Question: Ali is saving for a down payment to buy a house. He deposits a fixed amount every quarter in a mutual fund that earns an

Ali is saving for a down payment to buy a house. He deposits a fixed amount every quarter in a mutual fund that earns an APR of 10.0% in average. If his account calculates returns quarterly then how much should he deposit each quarter in order to have $50,000 in the account in five years' time?

A) $2,280

B) $1852

C) $2,045

D) $1,957

Step by Step Solution

★★★★★

3.49 Rating (156 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

The detailed answer for the above question is provided below The question is complete This question ... View full answer

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!

You are an independent financial planner working in Ontario. It is June 2021, you just finished another meeting with Jason and Amanda and, after reviewing all your notes, compiled the following...

You are considering opening a new "Fluff-and-Fold" laundry pick-up, cleaning, and delivery service for students. You're not sure there is enough demand for this kind of service, and you have...

Jake Johnson is a young single professional living in Charlotte, North Carolina. At age 24, he has been working for six months at his new job as a junior electrical engineer at a local utilities...

PART A: Multiple-chojes questions (7.5 marks total 70.5 murk eseh). Write your answers clearfy in the table provided at the end of Pan (7. No. Note that you MAY MOT ehange your answer(s) ence you...

14. [-/4 Points] DETAILS HARMATHAP12 1.6.040. Complete the problem by using the accompanying gure, which shows a supply function and a demand function. (Assume price is measured in dollars.) p 40 30...

3 This assignment covers material from Units 8 to 9 in the Mathematics 244 Study Guide. It is due after Unit 9 in the Study Guide is completed. Total Marks = 100 Business Mathematics 1. What is the...

Please help me with all questions on this final! It is due on Friday, July 28. I asked my professor for help on explaining what I did wrong for the midterm which was very similar to this and he told...

Summary of Key Formulas A copy of this summary of Key Formulas will be attached to exams. On assignments and exams show all your work. This allows the marker to assess partial marks. Show the...

i need some one toanswering these three questions. make sure to include apa format for the information pretty straight forward. Attached below are the chapters. Chapter 7: 7.2 #2 (p. 168) Chapter 8:...

Chapter 7:7.2 #2 (p. 168) Chapter 8:8.2 #3 (p. 205) Chapter 9:9.2 #1 (p. 225) a., b., and c. (for c., only answer the adjustable rate mortgage part Chapter 7 from Personal Finance was adapted by The...

Kansas Company uses a job costing accounting system for its production costs. The company uses a predetermined overhead rate based on direct labor-hours to apply overhead to individual jobs. The...

Maness Industries plans to issue some $100 par preferred stock with an 11 percent dividend. The stock is selling on the market for $97.00, and Maness must pay flotation costs of 5 percent of the...

Indicate which changes would require an explanatory paragraph in the audit report. A departure from GAAP which, due to unusual circumstances, does not require a qualified or adverse opinion. The CPA...

1. involves mainly T cells and leads to the destruction of cells that are infected with viruses 2. involves mainly B cells and takes place in blood and lymph 3. being able to resist a pathogen that...

(d). How much current is flowing through the surface area of the square loop *5.27 In a given region of space, the vector magnetic potentiff is given by A = $5 cos Ty + 2(2 + sin rx) (Wb/m). (a)...

1. The lenses of an astronomical telescope are 92 cm apart when adjusted for viewing a distant object with minimum eyestrain. The angular magnifi cation produced by the telescope is 45. Compute the...

Calculate Residual Income for 2011, assuming Carmax?s average cost of capital is 5%. ?Logically and neatly, show your work steps, and your answer. ?Assume that ?Net Income? is Operating Income, and...

Machine Learning do using python on jupyter notebook 1. Linear Regression Dataset used: Diabetes from sklearn You are asked to solve a regression problem in the Diabetes dataset. Please review the...

Which of the following best represents a corporate accelerator program?AAmazons digital suggestion box for employees, which is internal crowdsourcing, not an external accelerator.BA pharmaceutical...

Under the assumption that KMSs market share will increase by 0.25% per year, you determine that the plant will require an expansion in 2021. The expansion will cost $20 million. Assuming that the...

You are a financial manager in a public corporation. One of your engineers says that they can increase the profit margin on your flagship product by using a lower quality vendor. However, the product...

Due to your good credit, your bank reduces the interest rate on your $12,000 loan from 9% to 7.5% per year. Thanks to the change, how much will you save in interest this year?

The mean number of errors per page made by a member of the word-processing pool for a large company is thought to be 1.5, with the number of errors distributed according to a Poisson distribution. If...

The Employee Benefit Research Institute reports that 69% of workers reported that they and/or their spouse had saved some money for retirement. a. If a random sample of 30 workers is taken, what is...

Mooney, Hileman & Jones, a marketing agency located in Cleveland, has created an advertising campaign for a major retail chain, which the agencys executives believe is a winner. For an ad campaign to...