You currently have $39,471.01 in an account that pays 5 percentinterest. You plan to deposit...

You currently have $39,471.01 in an account that pays 5 percent interest. You plan to deposit in this account $3581 at the end of each year until the account reaches $124578. How long would that take? Enter your answer in 4 decimals (e.g. 5.1234).

Expert Solution

Number of years are calculated using the NPER function as follows:-

=NPER(rate,pmt,pv,fv)

=NPER(5%,-3581,-39471.01,124578)

=11.6576 years

jeff jeffy answered 2 years ago

You plan to make a deposit today to an account that pays 6% compounded annually that...

You plan to make a deposit today to an account that pays 6% compounded annually that will found the following withdrawals with nothing left in the account after the withdrawals, starting at the end of year 4 you plan to make 5 annual withdrawals (withdraw in year 4,5,6,7,8) that will increase by 2% over the previous year's withdrawals. The amount for withdrawals in year 4 will be $2000, what amount do you need to deposit today?

You deposit $1,500 into an account that pays 4% per year. Your plan is to withdraw...

You deposit $1,500 into an account that pays 4% per year. Your plan is to withdraw this amount at the end of 5 years to use for a down payment on a new car. How much will you be able to withdraw at the end of 5 years? Do not round intermediate calculations. Round your answer to the nearest cent.

Assume that 1 year from now you plan to deposit $1000 in savings account that pays...

Assume that 1 year from now you plan to deposit $1000 in savings account that pays a nominal rate of 8 %. a) If the bank compounds interest annually, how much will you have in your account 4 years from now? b) What would your balance be 4 years from now if the bank used quarterly compounding rather than annual compounding?

You have $7,933.71 in a brokerage account, and you plan to deposit an additional $4,000 at...

You have $7,933.71 in a brokerage account, and you plan to deposit an additional $4,000 at the end of every future year until your account totals $200,000. You expect to earn 14% annually on the account. How many years will it take to reach your goal? Round your answer to the nearest whole number.

You have $51,106.03 in a brokerage account, and you plan to deposit an additional $3,000 at...

You have $51,106.03 in a brokerage account, and you plan to deposit an additional $3,000 at the end of every future year until your account totals $250,000. You expect to earn 10% annually on the account. How many years will it take to reach your goal?

You have $30,637.17 in a brokerage account, and you plan to deposit an additional $4,000 at...

You have $30,637.17 in a brokerage account, and you plan to deposit an additional $4,000 at the end of every future year until your account totals $270,000. You expect to earn 13% annually on the account. How many years will it take to reach your goal? Round your answer to two decimal places at the end of the calculations. ____ years

You have $78,653.11 in a brokerage account, and you plan to deposit an additional $3,000 at...

You have $78,653.11 in a brokerage account, and you plan to deposit an additional $3,000 at the end of every future year until your account totals $280,000. You expect to earn 10% annually on the account. How many years will it take to reach your goal? Round your answer to two decimal places at the end of the calculations.

You have $7,115.21 in a brokerage account, and you plan to deposit an additional $5,000 at...

You have $7,115.21 in a brokerage account, and you plan to deposit an additional $5,000 at the end of every future year until your account totals $270,000. You expect to earn 14% annually on the account. How many years will it take to reach your goal? Round your answer to two decimal places at the end of the calculations.

You have $32,827.07 in a brokerage account, and you plan to deposit an additional $4,000 at...

You have $32,827.07 in a brokerage account, and you plan to deposit an additional $4,000 at the end of every future year until your account totals $290,000. You expect to earn 12% annually on the account. How many years will it take to reach your goal? Round your answer to the nearest whole number.

You have 42,180.53 in a brokerage account, and you plan to deposit and additional 5,000 at...

You have 42,180.53 in a brokerage account, and you plan to deposit and additional 5,000 at the end of every future year until your account total 250,000. you expect to earn 12% annually on the account. How many years will it take to reach your goal?

Question