You can afford monthly deposits of $260 into an account that pays 3.6% compounded monthly. How long will it be until you have $6,700 to buy a boat?

Q: A man needed P250, 000 at the end of 3 years, how much money must he deposit quarterly in an…

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Q: Audrey is going to invest in an accour paying an interest rate of 5.7% compounded daily. How much…

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Q: How much did Speedy Movers borrow for a debt that accumulated to $51,238.44 in four years? The…

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Q: Parents wish to have $80,000 available for a child's education. If the child is now 5 years old, how…

A: The formula for the compound interest is given by, A=P1+rnnt where, A is the final amount, P is the…

Q: If you have $5000,00 to invest a rate of 3.5% compounded monthly, how long would it take to save…

A: Given investment(P) = $5,000.00 interest rate(r) = 3.5% per annum Final amount(A) = $15,000.00 The…

Q: Parents wish to have $160,000 available for a child's education. If the child is now 10 years old,…

A: The formula for the future value is given by FV=PV1+rnnt  where PV is the present value, r is the…

Q: A year-end bonus of $25,000 will generate how much money at the beginning of each month for the next…

A: Given that the year-end bonus is $25,000 that can be invested at 6.15% compounded monthly.

Q: Find the amount a college student owes at the end of 3 years if $6200 is loaned to her at a rate of…

A: Given problem:- Find the amount a college student owes at the end of 3 years if $6200 is loaned to…

Q: Rosa Burnett needs $7,000 in three years to make the down payment on a new car. How much must she…

A: Given information Future value=$7,000 Rate of interest r=0.5% compounded annually ⇒r=0.5100=0.005…

Q: Beck would like to be a millionaire in 35 years. How much would she need to invest quarterly in a…

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Q: Austin invested $200 in an account paying an interest rate of 6.1% compounded quarterly. Assuming no…

A: Austin invested $200 in an account paying an interest rate of 6.1% compounded quartely.

Q: If you need $8000 to travel to Europe after you graduate in 4 years.  How much would your monthly…

A: The compound interest formula is,

Q: If compounded monthly, a loan will be amounting to P132, 400.00 if invested at 11.5% interest for…

A: The solution to the given question is explained below.

Q: Christian is saving money and plans on making monthly contributions into an account earning an…

A: Given data is: Future value of amount after n period A=$9000 Interest rate i=5.7% Period n =32…

Q: Henry has inherited $18 000 and would like to invest the money to pay for new car in two years. If…

A: The amount he invested for new car is:  P = $18,000 Interest rate:  r = 4.9% Interest is compounded…

Q: Liz wants to accumulate at least $40,000 by depositing $900 at the end of each month into a fund…

A: As the interest rate is compounded monthly:   Part (a):   Future value for the annuity is computed…

Q: An investment of 10,000 yields 8% interest compounded quarterly. What will be the accumulated…

A: Given    present value= 10000 interest rate=8% compounded quarterly

Q: The cost of a four-year private college education (after financial aid) has been estimated to be…

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Q: Jodie deposited $10,000 into an account paying 6.5% interest, compounded quarterly.  She needs to…

A: Let's say it will take t years to make the down payment

Q: A television set is for sale at P13, 499 in cash or in installment terms, P2,500 each month for the…

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Q: The cost of a four-year private college education (after financial aid) has been estimated to be…

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Q: Adam wishes to have $20,000 available in 18 years to purchase a new car for his son as a gift for…

A: Adam wishes to have $20,000 available in 18 years to purchase a new car for his son as a gift for…

Q: Laurie has $2,500 in an investment account. What annually compounded interest rate would she need to…

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Q: If Frank invests $11,400 at 3.7% interest compounded quarterly, how much will his investment be…

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Q: Bo won $10,000 on a scratch-off lottery ticket. In five years, he wants to buy a new bass boat that…

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Q: If Gabriel wants to accumulate $ 20,000 in 6 years to buy a car, how much would he need to invest…

A: The compound interest formula is A = P1 + rnnt In the formula, A = Accrued amount (principal +…

Q: How much did Speedy Movers borrow for a debt that accumulated to $56,036.80 in five years? The…

A: We need to find the amount that Speedy Movers borrow for a debt that accumulated to $ 56036.80 in…

Q: A payment of $1500 is due in three months. Find the equivalent value at nine months if the interest…

A: Given interest rate is 4% compounded quarterly. F.V=P.V(1+r/k)nk Here, F.V= Future value P.V=Present…

Q: Marvin wants to buy a car worth P1,200,000. He can pay P200,000 down payment and the balance every…

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Q: A newborn child receives a $7,000 gift toward a college education from her granparents. How much the…

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Q: Ariana is going to invest in an account paying an interest rate of 3.7% compounded monthly. How much…

A: r=3.7%  A=$25000 t=14 years  n=12 (compounded monthly)

Q: Riley invested $5,100 in an account paying an interest rate of 7-% compounded quarterly. Ryan…

A: Use the formula A=P1+rnnt. Where P is the principle amount, r is the rate of interest, n is number…

Q: A year-end bonus of $20,000 will generate how much money at the beginning of each month for the next…

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Q: Shawn invested $130 at the end of every month into an RRSP for 13 years. If the RRSP was growing at…

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Q: Erin has $250,000 saved for retirement in an account earning 3.4% interest, compounded quarterly.…

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Q: An investment of $9,550 is made in an account compounded quarterly at 8%. How much will the…

A: Topic = Algebra

Q: If you invested $300 now at 6.5% interest compounded monthly, how much money do you have available…

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Q: Hamad needs $6500 in 3 years for his first-year university program. He is planning to deposit a…

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Q: I want to have $20,000 to buy a car in five years. How much would I have to invest now in a savings…

A: We will use the Compound Interest formula to find the amount you need to invest every year to get…

Q: You deposited $7000 in an investment fund that pays 5.5% per year, compounded quarterly. How much…

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Q: Ken is paying off a loan by making a $50 down payment and then $50 payments at the end of every…

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Q: How many months would it take you to repay a $ 5225 loan by making payments of $ 57 at the end of…

A: The formula for computing the number of years required to pay off a loan when payment is made at the…

Q: A year-end bonus of $24,000 will generate how much money at the beginning of each month for the next…

A: The present value of an annuity is given by  Present Value=PMT1−1+i−ni1+i For a year, n = 12. Since…

Q: A year-end bonus of $22,000 will generate how much money at the beginning of each month for the next…

A: The payment that has to be done at the beginning of each period is Annuity. In this problem, the…

Q: Greg has $9,000 in a savings account. The interest rate is 15%, compounded annually. To the nearest…

A: NOTE: Refresh your page if you can't see any equations. . here we have P=9000 r=15%=0.15 n=1 for…

Q: What is the purchase price on a car that has a $350 monthly payment for five years, financed at 6%…

A: Given query is to find the purchase price of the car.

Q: Farid placed RM5,000 in a bank account for six years. The bank offered an interest rate of 6%…

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Q: How long would it take to double your money in an account paying 8% compounded quarterly?

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Q: How much did Speedy Movers borrow for a debt that accumulated to $58,040.76 in five years? The…

A: To find out the borrowed amount.