Carrie is saving money now so that she will be able to help her kids with...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Carrie is saving money now so that she will be able to help her kids with college. She found an annuity that is paying 4% per year. If she deposits $60.00 each month for the next 17 years, how much will be in the account? Enter future value $ She wants to have at least $35,000.00. How much should she deposit each month to reach her goal? Enter monthly deposit $ She decides to deposit $120.00 each month. How much will she have deposited in total? Enter total $ Instead of using an annuity, she is thinking of opening a savings account that also pays 4% per year compounded monthly. How much would she have to deposit (making only one deposit) today to reach her goal? Enter single deposit $ If she wants to earn the most interest, is she better off with the annuity or the savings account? The annuity The savings account Carrie is saving money now so that she will be able to help her kids with college. She found an annuity that is paying 4% per year. If she deposits $60.00 each month for the next 17 years, how much will be in the account? Enter future value $ She wants to have at least $35,000.00. How much should she deposit each month to reach her goal? Enter monthly deposit $ She decides to deposit $120.00 each month. How much will she have deposited in total? Enter total $ Instead of using an annuity, she is thinking of opening a savings account that also pays 4% per year compounded monthly. How much would she have to deposit (making only one deposit) today to reach her goal? Enter single deposit $ If she wants to earn the most interest, is she better off with the annuity or the savings account? The annuity The savings account
Expert Answer:
Posted Date:
Students also viewed these finance questions
-
Write a java program to display number of times characters are occurring in a string. input: java output: j=1,a=2,v=1
-
On January 1, 2022, Oriole Company issued $2,360,000 face value, 9%, 10-year bonds at $2,518,358. This price resulted in a 8% effective-interest rate on the bonds. Oriole uses the effective-interest...
-
I need Chapter 2 & 3 finished. Chapter 4 & 5, Chapter 6 & 7, & Chapter 8. Some of this is completed, but it isn't 100% finished. Let me know if you can get to it. Personal Finance, Fifth Edition by...
-
Suppose that in a wave of pessimism, housing prices fall by 10% across the entire economy. a. Has the stock of real assets of the economy changed? b. Are individuals less wealthy? c. Can you...
-
What is a current liability? Distinguish between a current liability and a long-term debt.
-
Determine the equivalent stiffness of a linear spring when a SDOF mass-spring model is used for the systems shown in Figures P2.1 with \(x\) being the chosen generalized coordinate. FIGURE P 2.1 m 20...
-
A household appliance dealer buys refrigerators from a manufacturer and resells them to its customers. a. The manufacturer sets a list or catalogue price of $1,500 for a refrigerator. The...
-
Suppose that Sage had ordered the scooter through the dealers Web site but the dealer had been unable to deliver it by the date promised. What would the FTC have required the merchant to do in that...
-
Show work please 6. Researchers determined that the concentration of a medication in a patient's bloodstream 96t hours after it was administered can be approximated by p(t) = 246 percent...
-
find two z - values, one positive and one negative, that are equidistant from the mean so that the areas in the two tails add to 1 % .
-
Freedom Corporation acquired a fixed asset for $ 2 4 0 , 0 0 0 . Its estimated life at time of purchase was 4 years, with no estimated salvage value. Assume a discount rate of 6 % and an income tax...
-
3) A thin circular plate has its axis as the z-axis, and its center is the origin of our coordinate system. It has radius R, and charge 2Q. Two thin rings, each of charge -Q, and also radius R, are...
-
Q5. Find the equation of a line perpendicular to the line x - 2y + 3 = 0 and passing through the point (1,-2) [102] Q6. If A02 1. prove that A3-6A2+7A+21= 0 [10] [10] [203]
-
Kevin is participating in a security exercise for his organization. His role in the exercise is to use hacking techniques to attempt to gain access to the organization's systems. What role is Kevin...
-
In the documentary, the Social Dilemma, Tristan Harris and others discuss "The Singularity" and the "Point of Social Collapse." Explain these terms and what they mean by them. Do you agree? Why or...
-
What is likely to happen to interest rates if the rate of inflation suddenly increases? Suppose there are two bonds each with coupon payments of $50. The first bond pays $1,000 in five years, and the...
-
Determine by direct integration the values of x for the two volumes obtained by passing a vertical cutting plane through the given shape of Fig. 5.21. The cutting plane is parallel to the base of the...
-
Estimation of mean by sampling Jupiter Corporation collects daily information on the number of differential assemblies produced by its employees. The following data have been collected during the...
-
Sample size and estimation error The management of Carelli Farms has taken a random sample of the number of bushels of corn meal used weekly in its cattle feed lot. The sample of 30 items has a mean...
-
Sample size needed to estimate mean Refer to the data in Problem 22-12 for Jupiter Corporation's production of differential assemblies. Management wants to estimate the mean of the population by...
Study smarter with the SolutionInn App