Faisal has $12,000 in his savings account and can save an additional $3,600 at the end of each year per year. If interest rates are 12%, how long will it take his savings to grow to $47,000? 6 years O 8 years O 4 years O 2 years
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- 8) Faisal has $12,000 in his savings account and can save an additional $3600 per year. If interest rates are 12%, how long will it take his savings to grow to $47,000? A) 4.3 years B) 6.3 years C) 5.3 years D) 7.3 years3. Mr. Rodriguez invests $2,000 in a savings plan. The savings account pays an annual interest rate of 5.75% on the amount he put in at the end of each year. a. How much will r. Rodriguez eam if he leaves his money in the savings plan for 10 years? b. How much money will be in his savings plan at the end of 10 years?In 3 years, Muhammad wants to have a balance of $10,000 in his savings to take a trip. What monthly contribution will he have to make in order to reach this goal if he can earn interest of 4.29% compounded monthly? $259.85 $295.48 $260.78 $296.53
- Faisal has $14,000 in his savings account and can save an additional $4200 per year. If interest rates are 12%, how long will it take his savings to grow to $49,000?Tak wants to save $10 000 for a vacation. He deposits $150 at the end of each month for 4.5 years in an account that earns 8.7% per year compounded monthly. Will Tak have enough money saved at the end of 4.5 years? Why? Paragraph В I U + vRoger decides to start an investment account by depositing $5,000 today. In one year he will invest $500. He plans to make annual investments that increase by $100 each year ($600 in year two, $700 in year three, etc.). If he earns 9% on his investment, what will his account be worth 6 years from today, assuming he compounds annually
- Suppose Chris starts saving in 3 years from today. He will save $20,000 each year for 6 years (until the end of year 8). Then he leaves that money in the same account until the end of year 10. How much will he have saved at the end of year 10 if he earns 4.3% interest.Please help me answer the following time value of money question. Michael makes a $500 investment. At the end of 5 years, he has 700. Assuming that the interest is compounded monthly, what is the interest rate earned on his investment?Rohit invests $ 1 every year starting from the end of the current year. If his savings earn an annual interest rate of 15%, how long will it take for him to attain a wealth of $ 20 at the end of savings period? A) 10 years B)15 years C)20 years D)Not feasible to achieve 20 times of investment.
- Peter has opened a retirement investment account and plan to contribute $6,000 at the end of each year to his account for 30 years. He wants to retire when he has $1 million in the account. What expected annual rate of return must earn to have $1 million in his account? 11.24% 8.93% 9.26% 12.18% 10.07%how much must brix save in his account at the end of each month in order to have 125,000.00 at the end of 5 years, if money is worth 5.88% compound monthly?Charlie wants to withdraw $12,000 each year forever from his account. At an interest rate of 6% per annum, the amount he should deposit in his account should be: a. $150,000 b. $250,000 c. $200,000 d. $120,500