Question
In: Finance
33. Your godmother deposit $3,000 each year on your birthday, starting the day you are born,...
33. Your godmother deposit $3,000 each year on your birthday, starting the day you are born, in an account that pays 4.5 interest compounded quarterly. How much will you have in the account on your 25 th birthday, just after your godmother make her deposit? a. $129,650.62 b. $139,203.27 c. $144,281.22 d. $135,098.44 e. $132,098.44
Solutions
jeff jeffy answered 1 year agoRelated Solutions
You and your cousin Kristin were born on the same day. Today is your 25th birthday....
You and your cousin Kristin were born on the same day. Today is
your 25th birthday. Five years ago (when you turned 20) your aunt
started depositing $2,500 into Kristin's account. She did this
every year and she just made a sixth deposit. Your aunt will make
forty more $2,500 payments until a 46th and final payment is made
on Kristin's sixty fifth birthday. Your aunt has had a change of
heart and now wants to make an equivalent provision...
You deposit $5,000 in the bank each year starting today. The last deposit will be in...
You deposit $5,000 in the bank each year starting today.
The last deposit will be in exactly 20 years’ time.
How much will there be in the bank when you retire in exactly 45
years?
EAR = 10%
How much must you deposit each year into your retirement account starting now and continuing through...
How much must you deposit each year into your retirement account
starting now and continuing through year 15 if you want to be able
to withdraw $80,000 per year forever, beginning 27 years from now?
Assume the account earns interest at 8% per year.
The amount to be deposited is determined to be $________?
Starting next year you plan to deposit $1000 each year into an account earning 9.25% effective...
Starting next year you plan to deposit $1000 each year into an
account earning 9.25% effective annual return. How many years will
it take for your account to grow to $20,000, if you increase your
deposit each year by 5%? (Hint: use excel goal seek).
Enter answer in years, rounded to the nearest first decimal, as
in "4.6" years
Starting next year you plan to deposit $1000 each year into an account earning 9.25% effective...
Starting next year you plan to deposit $1000 each year into an
account earning 9.25% effective annual return. How many years will
it take for your account to grow to $20,000, if you increase your
deposit each year by 5%? (Hint: use excel goal seek).
Enter answer in years, rounded to the nearest first decimal, as
in "4.6" years
Starting next year you plan to deposit $1000 each year into an account earning 9.25% effective...
Starting next year you plan to deposit $1000 each year into an
account earning 9.25% effective annual return. How many years will
it take for your account to grow to $20,000, if you increase your
deposit each year by 5%? (Hint: use excel goal seek).
Enter answer in years, rounded to the nearest first decimal, as
in "4.6" years
An animal is born at 50kg. Each day the animal gains 1.2 kg a day for...
An animal is born at 50kg. Each day the animal gains 1.2 kg a
day for the next 60 days. Everyday the animal drinks 25% of its
body weight. On the first day the animal drinks 12.5L of milk. If
each liter is 600 kcal, how many kcal will the animal have drank in
the past 60 days? Please show your work.
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 $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.
When you were born, your dear old aunt minnie promised to deposit $500 into a savings...
When you were born, your dear old aunt minnie promised to
deposit $500 into a savings account bearing a 5% compounded annual
rate on each birthday, beginning with your first. You have just
turned 21 and want the dough. However, it turns out that dear old
(forgetful) aunt minnie made no deposits on your fifth and eleventh
birthdays. How much is in the account right now?
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