Samuel is saving for a future renovation project that is estimated to cost $38,000. How much will Samuel have to deposit at the beginning of every three months in order to accumulate $38,000 in 6 years? Interest is 5.4% compounded quarterly. Round the answer for PMT to two decimal places. Choose BGN or END ? @ P/Y = I/Y = PV = $ % Submit Question C/Y = PMT = $ N= FV = $
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- Next Level Potter wishes to deposit a sum that at 12% interest, compounded semiannually, will permit 2 withdrawals: 40,000 at the end of 4 years and 50,000 at the end of 10 years. Analyze the problem to determine the required deposit, stating the procedure to follow and the tables to use in developing the solution.You put $250 in the bank for S years at 12%. A. If interest is added at the end of the year, how much will you have in the bank after one year? Calculate the amount you will have in the bank at the end of year two and continue to calculate all the way to the end of the fifth year. B. Use the future value of $1 table in Appendix B and verity that your answer is correct.Jane is converting an RRSP balance of $250,000 into a RRIF Jane wants to receive $1,361 at the beginning of each month for 24 years What nominal annual rate of interest compounded semi-annually is required? Round the answer (Y) to 2 decimal places. Choose BGN or END PV = $ 250000 P/Y = 12 VY= PMT= $1361 C/Y = 2 mere FV = $0 N = 288
- You are saving for a new house. You place $47,000 into an investment account at the end of each year for five years. How much will you have after five years if the account earns (a) 5%, (b) 7%, or (c) 9% compounded annually? Note: Use tables, Excel, or a financial calculator. Round your answers to 2 decimal places. (FV of $1, PV of $1, FVA of $1, and PVA of $1) a. b. C.. Annuity Annual Interest Payment Rate Compounded $ 47,000 47,000 47,000 5% 7% 9% Annually Annually Annually Period Invested 5 years 5 years 5 years Future Value of Annuity $ 59,985.23 65,919.93 72,315.33 4NOTE: Provide a format and show your work (example: N = 6, PV = XXX, I = X%, etc.) 1. If you start making $60 monthly contributions (at the beginning of the month) and continue them for five years, what’s their future value if the compounding rate is 10.25 percent APR? (Do not round intermediate calculations and round your final answer to 2 decimal places.) 2. You are given the opportunity to purchase an annuity that pays $540 at the beginning of each year for 7 years earning 6%. What is the price of the annuity?An investor requires an annual (year-end) income of $15,000 in perpetuity. Assuming a fixed rate of interest of 4% each year, and ignoring administrative charges, what is the sum required now to purchase the annuity? Give your answer to the nearest $. 2. A saver invests $1,500 now and at the end of each of the next 4 years. If the interest rate is 6%, what is the present value (to 2 decimal places) of this investment? (Use tables)
- Save & Exit Submit Donny borrows $37,000 to purchase a high-performing computer. The loan will be paid in monthly installments over one year at 12% interest annually The first payment is due one month from today. What is the amount of each monthly payment? (FV of $1. PV of $1. FVA of $t. PVA of St. EVAD of $t and PVAD of $1) (Use appropriate factor(s) from the tables provided.) 5-50 Multiple Choice None of these answer choices are correct. $3.083 $3.287 $3.039 < Pre of MC Graw MacBook AirYou want to be able to withdraw $4000 from an account at the end of each year for the next 19 years. How much money should you invest now into an account earning 6.6% interest per year, compounded annually, in order to fund the desired withdrawals? Assume the account is empty after the last withdrawal is made. Give the answer to 2 decimal places, and do not use the $ sign in the answer box. The amount to invest now is Blank 1. Calculate the answer by read surrounding text. dollars.Compute the future value of $536 invested every year if the appropriate rate is 11.2% and you invest the money for 4 years with the first payment made one year from now. Answer: $Blank 1 NOTE: Do not round in between solutions. Final answer round to two decimal places. No need to put comma and UOM.
- Suppose you invest in an annuity that pays 6% interest, compounded annually. You contribute $4,500 each year for 10 years, what is the value of the annuity at the end of 10 years? Enter your answer rounded to the nearest hundred dollars. Omit the dollar sign and comma ($42,570.21 should be entered as 42600.)You have $29,307.61 in a brokerage account, and you plan to deposit an additional $4,000 at the end of every future year until your account totals $240,000. You expect to earn 12% 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. ___yearsSuppose you want to buy a vacant lot for your future home for $29,673. If your bank is willing to loan you the money at a 6% APR over the next 14 years how much would be your monthly payment? (Round up your answer to two decimal point)