You are planning to make monthly deposits of $70 into a retirement account that pays 14...

You are planning to make monthly deposits of $70 into a retirement account that pays 14 percent interest compounded monthly. If your first deposit will be made one month from now, how large will your retirement account be in 22 years?

$128,355.75, $1,466,922.82, $116,131.39, $122,243.57, $101,166.24

Solutions

Expert Solution

SEE THE IMAGE. ANY DOUBTS, FEEL FREE TO ASK. THUMBS UP PLEASE

jeff jeffy answered 1 month ago

Next > < Previous

Related Solutions

You are planning to make monthly deposits of $120 into a retirement account that pays 9...

You are planning to make monthly deposits of $120 into a retirement account that pays 9 percent annual interest (APR), compounded monthly. If your first deposit will be made one month from now, how large will your retirement account be in 19 years? rev: 09_17_2012 Multiple Choice $71,900.73 $75,495.77 $66,266.58 $68,305.69 $862,808.76

You are planning to make monthly deposits of $170 into a retirement account that pays 8...

You are planning to make monthly deposits of $170 into a retirement account that pays 8 percent interest compounded monthly. If your first deposit will be made one month from now, how large will your retirement account be in 21 years?

1-Calculating Annuity Future Values. You are planning to make monthly deposits of $475 into a retirement...

1-Calculating Annuity Future Values. You are planning to make monthly deposits of $475 into a retirement account that pays 10 percent interest compounded monthly. If your first deposit will be made one month from now, how large will your retirement account be in 30 years? 2-Calculating Annuity Future Values. In the previous problem, suppose you make $5,700 annual deposits into the same retirement account. How large will your account balance be in 30 years?

Suppose an investor plans to make monthly deposits into an account that pays 9% interest, compounded...

Suppose an investor plans to make monthly deposits into an account that pays 9% interest, compounded monthly, so that $100,000 will be in the account immediately after the payment at the end of Year 10. The first payment will occur at the end of Month 1 (one month from the present). How much must be deposited monthly? A. $517 per month B. $9,670 per month C. $6,580 per month D. $9,67 per month

You can afford monthly deposits of $130 into an account that pays 3.0% compounded monthly. How...

You can afford monthly deposits of $130 into an account that pays 3.0% compounded monthly. How long (in months) will it be until you have $11,400 to buy a boat?

You plan to make monthly deposits of $1,000 into an account at the beginning of each...

You plan to make monthly deposits of $1,000 into an account at the beginning of each month for the next 12 years. If you can earn 3.0% interest, what will your final balance be by the end of 12 years? Round to the nearest cent. [Hint: Beginning of period monthly cash flows!]

You plan to make monthly deposits of $1,000 into an account at the beginning of each...

You plan to make monthly deposits of $1,000 into an account at the beginning of each month for the next 11 years. If you can earn 3.4% interest, what will your final balance be by the end of 11 years? Round to the nearest cent. [Hint: Beginning of period monthly cash flows!]

Ken planned to make monthly deposits in to a saving account at a nominal rate of...

Ken planned to make monthly deposits in to a saving account at a nominal rate of 3% compounded monthly for 180 months. The amount of deposit is k at the end of the k th month, where k = 1, 2, ..., 180. However, he was unemployed for a short period of time, so he missed the 1st through 9th payments. He made the rest of the payments as planned. How much does Ken have in his saving account at...

you make monthly deposits into an account earning 4.1% for 18 years. afterwards, you stop making...

you make monthly deposits into an account earning 4.1% for 18 years. afterwards, you stop making deposits and withdraw $300 at the end of each month for 12 years. what must your monthly deposits be during the first 18 years? round to two decimal places.

A company is planning to make equal quarterly deposits into a bank account. They want their...

A company is planning to make equal quarterly deposits into a bank account. They want their account to have 1.5 million dollars after 5 years from now because they want to buy a certain machine. Note that the first quarterly deposit is made today and the last deposit is made at the end of year 5. A) If the bank’s interest rate is 14% per year compounded monthly, how much should the company deposit each quarter? (12.5 points) B) If...

Subjects