Question: Complete the attached worksheet. Please show all work 1)If Jim deposits $2000 in a money market account and it earns 3% (compounded annually) per year,

Complete the attached worksheet. Please show all work

1)If Jim deposits $2000 in a money market account and it earns 3% (compounded annually) per year,

How much will he have in 8 years?

How much will he have if he earns 4% for 8 years?

How long will it take his money to double if he earns 4%? 6%?

How long would he have to leave it in the account (at 3%) in order to accumulate $10,000?

2 Vanessa wants to accumulate $18000 in her savings to return to graduate school in 6 years. Assuming she can earn 4.5% interest (compounded annually),

How much would she need to deposit today to reach her goal (one-time deposit)?

How much would she need to deposit each year (at the beginning of the year, aka "ordinary annuity") to reach her goal?

If she found a way to earn 6%, how much would her annual deposit need to be?

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!

Please show work in excel 1. If Jim deposits $2000 in a money market account and it earns 3% (compounded annually) per year, a. How much will he have in 8 years? b. How much will he have if he earns...

1. If Jim deposits $2000 in a money market account and it earns 3% (compounded annually) per year,a. How much will he have in 8 years?b. How much will he have if he earns 4% for 8 years?c. How long...

Complete the attached worksheet. Please show all work 1)If Jim deposits $2000 in a money market account and it earns 3% (compounded annually) per year, How much will he have in 8 years? How much will...

Complete the attached worksheet. Please show all work 3 Harold begins a savings program immediately after college, depositing $200/month in an account earning interest (compounded annually) at 7%. He...

1) Common-sized balance sheets A) show data for companies in the same industry. B) show data for companies with approximately the same amount of assets. C) show each balance sheet account as a...

5) Jones, Inc. has a current ratio equal to 1.40. Which of the following transactions will increase the company's current ratio? A) The company collects $500,000 of its accounts receivable. B) The...

Prepare a spreadsheet that shows your calculations for the following problems for time value and bonds. Part 1: Time Value of Money 1. The value of a house is estimated to be $180,000 today. (a) If...

Complete tabs 6.1, 6.4, 6.7, 6.9, 6.12, 6.16, 6.23, and 6.33 in the attached Chapter 6 Excel spreadsheet. An EXAMPLE tab is provided in the spreadsheet for your guidance. You must use formulas in the...

Exercises Show your work and write your answers on a separate piece of paper. Do not attempt to do the work in the spaces between problems. Skills 1. A friend lends you $200 for a week, which you...

1 The cl ' lowes for Problem number 2 from the book are given below. / , k Ork 3- Sl,351.97 $1,300.00 6 lb}: XC'Q'D/e X C $1,103.22 : O D 4 A' d. $1,371.07 ,b: q/'@; Of") c $108.33 fi , 7' 2. TI - ,....

Give an example of a polyprotic acid and write equations for the successive neutralizations of the acidic hydrogen atoms of the acid molecule to produce a series of salts.

What are the advantages and disadvantages of product layout?

if division a needs 1 0 , 7 5 0 lamps instead of 8 6 0 0 during the next year, what should be the minimum transfer price accepted by division B and the maximum transfer price paid by division a

Question 1 7 ( 5 points ) Saved A field width statement. can be included in the format control string of the scanf cannot must none of these