Question: A student wanting to plan for their future deposits $140 at the end of each month into an investment account that earns an annual interest

A student wanting to plan for their future deposits $140 at

A student wanting to plan for their future deposits $140 at the end of each month into an investment account that earns an annual interest rate of 3% compounded monthly. Find the value of the investment after 20 years. Round your answer to the nearest cent as needed

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Finance Questions!

5. Determine the present value of each annuity. Use a timem wunun your buswu. a) Monthly deposits of $150 at 2.75% per year compounded monthly for one year b) Annual income of $60 000 for 19 years...

Do Part C) Don't use excel You are trying to plan for retirement in 20 years and currently have $85,000 in a savings account and $25,000 in a mutual fund. In addition, you plan on adding to your...

Do highlighted question e) Angela and Bill have just graduated from SMU and have started new jobs. They want to save for the down payment on the purchase of a new house in one year's time. They have...

show your work (don't use Excel) Angela and Bill have just graduated from SMU and have started new jobs. They want to save for the down payment on the purchase of a new house in one year's time. They...

Question 2: Angela and Bill have just graduated from SMU and have started new jobs. They want to save for the down payment on the purchase of a new house in one year's time. They have met with their...

Please answer the question solving it out, instead of excel. Thank you Question 2: Angela and Bill have just graduated from SMU and have started new jobs. They want to save for the down payment on...

The interest of a compound interest investment or loan can be computed with the formula I=AP (where A is given below) . The end amount of a compound interest investment or loan can be computed with...

65% Insert Table Chart Add Category Text View Zoom Sheet1 + 1 r H L M N O A C B D saving regular Amounts Month Problem the Bar One while we deschmuth, APR of compound Cate the describe wolf you want...

need help for below 1. (four marks) An amount of $800 is invested at the end of each month for 12 months into an account that pays 3% per year, compounded monthly. Determine the future value of this...

21. Consider a project consisting of the following 7 activities. The optimistic, most likely, and pessimistic times, as well as a predecessor for each activity, are given in the table. The precedence...

Light of wavelength 692 nm in air passes into window glass with an index of refraction of 1.52 (a) What is the wavelength of the light inside the glass? (b) What is the frequency of the light inside...

Review a supplier ledger and identify any errors, inconsistencies, or irregularities you can spot that impact the balance on the account. There are four errors to find . For each one: Clearly state...

Discuss the policy statement concept and identify three focus areas / procedures where a clearpolicy statement / operating procedure

What employee behaviors and skills do we need to achieve our strategic aims?

6. List and explain important trends in compensation management.

What are our strategic aims?