Jamal wants to save $54,000 for a down payment on a home. How much will he need
Question:
Jamal wants to save $54,000 for a down payment on a home. How much will he need to invest in an account with 8.2% APR, compounding daily, in order to reach his goal in 5 years?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 80% (5 reviews)
Solution From the question we have A as 54000 R as 0082 n as 365 And T as 5 So we ...View the full answer
Answered By
Dorcus Mwamisi
I've much experience in tutoring
I've tutored a lot of students in my field of works and they have done greatly in their academics
I
0.00
0 Reviews
10+ Question Solved
Related Book For
Question Posted:
Students also viewed these Mathematics questions
-
In order to accumulate enough money for a down payment on a house, a couple deposits $300 per month into an account paying 6% compounded monthly. If payments are made at the end of each period, how...
-
In an attempt to have funds for a down payment in five years, James Dupont plans to save $3,800 a year for the next five years. With an interest rate of 4 percent, what amount will James have...
-
You want to save $25,000 for a down payment on a house. Bank A offers to pay 9.35% per year if you deposit $11,000 with them, while Bank B offers 8.25% per year if you invest $10,000 with them. How...
-
What is the present value of $9,000 received: a. Twenty eight years from today when the interest rate is 10% per year? b. Fourteen years from today when the interest rate is 10% per year? c. Seven...
-
A building with a LEED certification has met a wide range of green requirements. The numbers of LEED-certified projects are shown in Table 35 for various years. Table 35 Numbers of LEED-Certified...
-
Using the data in the table below, calculate the project schedule variance units: Schedule Variance Work Units A B C D E Total Planned Value (PV) 30 25 10 15 40 120 Earned Value (EV) 25 15 5 15 30...
-
Consider the proton-proton collisions in the Large Hadron Collider. Assume that: improved beam optics gave an improved luminosity reduction factor \(F_{\text {red }}=0.88\) and a transverse beam size...
-
On January 1, 2017, Opal Company issued $2,000,000 face value, 7%, 10-year bonds at $2,147,202. This price resulted in a 6% effective-interest rate on the bonds. Opal uses the effective-interest...
-
How do respiratory disorders like chronic obstructive pulmonary disease (COPD) and asthma affect lung function, gas exchange, and overall systemic physiology, particularly in terms of their long-term...
-
Allie has bought a new apple orchard. The orchard has a single file of trees, numbered from 1 to N. Each tree has a certail number of ripe apples. Allie has a rule she wants to follow. She wants to...
-
What is the carrying capacity for a population modeled by the logistic equation P(t) = 250, 000/1 + 499e 0.45t ? What is the initial population for the model?
-
The population of a culture of bacteria is modeled by the logistic equation P(t) = 14, 250/1 + 29e 0.62t , where t is in days. To the nearest tenth, how many days will it take the culture to reach...
-
What dysfunctional aspects of charismatic leadership were displayed by Burton?
-
Understand and be able to describe each of the following equity accounts that are commonly reported on a company's balance sheet: a. Common Stock b. Additional Paid-in Capital c. Preferred stock d....
-
The C = C bond is both good news and bad news. List the uses it brings, and the problems it causes. Why is polypropylene much less stable than polyethylene? Why is the C - O - C bond extremely stable...
-
With reference to the latest Annual Report of the Bank Islam Malaysia, discuss credit exposure of the bank by industry. Subsequently provide an assessment on the impact of the recent flood disaster...
-
LMNO is a parallelogram. If NM = x + 15 and OL=3x+5, find the value of x, then find NM and OL.
-
Right now, one of the major things going on in the world is the war in Ukraine. There have been multiple attempts to get Russia to stand down but those have all failed. When the West put sanctions on...
-
A market researcher intends to study the consumer preference between regular and decaffeinated coffee. Examine the plausibility of the model of Bernoulli trials in the following situations. (a) One...
-
Outline some of the major problems confronting an international advertiser.
-
Identify and graph the polar equation. r = 1- 3cos
-
Identify and graph the polar equation. r = 4cos(3 )
-
Graph each pair of polar equations on the same polar grid. Find the polar coordinates of the point(s) of intersection and label the point(s) on the graph. r = 8cos ; r = 2sec
-
You have $35,000 in a brokerage account and you plan to deposit $3,250 at the end of every future year until your account reaches $250,000. How many years will it take reach your goal if you expect...
-
Project S has a cost of $15,000 and is expected to produce benefits (cash flows) of $3,000 per year for 6 years. Calculate the project's Net Present Value (NPV) assuming a cost of capital of 15%.
-
What is a cost object, direct cost, an indirect cost? Define prime cost, conversion cost, and manufacturing overhead.please provide source
Study smarter with the SolutionInn App