Daniel deposits $20,000 into an account earning interest at 6% per year compounded quarterly. He wishes to withdraw $400 at the end of each month. For how many months can he make these withdrawals? Round entry down to the nearest month.
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Daniel deposits $20,000 into an account earning interest at 6% per year compounded quarterly. He wishes to withdraw $400 at the end of each month. For how many months can he make these withdrawals? Round entry down to the nearest month.
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- Refer to the present value table information on the previous page. What amount should Brett have in his bank account today, before withdrawal, if he needs 2,000 each year for 4 years, with the first withdrawal to be made today and each subsequent withdrawal at 1-year intervals? (Brett is to have exactly a zero balance in his bank account after the fourth withdrawal.) a. 2,000 + (2,000 0.926) + (2,000 0. 857) + (2,000 0.794) b. 2,0000.7354 c. (2,000 0.926) + (2,000 0.857) + (2,000 0.794) + (2,000 0.735) d. 2,0000.9264Daniel deposits $20,000 into an account earning interest at 6% per year compounded quarterly. He wishes to withdraw $400 at the end of each month. For how many months can he make these withdrawals?David wants to accumulate at least $40,000 by depositing $1,000 at the end of each month into a fund that earns interest at 5.75% compounded monthly. a. How many deposits does he need to make in order to reach his goal? Round to the next payment b. How long will it take David to reach his goal? year(s) month(s) Express the answer in years and months, rounded to the next payment period
- Pete opens a simple intrest savings account that earns 5% annual interst with an intial deposit of $3,500. What will the balance be in his savings account at the end of 18 months?Daniel deposits $20,000 into an account earning interest at 6% per year compounded monthly. He wishes to withdraw $1,200 at the end of each quarter. For how many quarters can he make these withdrawals?At the beginning of each month, Francisco deposits $7,500 into an investment account. If the interest rate is 2% monthly, compounded each month, calculate the amount after 3 years?
- Laura wants to accumulate $150,000 in her bank account by depositing $1000 at the beginning of each month. If interest on the account is 5% compounded quarterly, for how long does Laura have to deposit the money?Kaye deposited $8,500 into a savings account today. For how long can $600 be withdrawn from the account at the end of every three months starting three months from now if interest is 7.1% compounded quarterly? State your answer in years and months (from 0 to 11 months). She can make withdrawals for year(s) and month(s).Tom deposits $100 to his investment account at the end of each month for the first n month, and $200 to his account on the next 2n month. The account has monthly effective compound rate interest i. The money is doubled every n month in his investment account. At the end of 3n month, his balance in this account is $250,000. Find the effective monthly interest i and the number of months n.
- Chris deposits $15,000 at the end of each month in a savings account that grants an annual 14% compounded monthly. After how many monthly payments will he manage to save $1,300,000?Pascal has recently opened an RRSP. He plans to deposit $ 965 at the end of every month for 20 years. The account will compound interest semi-annually at the nominal rate of 5.9 %. How much money will Pascal have in his account immediately after his last deposit? a. $ 410717.66 b. $ 410717.66 c. $ 454411.03 d. $ 436933.68 e. $ 410717.66Claudia intends to accumulate $35,000, so 6 months earlier she opens an account with $7,500, earning interest at 6.63% simple annual interest. 2 months later she deposits another $10,300. How much should she deposit 3 months after opening the account to achieve her goal?
