Victor has been consistently withdrawing money from his savings account for several years. If he withdrew $19500.0 every year for 7 years, and interest rate was 0.075 compounded annually, what was his original investment at time zero to enable these payments. At the end of 7 years his account balance was zero. Your Answer:
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- 4. Richard makes payments of $400 into a savings account each month. The account gains interest at a rate of 4.2% compounded monthly. 20 years later, he takes his money out of this account and places it in an account that gains continuously compounded interest at a rate of 4.0%. At this point, he is no longer making additional payments. (a) How much money is in his account at the end of the first 20 year period? (b) How much money is in his account 15 years after moving his money to the second account? (c) Use Desmos to draw a graph showing how his money growth over the full 35 year period.Luke deposited $3500 into a savings account that earns 5.50% annually but is compounded 4 times per year. He plans to leave the funds in the accounts for 3.50 years. However, at the end of 1.50 years, Luke has to withdraw $1000. What amount will be in the account at the end of the original 3.50 yearsBob has deposited $10,000 at the end of each year into a saving account for the last 12 years. His deposits earned interest at 4% for the first 4 years; at 5% for the next 3 years; and at 6% for the last 5 years. (a) What is the accumulated value in his saving account at the end of year 4? (b) What is the accumulated value in his saving account at the end of year 7? (c) What is the accumulated value in his saving account at the end of year 12? (d) What is the total interest earned for the 12 years?
- Slick Sam has a special relationship with his banker. The nature of the relationship is as follows: • The bank owes Sam $100 per year forever. The 1st payment is due in 1 year. • The bank will borrow or lend money to Sam at a constant effective rate of i per year. Today, Sam calculated the present value of the payments that are due to him as X. Sam can receive his first 16 payments at the end of year 16 in a lump sum. If he does that, then the total value of the lump sum and future payments at the end of the sixteenth year is X + 2,000. Calculate X. A B с D E 3,330 3,350 3,400 3,450 3,500Marcus deposits $2600 into an account that has an annual interest rate of 5% compounded monthly. If he leaves it there for 7 years without making any withdrawals, what is the account's balance at the end of 7 years?Erik invested $575 at the end of every month in an investment fund that was earning interest at a rate of 4.20% compounded monthly. He stopped making regular deposits at the end of 6 years when the interest rate changed to 6.69% compounded quarterly. However, he let the money grow in this investment fund for the next 4 years. a. Calculate the accumulated balance in his investment fund at the end of 6 years. b. Calculate the accumulated balance in his investment fund at the end of 10 years. c. Calculate the total interest earned over the 10-year period.
- Ten years ago Jim took a mortgage loan of $200,000 to be repaid in 20 equal annual installments of $30,197.34. The bank has told him that they would accept $145,000 today as payment in full for the remainder of the loan. What is the balance on this loan? If we assume that Jim has the money, what interest rate must he earn on alternative investments in order not to accept the bank offer?Sebastian is going to deposit $790 in an account that earns 6.8% interest compounded annually. His wife Yolanda will deposit $815 in an account that earns 7.2% simple interest each year. They deposit the money on the same day and make no additional deposits or withdrawals for the accounts. Which statement is true concerning Sebastian’s and Yolanda’s account balances after 3 years? Yolanda’s account will have about $28.67 less than Sebastian’s account. Yolanda’s account will have about $9.78 less than Sebastian’s account. Sebastian’s account will have about $28.67 less than Yolanda’s account. Sebastian’s account will have about $9.78 less than Yolanda’s account.Gabriela wants to withdraw $5,000 from her account at the end of 5 years, and $7,000 at the end of 6 years, leaving a zero balance after the second withdrawal. If she earns 8% a year on her balance, how much should she deposit today to reach her goal on those dates?
- Supposed 30 years ago your mother deposited $1,400 in an investment account earning 6.0% per year. After 9 years she withdrew $434. There were no additional deposits or withdrawals from the account. Obtain today's value of the investment account.Bob opened a bank account 11 years ago. Today, he closes out the account, which is worth 2.04 times more than when it was opened. What annual rate of interest did Bob earn? Round to the nearest 0.01%, drop the % symbol. E.g., if your answer is 0.08375, record it as 8.38.Bob wants to deposit $5000 into a bank account at the beginning of the next month and $200 per month into that same account at the end of that month and each subsequent month for the next 5 years. If the bank pays interest at the rate of 3% per year compounded monthly, how much will Bod have in his account at the end of 5 years? Assume that he makes no withdrawals during the 5 year period.