Question
In: Finance
Micheal wants to have $68,000 in 10 years on a savings plan that requires monthly contributions....
Micheal wants to have $68,000 in 10 years on a savings plan that requires monthly contributions. If he can earn 11 percent APR with monthly compounding on the savings plan, what is the amount that he will have to invest every month for the next 10 years? Round it to two decimal places and do not include the $ sign, e.g., 1234.56.
Solutions
jeff jeffy answered 6 months agoRelated Solutions
XYZ wants to have $192,000 in 8 years. He plants to make regular savings contributions of...
XYZ wants to have $192,000 in 8 years. He plants to make regular
savings contributions of $9,400 per year for 8 years, with the
first of these regular savings contributions made later today. In
addition, XYZ expects to make a special savings contribution of X
in 2 years. He expects to earn 13.6 percent per year. What is X,
the amount fo the special savings contribution that XYZ will make
in 2 years?
find the savings plan balance after 10 months with an apr of 3% and monthly payments...
find the savings plan balance after 10 months with an apr of 3% and
monthly payments of $390
Kori is making monthly contributions of of $260 to her savings account which pays interest at...
Kori is making monthly contributions of of $260 to her savings
account which pays interest at the APR of 6.9%, compounded monthly.
Right after Kori makes her 35th contribution, the bank changes the
APR to 7.2% and Kori makes 57 more $260 contributions. What is
Kori's balance right after her last contribution?
Lucas wants to save money for retirement. Lucas’ savings pattern is as follows: First 10 years:...
Lucas wants to save money for retirement. Lucas’ savings pattern
is as follows:
First 10 years: Lucas saves $2500 each year
Next 10 years: 11th year Lucas saves $2500 and increases his
savings by $200 each year thereafter.
How much money will Lucas have when he retires at the end of
twenty years, if the interest rate is 6% per year?
Question 2 Part C: Provide the final value of Lucas’
retirement fund. Enter your answer in the form:
12345.67
For his retirement in 30 years, a man plans to make monthly contributions of $25 to...
For his retirement in 30 years, a man plans to make monthly
contributions of $25 to an ordinary annuity paying 8% annually,
compounded monthly at
a. Find the total amount of his contributions.
b. Find the single deposit now that will provide the same
retirement benefit.
McAfee company will make contributions to a pension plan for 20 years, and then payout $28,000...
McAfee company will make contributions to a pension plan for 20
years, and then payout $28,000 per year ( at the end lf each year)
for the next 15 years. assuming money always earns 9% per year,
what quarterly contributions must be made (at the end of each
quarter) for the next 20 years to meet their obligation
ABC wants to have $20,000 in a savings account four years from now. What amount must...
ABC wants to have $20,000 in a savings account four years from
now. What amount must ABC deposit into an account today if the
account will earn 10% interest, and interest is compounded
semiannually?
Present Value of $1
Periods
5%
6%
8%
10%
4
0.823
0.792
0.735
0.683
5
0.784
0.747
0.681
0.621
6
0.746
0.705
0.630
0.564
7
0.711
0.665
0.583
0.513
8
0.677
0.627
0.540
0.467
9
0.645
0.592
0.500
0.424
10
0.614
0.558
0.463
0.386
Present Value...
Our Minor Project requires you to create a savings and investing plan to reach a total...
Our Minor Project requires you to create a savings and investing
plan to reach a total savings of $1,000,000.
The objective is to accumulate $1,000,000 in savings, in 30
years from today.
What amount of money must be set aside each month, to reach our
goal, assuming that the money is not invested and no interest is
earned?
Assume that the money is placed in a checking account that pays
a 2% interest rate. The interest is compounded annually. What...
Our Minor Project requires you to create a savings and investing plan to reach a total...
Our Minor Project requires you to create a savings and investing
plan to reach a total savings of $1,000,000.
The objective is to accumulate $1,000,000 in savings, in 30
years from today.
What amount of money must be set aside each month, to reach our
goal, assuming that the money is not invested and no interest is
earned?
Please, show your calculations and include your results in a
table, for ease of comparison.
Based on the above calculations, how difficult...
You plan to make contributions to your retirement account for the next 20 years. After the...
You plan to make contributions to your retirement
account for the next 20 years. After the last contribution, you
will retire and begin withdrawing $3000 each month, and you want
the money to last an additional 20 years. Assume your account earns
8% interest compounded monthly.
a.How much do you need to have saved in 20
years in order to withdraw according to plan?
b) How much do you need to deposit into the savings account for
the next 20...
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