Tom wants to have $50,000 saved sometime in the future. How much must he deposit every month
Question:
Tom wants to have $50,000 saved sometime in the future. How much must he deposit every month into an account that pays 1.45% interest, compounded monthly? Use a graphing calculator to graph the present value function.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 75% (4 reviews)
Given that F future value 50000 Interest rate r 145 00145 Number o...View the full answer
Answered By
Mutua Elijah
I love working with any kind of student so as i can bring out the best from them hence making them progress well in life.
0.00
0 Reviews
10+ Question Solved
Related Book For
Financial Algebra Advanced Algebra With Financial Applications
ISBN: 9781337271790
2nd Edition
Authors: Robert Gerver, Richard J. Sgroi
Question Posted:
Students also viewed these Mathematics questions
-
Tom wants to have $50,000 saved sometime in the future. How much must he deposit every month into an account that pays 2.8% interest, compounded monthly. Use a graphing calculator to graph the...
-
For each problem, show your work steps. A correct answer with no work shown gets half credit (which means you fail the assignment). An incorrect answer with no work receives 0 credit. With time value...
-
Sydney invests $100 every month into an account that pays 0.8% annual interest, compounded monthly. Benny invests $80 every month into an account that pays 2.2% annual interest rate, compounded...
-
Duhail Complex averages about 15% of Bananas spoil before they can be sold. The manager purchases 200kg of bananas for 2.03QR per kilogram. What is the selling price if there is a 45% markup on the...
-
a. In the binomial options pricing model, what are the pseudo- probabilities? b. In the binomial options pricing model, what does risk- neutral valuation mean? Explain.
-
Vanillin, whose structure is shown in the margin and is the subject of the Chapter Opening, is a benzene derivative with several functional groups, each one of which displays its characteristic...
-
Explain why it is important to develop an effective data governance program?
-
A 17-year, $1,000 par value zero-coupon rate bond is to be issued to yield 7 percent. a. What should be the initial price of the bond? (Take the present value of $1,000 for 17 years at 7 percent,...
-
Mary Mother comes into your office, and wants to talk about divorcing her husband, Fred Father. The parties were married in Tampa, Fl on July 4, 1995. There are no minor children of the marriage, but...
-
12-1 REQUIRED INVESTMENT Tannen Industries is considering an expansion. The necessary equipment would be purchased for $18 million, and the expansion would require an addi- tional $2 million...
-
Read the quote at the beginning of this section. Interpret the quote in terms of what you have learned about investing in interest bearing accounts. Someone is sitting in the shade right now because...
-
How long does it take $450 to double at a simple interest rate of 100%?
-
Write the binomial expansion of the expression. (x + 2y) 4
-
On May 1, 2022, Cullumber Company purchased the copyright to Bramble Corp. for $134400. It is estimated that the copyright will have a useful life of 4 years. What would be the amount of amortization...
-
Crane Company issued $700000 of 8%, 5-year bonds at 104, Assuming straight-line amortization and annual interest payments, what is the amount of the amortization at each interest payment date?
-
The income statement of Ellen Corporation for the years 2018 and 2019 showed the following information. Sales 2019 2018 $97,000 $74,000 Cost of Goods Sold $74,000 $47,000 Gross Profit $23,000 $27,000...
-
A trading company purchased video and digital cameras from a producer for its new store with a total of $142,655. The order has a trade discount of 32% Use the net price rate to find the net price of...
-
ABC Products is a division of a major corporation. The following data are for the most recent year of operations: Sales Net operating income $ 37,180,000 $ 3,158,960 $ 8,700,000 The company's minimum...
-
Show that each of these is diagonalizable. (a) (b) x,y,z scalars 1 1
-
Economic feasibility is an important guideline in designing cost accounting systems. Do you agree? Explain.
-
Mark and Beth are looking at four different homes. They created this spreadsheet to estimate escrow calculations more easily. They will pay the property tax and homeowner's insurance each month with...
-
If you borrow $120,000 at an APR of 7% for 25 years, you will pay $848.13 per month. If you borrow the same amount at the same APR for 30 years, you will pay $798.36 per month. a. What is the total...
-
United Bank offers a 15 year mortgage at an APR of 6.2%. Capitol Bank offers a 25 year mortgage at an APR of 6.5%. Marcy wants to borrow $120,000. a. What would the monthly payment be from United...
-
An investment offers the following cash flows: $554 today, $182 one year from now, $482 in 2 years, and $793 in 3 years. If the relevant interest rate is 7% per year (an APR, with interest compounded...
-
What is the internal rate of return (IRR) for a project that costs $5,500 and is expected to generate $1,800 per year for the next four years? If the firm's required rate of return is 8 percent, what...
-
Assume B Corporation has $375,000 of Ordinary Income from its operations, $75,000 of interest received from its investments on bonds from Z firm. Also, it received $50,000 of dividends from a...
Study smarter with the SolutionInn App