Question

If you deposit money today in an account that pays 13% annual interest, how long will it take to double your money? Round your answer to two decimal places.

3 and a half years would be entered as 3.50 years

If you made yearly payments of $5344 at the end of each year into an investment, how long would it take you to save up $1,000,000 if you earned a rate of 8%. Enter your answer in whole years. (ex. 10, 20, 25)

You work hard and save hard. At retirement you have accumulated $1,000,000. You talk to your financial adviser and she helps you pick out an annuity investment that pays you a monthly amount and rate of return on the investment is 5%. Your intentions is to have a fixed monthly payment for 30 years with nothing left of the principal at the end of 30 years. What is the maximum payment you can have each month. Round Your answer to the nearest cent. (hint, your charts do not have 360 periods so you probably will need to use Excel or a calculator)

Answer 1