Suppose you deposit $1,062.00 into an account 4.00 years from today that earns 11.00%. It will...

Suppose you deposit $1,062.00 into an account 4.00 years from today that earns 11.00%. It will be worth $1,801.00 _____ years from today.

Solutions

Expert Solution

it will take 9.06 years from today

calculated using NPER function in excel

jeff jeffy answered 1 year ago

Next > < Previous

Related Solutions

Derek will deposit $5,287.00 per year for 15.00 years into an account that earns 4.00%, The...

Derek will deposit $5,287.00 per year for 15.00 years into an account that earns 4.00%, The first deposit is made next year. How much will be in the account 44.00 years from today? Derek will deposit $1,311.00 per year for 18.00 years into an account that earns 6.00%, The first deposit is made next year. He has $14,490.00 in his account today. How much will be in the account 47.00 years from today? Derek will deposit $3,239.00 per year for...

Scenario: You make a $2,000 deposit to a retirement account today. The account earns a 7.65%...

Scenario: You make a $2,000 deposit to a retirement account today. The account earns a 7.65% rate of interest (i.e. APR) compounded quarterly. What is the value of the investment in 6 years? Scenario: Suppose you want to take out a $150,000 semi annual loan from a bank. The maximum semi-annual payment you can afford is 7,000. The market interest rates are 7.90 APR. Under these conditions, what would the term of this loan be? (round answer to the nearest...

You make a $7,000 deposit to an investment account today. The investment earns 6% p.a compounding...

You make a $7,000 deposit to an investment account today. The investment earns 6% p.a compounding monthly for the first 12 months, then it earns 13%p.a compounding monthly for the next 3 years. At the end of the 4 years the balance in the account is (to the nearest whole dollar; don't use $ sign or commas)

You make a $1,000 deposit to an investment account today. The investment earns 5% p.a compounding...

You make a $1,000 deposit to an investment account today. The investment earns 5% p.a compounding monthly for the first 12 months, then it earns 10%p.a compounding monthly for the next 3 years. At the end of the 4 years the balance in the account is (to the nearest whole dollar; don't use $ sign or commas)

If you deposit today $9,719 in an account for 6 years and at the end accumulate...

If you deposit today $9,719 in an account for 6 years and at the end accumulate $10,221, how much compound interest rate (rate of return) you earned on this investment? You will deposit 18,057 at 10% simple interest rate for 6 years, and then move the amount you would receive to an investment account at 10 % compound rate for another 3 years. How much money would you have at the end of the entire period? If you deposit today...

Suppose you open today (year 0) a savings account with $5,000; the account earns an interest...

Suppose you open today (year 0) a savings account with $5,000; the account earns an interest of 3% APR annually. At the end of year 2 you deposit an additional $5,000 in the savings account, and then at the end of year 7 you deposit another $5,000 in the account. There is a total of 3 deposits made so far. If you did not make any withdrawals or additional deposits, then approximately what is the balance (FV) in the account...

Derek wants to withdraw $13,242.00 from his account 4.00 years from today and $13,962.00 from his...

Derek wants to withdraw $13,242.00 from his account 4.00 years from today and $13,962.00 from his account 14.00 years from today. He currently has $3,676.00 in the account. How much must he deposit each year for the next 14.0 years? Assume a 5.93% interest rate. His account must equal zero by year 14.0 but may be negative prior to that. round answer 2 decimal places

Derek wants to withdraw $11,935.00 from his account 4.00 years from today and $13,226.00 from his...

Derek wants to withdraw $11,935.00 from his account 4.00 years from today and $13,226.00 from his account 14.00 years from today. He currently has $2,428.00 in the account. How much must he deposit each year for the next 14.0 years? Assume a 5.06% interest rate. His account must equal zero by year 14.0 but may be negative prior to that.

Derek will deposit $5,678.00 per year for 15.00 years into an account that earns 13.00%, The...

Derek will deposit $5,678.00 per year for 15.00 years into an account that earns 13.00%, The first deposit is made next year. He has $10,763.00 in his account today. How much will be in the account 38.00 years from today? Answer format: Currency: Round to: 2 decimal places.

Derek will deposit $4,355.00 per year for 30.00 years into an account that earns 9.00%, The...

Derek will deposit $4,355.00 per year for 30.00 years into an account that earns 9.00%, The first deposit is made next year. How much will be in the account 45.00 years from today?

Subjects