Question
In: Finance
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
Solutions
jeff jeffy answered 1 year agoRelated Solutions
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
Suppose you deposit $1000 into a bank account earning 2% interest for the next year. If...
Suppose you deposit $1000 into a bank account earning 2%
interest for the next year. If the inflation rate over the next
year is 1%, then what can be said about the 2% return you have
earned on your deposit?
a) The $1020 you will have in one year will purchase less than
$1000 would purchase today.
b) The $1020 you will have in one year will purchase more than
$1000 would purchase today.
c) The $1020 you will have...
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?
Today is Sept. 1, 2009. Starting today you plan to invest $1000 every year, first deposit...
Today is Sept. 1, 2009. Starting today you plan to invest $1000
every year, first deposit today and last deposit on Sept. 1, 2025.
After that, you plan to leave the money in the same account until
Sept. 1, 2030. However, the interest rate is 8% compounded
quarterly until your last deposit and only 7% compounded annually
after that. How much money will you have in your account on Sept.
1, 2030?
a. $34,504.14
b. $35,504.14
c. $48,393.84
d. $49,005.74...
You deposit $3000 each year into an account earning 3% interest compounded annually. How much will...
You deposit $3000 each year into an account earning 3% interest
compounded annually. How much will you have in the account in 25
years? $
deposit $10,000 per year into an account at the end of each of the next 4...
deposit $10,000 per year into an account at the end of each of
the next 4 years, and $15,000 into the account each year for the
following 6 years. How much money will you have in the account at
the end of the 10th year? Assume that we earn 10 percent nominal
interest compounded annually on our investments.
A. $76,319.18
B. $197,972.30
C. $130,000.00
D. $89,174.29
E. Something Else
1. You deposit $3000 each year into an account earning 7% interest compounded annually. How much...
1. You deposit $3000 each year into an account earning 7%
interest compounded annually. How much will you have in the account
in 25 years?
2. Suppose you want to have $600,000 for retirement in 25 years.
Your account earns 7% interest.
a) How much would you need to deposit in the account each
month?
b) How much interest will you earn?
3. You have $400,000 saved for retirement. Your account earns 7%
interest. How much will you be able...
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%
You deposit $200 each month into an account earning 4% interestcompounded monthly.a) How much...
You deposit $200 each month into an account earning 4% interest
compounded monthly.
a) How much will you have in the account in 30 years?
$
b) How much total money will you put into the account?
$
c) How much total interest will you earn?
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