Omar wants to open an account for his grandchildren that he hopes will have $80,000 in it

Question:

Omar wants to open an account for his grandchildren that he hopes will have $80,000 in it after 20 years. How much must he deposit now into an account that yields 1.75% interest, compounded monthly, so he can be assured of reaching his goal?

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

Step by Step Answer:

Related Book For answer-question

Financial Algebra Advanced Algebra With Financial Applications

ISBN: 9781337271790

2nd Edition

Authors: Robert Gerver, Richard J. Sgroi

See More Books

Question Posted: Sep 12, 2022 03:19 AM

See More Questions

How much must you deposit at the end of each year in an account that pays a nominal annual rate of 20 percent, if at the end of five years you want $10,000 in the account?
How much must you deposit at the end of each quarter in an account that pays a nominal interest rate of 20 percent, compounded quarterly, if at the end of five years you want $10,000 in the account?...
An entrepreneur wants to open an appliance service repair shop. She would like to know about what the average home repair bill is, including the charge for the service call for appliance repair in...
The matrix A below has Î» = 2 as an eigenvalue. Find the geometric multiplicity of Î» = 2 using your calculator only for row-reducing matrices. 18-15 33 -151 -4 8-6 6 9-16...
a. Using the BlackScholesMerton formula, determine the price of a put option. b. Verify whether the options prices obtained in this and the previous question satisfy put call parity.
Selected transactions for Acosta Decor, an interior design company, in its first month of business are as follows. Jan. 2 Marie Acosta invested 10,000 cash in business in exchange for ordinary...
Abbott Industries is a well-known supplier of pharmaceuticals worldwide. Founded by Dr. Wallace Abbott, the company was incorporated in 1900 after he had been developing and making pharmaceuticals...
Rosie Dry Cleaning was started on January 1, 2016. It experienced the following events during its first two years of operation: Events Affecting 2016 1. Provided $45,000 of cleaning services on...
Find the missing side lengths (in kilometers). (The sketches are not to scale.) 33 km 24 km 48 89 x 15 km 48% 89 22 km X = y = km E E km
Bleu plc acquired 80% of the common shares of Verte plc on 1 January 20X0 and gained control. At that date the statements of financial position of the two companies were as follows: Note: The fair...
Gary and Ann have a joint checking account. Their balance at the beginning of October was $9,145.87. During the month they made deposits totalling $2,783.71, wrote checks totalling $4,871.90, paid a...
Barbara wants to restore her 66 Mustang in 4 years. She puts $200 into an account every month that pays 1.05% interest, compounded monthly. How much will be in the account after 4 years?
What key activities make up a typical closing?
Why are H&S systems essential for air travel to most U.S. cities that now have airline service?
A meteorologist was simulating the number of days that rain would occur in a month. The random number interval from 01 to 30 was used to indicate that rain occurred on a particular day, and the...
Define ASM, RASM, CASM, LF, and yield. How might a change in one affect another?
Which of the following is a disadvantage of simulation? a. It is inexpensive even for the most complex problem. b. It always generates the optimal solution to a problem. c. The results are usually...
A measure of central tendency is a. expected value. b. variance. c. standard deviation. d. all of the above.
Which gives you greater total utility: 14 gallons of water per day or 22 gallons per day? Why?
Imagine a sound wave with a frequency of 1.10 kHz propagating with a speed of 330 m/s. Determine the phase difference in radians between any two points on the wave separated by 10.0 cm.
Salespersons at the Kings Park Auto Giant are paid a commission, c(p), based on the profit, p. The following piecewise function gives the commission rules. a. If the profit is $1,500, what is the...
McCormack Chrysler pays their sales staff by commission. They are paid a percent of the profit the dealership makes on the car. If the profit is $500 or less, the commission rate is 17%. If the...
Aileen is a salesperson at Lopez Sporting Goods. She is paid a monthly commission on all Little League uniforms she sells. She receives 10% of her first $2,000 in sales and 12% of the balance of her...
Explain how a pharmacy like CVS might manage its safety inventory to ensure it never runs out of stock for customers. How would they determine the right levels of safety inventory, and how might...
Anna Rehearse started her practice as a design consultant, Rehearse Design, on April 1, 2022. During the first month of operations, the business completed the following transactions: Received $25,000...
Utilizing our Franciscan Values, discuss why it is imperative for global managers to think ethically. What does it mean to be ethical? Why should companies be ethical? What is the incentive (or lack...

Omar wants to open an account for his grandchildren that he hopes will have $80,000 in it

Question:

Step by Step Answer:

Financial Algebra Advanced Algebra With Financial Applications

Students also viewed these Mathematics questions