You need $58000 on March 15, 2024. How much do you need to deposit each quarter in an account earning 10.25% compounded quarterly if the first deposit is made on June 15, 2014 and the last deposit is made on December 15, 2023? Note: you must be within $5 of the correct answer
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You need $58000 on March 15, 2024. How much do you need to deposit each quarter in an account earning 10.25% compounded quarterly if the first deposit is made on June 15, 2014 and the last deposit is made on December 15, 2023? Note: you must be within $5 of the correct answer
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- A person wants to be able to make monthly $500 withdrawals. If the first withdrawals is on April 1, 2021 and the last withdrawal is on December 1, 2029, then how much needed to be in the account on April 1, 2021? The account pays 5% compounded monthlyA person wants to be able to make monthly $500 withdrawals. If the first withdrawals is on April 1,2021 and the last withdrawal is on December 1, 2029, then how much needed to be in the account onApril 1, 2021? The account pays 5% compounded monthly TVM FORMULAIt is now January 1, 2018, and you will need $1,000 on January 1,2022, in 4 years. Your bank compounds interest at an 8% annual rate.a. How much must you deposit today to have a balance of $1,000 on January 1, 2022?b. If you want to make four equal payments on each January 1 from 2019 through 2022 to accumulate the $1,000, how large must each payment be? (Note that the payments begin a year from today.)c. If your father offers to make the payments calculated in part b ($221.92) or to give you$750 on January 1, 2019 (a year from today), which would you choose? Explain.d. If you have only $750 on January 1, 2019, what interest rate, compounded annually for3 years, must you earn to have $1,000 on January 1, 2022?e. Suppose you can deposit only $200 each January 1 from 2019 through 2022 (4 years).What interest rate, with annual compounding, must you earn to end up with $1,000 on January 1, 2022?f. Your father offers to give you $400 on January 1, 2019. You will then make six…
- It is now January 1, 2018, and you will need $1,000 on January 1, 2022, in 4 years. Your bank compounds interest at an 8% annual rate.a. How much must you deposit today to have a balance of $1,000 on January 1, 2022?b. If you want to make four equal payments on each January 1 from 2019 through 2022 to accumulate the $1,000, how large must each payment be? (Note that the payments begin a year from today.)c. If your father offers to make the payments calculated in part b or to give you $750 on January 1, 2019 (a year from today), which would you choose? Explain.d. If you have only $750 on January 1, 2019, what interest rate, compounded annually for 3 years, must you earn to have $1,000 on January 1, 2022?e. Suppose you can deposit only $200 each January 1 from 2019 through 2022 (4 years). What interest rate, with annual compounding, must you earn to end up with $1,000 on January 1, 2022?f. Your father offers to give you $400 on January 1, 2019. You will then make six additional equal…You wish to deposit $500 dollars per year. The first deposit will be on April 1, 2017, and your last deposit will be on April 1, 2026. How much will be in the account on April 1, 2050 if the bank pays 4% annually?You decide to make monthly $2000 deposits into an account that pays 4% compounded monthly. If your first deposit was on January 1, 2019, then how much is in the account immediately after the deposit on January 1, 2025?
- You wish to have $10,000 on August 1, 2026. You plan to to make monthly deposits into an account with pays 5% monthly. Your first deposit will be on March 1, 2019, and your last will be on February 1, 2021. What are the size of your deposits?You plan to make twelve monthly payments of $1000 at the end of each month in the year 2024. Given that the account pays 12% interest compounded monthly, how much should you deposit by the end of the year 2023? 6,194.37 8333.33 11,255.08Consider a credit card with a balance of $7000 and an APR of 12.5%. If you want to make monthly payments in order to pay off the balance in 11 year, what is the total amount you will pay? Round your answer to the nearest cent, if necessary.
- Suppose you deposit $5,000 into an account at the end of 2021, $4,500 at the end of 2022, $4000 at the end of 2023, and $3500 at the end of 2024. if the account earns 6% interest annually, how much have yoù accumulated immediately after the last payment? A $19,750 B $16,742 $18,748 $17,746Consider a credit card with a balance of $9000 and an APR of 16.99% . In order to pay off the balance in 3 years, what monthly payment would you need to make? Round your answer to the nearest cent, if necessary.Suppose you want to have $600, 000 for retirement in 15 years. Your account earns 9% interest. Feel free to use the Online Basic Financial Calculator a) How much would you need to deposit in the account each month? $ b) How much interest will you earn? $