A worker saves $100 from each monthly paycheck in an account that pays a nominal interest rate of 9 percent, compounded monthly. For how many years must the worke make these monthly deposits in order to accumulate $500,000? Round your answer to the nearest whole number. Do not use currency signs such as "$."

A worker saves $100 from each monthly paycheck in an account that pays a nominal interest rate of 9 percent, compounded monthly. For how many years must the worke make these monthly deposits in order to accumulate $500,000? Round your answer to the nearest whole number. Do not use currency signs such as "$."

Economics Today and Tomorrow, Student Edition

1st Edition

ISBN:9780078747663

Author:McGraw-Hill

Publisher:McGraw-Hill

Chapter6: Saving And Investing

Section6.1: Why Save?

Problem 6R

See similar textbooks

Similar questions

You borrow $700,000 at 3% interest for 30 years on a mortgage. How much total will you pay back on the loan? Assume monthly compounding and round to two decimal places. Hint: Multiply the number of payments by the amount of the payment.
If you deposit 500 pesos at the end of each year for 3 years into an annuity that pays 5% annual simple interest, what is the value at the end of 3 years? (Round off to whole numbers. Digits only. No commas.)
How much money will you have in seven yearsif you deposit $7,000 in the bank at 8.5% interestcompounded daily?
of 1 The credit card with the transactions described in the popup below uses the average daily balance method to calculate interest. The monthly interest rate is 1.2% of the average daily balance. Calculate parts a-d using the statement in the popup. Click the icon to view the credit card statement. a. Find the average daily balance for the billing period. Round to the nearest cent. The average daily balance for the billing period is $ (Round to the nearest cent as needed.)
You want to buy a $32,000 car. You can finance the car for 1.5% interest for 6 years. What is your monthly payment? Assume monthly compounding. Do not enter the negative sign from your calculator (if there is one) or the dollar sign. Round to two decimal places.
Today you deposited $10,000 in a savings account paying 7% annual interest. How much should you have at the end of five years?
If you borrowed $24,000 at 12% annual interest. You agreed to repay the loan with five equal annual payments. How much of the total amount repaid is interest? How much of the third annual payment is interest, and how much principal is there? If you decided to pay off your loan after the third payment, how much will you pay?
Mary takes out a loan for $1000 at a simple interest rate of 5% for a period of 3 years. Calculate the total amount that Mary must pay back at the end of the loan period. Round your answer to two decimal places
Maria takes out a 30-year mortgage for $235,136 at an annual interest rate of 4.2%. How much does she still owe when there is 1 year left on the loan? Round your answer to the nearest dollar.
Suppose that over a six-year period, $1000 accumulated to $1922 in an investment certificate in which interest was compounded quarterly. Find the nominal rate of interest, compounded quarterly, that was earned. %. The nominal rate was (Type an integer or decimal rounded to two decimal places as needed.)
A bank saving account offers 4% compounded on a quarterly basis. A customer deposit $200, in this type of account, at the start of each quarter starting with the first deposit on the first of January and the fourth deposit on the first of October. What is the total amount in his account at the end of the year?
What are the two types of cashflows? Define each