You need to have $32750 in 11 years. You can earn an annual interest rate of 6

Fantastic news! We've Found the answer you've been seeking!

Question:

You need to have $32750 in 11 years. You can earn an annual interest rate of 6 percent for the first 3 years, 6.6 percent for the next 2 years, and 7.3 percent for the final 6 years. How much do you have to deposit today?

Related Book For answer-question

Personal Finance

ISBN: 978-1133595830

12th edition

Authors: Thomas Garman, Raymond Forgue

See More Books

Posted Date: Mar 05, 2024 11:12 PM

See More Questions

Grant borrowed $5,300 to remodel his bathroom, he agreed to make 30 monthly payments of $235. He payed it off in 24 months. What is the amount neede to repay the loan in full using the rule of 78?
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...
1. Joshua Vermier of Sacramento, California, received a raise after his first year on the job to $43,800 from his initial salary of $42,000. What was Joshuas raise stated as a percentage? Inflation...
Watts and Strogatz proposed a hybrid model that contains typical links of vertices near each other (people know their geographic neighbors), plus some random long-range connection links. Plot the...
Outline the reasons why business, especially big business, is often perceived as being unethical using examples of your choice to illustrate.
The graph of a straight line depreciation equation is shown. a. Use the graph to approximate the value of the car after 4 years. b. Use the graph to approximate the value of the car after 5 years. c....
Purina entered in a contract with the defendant to sell the defendant piglets, known as weanlingsbaby pigs that have been weaned. It is uncontested that the buyer breached and that Purina is entitled...
The ledger of Montgomery Company at the end of the current year shows Accounts Receivable $78,000; Credit Sales $810,000; and Sales Returns and Allowances $40,000. Instructions (a) If Montgomery uses...
Explain the advantages of the relational model. Conduct some light research on the Web and describe how it differs from other data models. Explain some alternatives to the relational model. Please...
A standard time is the amount of time it should take a fully trained and qualified worker to complete a specific task, working at an efficient, yet sustainable pace, using their choice of methods,...
Only two adjustments appear in the "Adjustments" column of a worksheet for Winona Manufacturing Company: one to record $7,000 depreciation of factory equipment and the second to record the use of...
what ways does critical feminist theory inform our understanding of power dynamics and agency within gendered contexts, and how can this framework be applied to promote women's empowerment on a...
How do influential leaders cultivate their own personal brand and thought leadership, strategically positioning themselves as visionary thinkers, agents of change, and trusted guides in the pursuit...
How can influential leaders harness the power of social media platforms, digital technologies, and online communities to extend their reach, cultivate thought leadership, and shape discourse in the...
How do narrative structures and storytelling techniques contribute to the construction of collective memory and cultural identity, and how can these insights be leveraged to foster empathy and social...
Sumter Pumps Corporation, a manufacturer of industrial pumps, reports the following results for the year ended January 31, 2016: Retained earnings, February 1, 2015 $59,650,000 Net income 8,160,000...
The vapor pressure of the liquid NH, is measured at different temperatures. The following vapor pressure data are obtained. Temperature, K P, mmHg 217.1 223.4 234.7 588.1 Calculate the enthalpy of...
1. List the steps in the process of estimating your retirement savings goal in today's dollars. 2. In the text example, what can Erik do to save more for his retirement?
1. Michael Howitt of Berkley, Michigan, recently had his gallbladder removed. His total bill for this surgery, which was his only health care expense for the year, came to $13,890. His health...
1. Identify one collectible that might be an interesting investment, and explain why it might be difficult to make a profit. 2. Explain why some investors buy gold and other precious metals, and tell...
Some FIR filters present a rational transfer function: (a) Show that the transfer function \[H(z)=\frac{\left(r^{-1} z ight)^{-(M+1)}-1}{r e^{\mathrm{j} 2 \pi /(M+1)} z^{-1}-1}\] corresponds to an...
Show that if two given networks are described by $Y_{i}=\sum_{j=1}^{M} T_{i j} X_{j}$ and $Y_{i}^{\prime}=$ $\sum_{j=1}^{M} T_{i j}^{\prime} X_{j}^{\prime}$, then these networks are...
Design second-order lowpass and highpass blocks, and combine them in cascade, to form a bandpass filter with passband $0.3 \leq \omega \leq 0.4$, where $\omega_{\mathrm{s}}=1$. Plot the resulting...

You need to have $32750 in 11 years. You can earn an annual interest rate of 6

Question:

Expert Answer:

To calculate the present value of the future amount needed we can use the concept of the time value ... View the full answer

Personal Finance

Students also viewed these finance questions