Question: How much does a depositor have to save at the end of every month for 30 years to accumulate $1,000,000 if interest is 6% compounded

How much does a depositor have to save at the end of every month for 30 years to accumulate $1,000,000 if interest is 6% compounded semi-annualy Select one: O a $1,117.27 O b. $1,004.65 OC. $1,009.61 Od $1,100.00 Oe $1.293.98

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!

10 How much does a depositor have to save at the end of every month for 30 years to accumulate $1,000,000 if interest is 6% compounded semi-annually? Select one: a. $1.293.98 b. $1,009.61 c....

How much does a depositor have to save at the end of every month for 30 years to accumulate $1,000,000 if interest is 6% compounded semi-annually? Select one O a $1.004.65 Ob $1,009.61 OC $1,100.00...

How much does a depositor have to save at the end of every month for 30 years to accumulate 51.000.000 ir interest is 6% compounded semiannually? Select one 0 a $1.11727 51.293.38 S100.00 5100961 ee...

How much does a depositor have to save at the end of every month for 30 years to accumulate $1,000,000 if interest is 6% compounded semi- annually? Select one: a. $1,009.61 b. $1,293.98 c. $1,004.65...

How much does a depositor have to save at the end of every month for 30 years to accumulate $1,000,000 if interest is 6% compounded semi-annually?

How much does a depositor have to save at the beginning of every month for 30 years to accumulate $1,000,000 if interest is 6% compounded semi-annually? A. $1,293.98 B. $1,117.27 C. $1,004.65 D....

How much does a depositor have to save at the beginning of every month for 30 years to accumulate $1,000,000 if interest is 6% compounded semi-annually?

1.Kelly is saving $1,600.00 at the beginning of each month. How soon can he retire if he wants to have a retirement fund of $345,000 and interest is 11.04% compounded monthly? 2. Serena wants to...

Saving for Retirement At the age of 3 0 , Arash decided to create a financial plan to retire in 2 5 years. He had the following retirement objectives: Home purchase objective: Own a home worth at...

I need help to on how to solve these questions in Business Mathematics At the age of 30, Morgan decided to create a financial plan to retire in 25 years. He had the following retirement objectives:...

Dr Walter White designs a production process that gproduce Kg of new drug per hour. After one hour,the production plant contains a total of 23Kg of the drug.Write an equation to relate the amount of...

Streptimidone is an antibiotic and has the structure shown. How many diastereomers of Streptimidone are possible? How many enantiomers? Using the E, Z and R, S descriptors, specify all essential...

Item 1 Time Remaining 1 hour 1 1 minutes 1 8 seconds 0 1 : 1 1 : 1 8 Item 1 Time Remaining 1 hour 1 1 minutes 1 8 seconds 0 1 : 1 1 : 1 8 An analyst is applying the dividend growth model. If she...

10) For a bond that pays cash interest (i.e., not a zero coupon bond), YTM is (a) always equal to the coupon rate (b) always equal to the current yield (c) is always less than the coupon rate (d) can...

Technology. You, as student body president,have been asked to emcee the Fourth Annual Senior Awards Banquet in three months. In this capacity, you will be introducing a local businessperson of your...

How can the Internet be helpful in a job search? (Objective 2)

What information should you list on your Experience inventory that will prepare you to write the Experience section of a rsum?