months if he can earn 3.75% compounded monthly? Round your answer to the nearest cent

Q: An amount of $23,000 is borrowed for 14 years at 6.75% Interest, compounded annually. If the loan is…

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Q: If $4000 is deposited at the end of each half year in an account that earns 6.7% compounded…

A: According to the given information it is required to find the number of half years it will take so…

Q: If I have an account of $9,000 compounded at 6%, what is my balance at the end of one year? At the…

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Q: Pesse Jinkman, a chemistry student at PCC, will be depositing $15,000 at the end of every quarter…

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Q: insurance company options. Company 1: pays 4.6% compounded monthly on the cash value of their…

A: Given: For life insurance policies, some of the premium pays for the cost of the insurance, and the…

Q: Parents wish to have $160,000 available for a child's education. If the child is now 10 years old,…

A: The formula for the future value is given by FV=PV1+rnnt  where PV is the present value, r is the…

Q: If $3000 is deposited at the end of each half year in an account that earns 6.5% compounded…

A: Given that the annual deposited amount P=$ 3000   Amount of annuity A=$ 130000   Rate of interest…

Q: Phil Nelson deposited $540,000 into an account with an interest rate of 4.5% compounded quarterly.…

A: Ans:

Q: A year-end bonus of $25,000 will generate how much money at the beginning of each month for the next…

A: Given that the year-end bonus is $25,000 that can be invested at 6.15% compounded monthly.

Q: George puts his bonus of $4,200 into an account earning 7.5% compounded monthly.  How long will it…

A: Given: Initial amount = 4200 rate of interest = 7.5 monthly Final amount  = 5000 Now, we need to…

Q: A homeowner planning a kitchen remodeling can afford a $300 monthly payment. How much can the…

A: Given:

Q: A man buys a car for $39,000. If the interest rate on the loan is 12%, compounded monthly, and if he…

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Q: A loan of $9000.00 was repaid together with interest of $3728.00. If interest was 9.4% compounded…

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Q: The adult children of a college professor are endowing a scholarship fund in their father’s name.…

A: Given that, Present value = P = $1000 Interest rate = r = 6% = 0.06 Time = n = 3years

Q: How much interest will an account earn if you deposited $715 semi-annually for 11 years and the…

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Q: A woman wishes to save$20,000 for a down payment on a home. She can afford to set aside $1500 per…

A: A woman wishes to save$20,000 for a down payment on a home. She can afford to set aside $1500 per…

Q: How much should Alexandra's dad invest into a savings account today, to be able to pay for…

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Q: Robin, who is self-employed, contributes $6500/year into a Keogh account. How much will he have in…

A: Future value of the annuity gives the net worth after n years if  P dollars invested each year at i…

Q: If $3500 is deposited at the end of each quarter in an account that earns 3% compounded quarterly,…

A: Lets use the final value formula, FV=P{[1 + R]N - 1/ R}=FV OF $1 PER PERIOD. Given, FV = 60,000 P =…

Q: A couple needs $60,000 as a down payment for a home. If they invest the $45,000 they have at 8%…

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Q: What lump sum do parents need to deposit in an account earning 7%, compounded monthly, so that it…

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Q: Robin, who is self-employed, contributes $4500/year into a Keogh account. How much will he have in…

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Q: A recent college graduate's gift from her grandparents is $22,000. How much will this provide at the…

A: Given: A recent college graduate's gift from her grandparents is $22,000 and assumes that money is…

Q: A homeowner planning a kitchen remodeling can afford a $100 monthly payment. How much can the…

A:

Q: Robin, who is self-employed, contributes $4500/year into a Keogh account. How much will he have in…

A:

Q: A year-end bonus of $27,000 will generate how much money at the beginning of each month for the next…

A: An annuity is an investment put in a certain amount of money each year or each month. there are two…

Q: How much will you have after 25 years if you put $2000 per month in the account that instead earns…

A: The solution is given below:

Q: What lump sum do parents need to deposit in an account earning 5%, compounded monthly, so that it…

A: Given information A=$90,000 Rate of interest r=5% ⇒r=5100=0.05 Time t=11 years Since, interest is…

Q: Robin, who is self-employed, contributes $5500/year into a Keogh account. How much will he have in…

A: Present value (PV) = $5000 per year   Time = 20 years   Intrest rate = 5.5% per year

Q: A man buys a car for $36,000. If the interest rate on the loan is 12%, compounded monthly, and if he…

A: While calculating compound interest, the addition of interest to the principal sum of a loan or a…

Q: A man buys a car for $37,000. If the interest rate on the loan is 12%, compounded monthly, and if he…

A: Step:-1 Note:-  P=R 1-1+i-ni Here, P=Present value, R =monthly payment. Given that interest rate r =…

Q: A couple needs $55,000 as a down payment for a home. If they invest the $40,000 they have at 4%…

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Q: You have just received $135,000 from the estate of a long-lost rich uncle. If you invest all your…

A: Solution:-

Q: A year-end bonus of $20,000 will generate how much money at the beginning of each month for the next…

A:

Q: A homeowner planning a kitchen remodeling can afford a $100 monthly payment. How much can the…

A:

Q: If $2500 is deposited at the end of each quarter in an account that earns 5% compounded quarterly,…

A: Given: The amount $2500 is deposited at the end of each quarter in an account that earns 5%…

Q: If $4500 is deposited at the end of each quarter in an account that earns 7% compounded quarterly,…

A:

Q: If $4500 is deposited at the end of each quarter in an account that earns 5% compounded quarterly,…

A: Given: Money deposited at the end of each quarter= 4500$ Rate at which interest is compounded…

Q: A couple needs $60,000 as a down payment for a home. If they invest the $45,000 they have at 4%…

A: Given: The initial investment is $45,000, rate of interest is 4% means 0.04, interest rate is…

Q: If you invest $1000 at 4.5% compounded monthly, how long will it take the account to get to $5000?…

A: Let it takes t time to get that amount  Use the compound interest formula Since it is compounded…

Q: What lump sum do parents need to deposit in an account earning 10%, compounded monthly, so that it…

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Q: What lump sum do parents need to deposit in an account earning 6%, compounded monthly, so that it…

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Q: If $1500 is deposited at the end of each quarter in an account that earns 3% compounded quarterly,…

A: Consider the formula for future value for annuity: F=P1+rn+1r Where,

Q: A year-end bonus of $24,000 will generate how much money at the beginning of each month for the next…

A: The present value of an annuity is given by  Present Value=PMT1−1+i−ni1+i For a year, n = 12. Since…

Q: A year-end bonus of $22,000 will generate how much money at the beginning of each month for the next…

A: The payment that has to be done at the beginning of each period is Annuity. In this problem, the…

Q: A couple needs $55,000 as a down payment for a home. If they invest the $40,000 they have at 12%…

A: Given: A couple needs $55000 as a down payment foe a home , Therefore, A=55000 is the future value,…

Q: Robin, who is self-employed, contributes $6000/year into a Keogh account. How much will he have in…

A: Given, Robin, who is self-employed, contributes $6000/year into a Keogh account

Q: A man buys a car for $39,000. If the interest rate on the loan is 12%, compounded monthly, and if he…

A:

Q: Parents wish to have $80,000 available for a​ child's education. If the child is now 9 years​ old,…

A:

Q: For her 1st birthday, Ruth's grandparents invested $700 in an 18-year certificate for her that pays…

A: Given: For her 1st birthday, Ruth's grandparents invested $700 in an 18-year certificate for her…