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When you were born, your parents started to deposit monthly $1,000 in the bank. The bank offers a fixed interest rate of 13 percent. On your 18th birthday, your parents decide to withdraw the money that they deposited to pay for your college tuition. How much money can they expect to withdraw?
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- Your parent started to deposit monthly $20,000 in the bank 2 years after birth. The bank offers are fixed interest rate of 6%. On his 18th birthday, your parents decide to withdraw the money that deposited to pay for your college tution. How much money can they expected withdraw?Your grandfather put some money in an account for you on the day you were born. You are now 18 years old and are allowed to withdraw the money for the first time. The account currently has $8059 in it and pays an 12% interest rate. a. How much money would be in the account if you left the money there until your 25th birthday? b. What if you left the money until your 65th birthday? c. How much money did your grandfather originally put in the account?Your grandfather put some money in an account for you on the day you were born. You are now 18 years old and are allowed to withdraw the money for the first time. The account currently has $2,407 in it and pays an 5% interest rate. a. How much money would be in the account if you left the money there until your 20th birthday? b. What if you left the money until your 65th birthday? c. How much money did your grandfather originally put in the account? ... a. How much money would be in the account if you left the money there until your 20th birthday? If you left the money there until your 20th birthday, the amount in the account would be $ (Round to the nearest cent.)
- Your grandfather put some money in an account for you on the day you were born. You are now 18years old and are allowed to withdraw the money for the first time. The account currently has $3,609 in it and pays an 4% interest rate. How much money would be in the account if you left the money there until your 25th birthday? If you left the money until your 65th birthday, what would the future value be? How much money did your grandfather originally put in the account? (Round to the nearest dollar)Your grandfather put some money in an account for you on the day you were born. You are now 16 years old and are allowed to withdraw the money for the first time. The account currently has $5,566 in it and pays an interest rate of 9%. a. How much money would be in the account if you left the money there until your 30th birthday? b. How much would be in your account if you left the money in the account until your 65th birthday? c. How much money did your grandfather originally put in the account? a. How much money would be in the account if you left the money there until your 30th birthday? The amount of money in the account upon your 30th birthday will be $. (Round to the nearest cent.)Your grandfather put some money in an account for you on the day you were born. You are now 18 years old and are allowed to withdraw the money for the first time. The account currently has $9,504 in it and pays a(n) 6% interest rate. a. How much money would be in the account if you left the money there until your 25th birthday? b. How much would be in your account if you left the money in the account until your 65th birthday? c. How much money did your grandfather originally put in the account? a. How much money would be in the account if you left the money there until your 25th birthday? The future value is $ . (Round to the nearest dollar.) b. How much would be in your account if you left the money in the account until your 65th birthday? The future value is $ (Round to the nearest dollar.) c. How much money did your grandfather originally put in the account? The present value is $ (Round to the nearest dollar.)
- Your grandmother has been putting $1,000 into a savings account on every birthday since your first (that is, when you turned one). The account pays an interest rate of 3%. How much money will be in the account immediately after your grandmother makes the deposit on your 18th birthdayWhen you were born, your dear old Aunt Minnie promised to deposit $1,000 in a savings account for you on each and every one of your birthdays, beginning with your first. The savings account bears a 5 percent compound annual rate of interest. You have just turned 25 and want all the cash. However, it turns out that dear old (forgetful) Aunt Minnie made no deposits on your fifth, seventh, and eleventh birthdays. How much is in the account now – on your twenty-fifth birthday.Your brother has decided to ask you for advice about saving up for his teenager's college fund. He plans on withdrawing $15,000 at the end of year 5, $17,000 at the end of year 6, and $20,000 each at the end of year 7 and year 8. How much does your brother need to deposit today into an account with an annual interest rate of 1%?
- A mother wants to invest $8 comma 000.00 for her son's future education. She invests a portion of the money in a bank certificate of deposit (CD account) which earns 4% and the remainder in a savings bond that earns 7%. If the total interest earned after one year is $ 480.00 comma how much money was invested in the CD account? The total interest earned after one year is $480.00 . How much money was invested in the CD account?As a savings program toward their child’s college education, parents decide to deposit 100 dollars at the end of every month into a bank account paying interest at the rate of 6% per year compounded monthly. If the savings program began when the child was 6 years old, how much money would have accumulated by the time the child turns 18?A father wants to set aside money for his son's future college education. Money can be deposited in a bank account that pays 8.1% per year, compounded annually. What equal deposits should be made by the father, on his son's 5th through 17th birthdays, in order to provide $6900 on the son's 18th, 19th, 20th, and 21st birthdays?