Question: Need help with these! Please show your work! Thanks!???? 1.I would like to place money into an account that pays 5% interest compounded monthly. If

Need help with these! Please show your work! Thanks!????

1.I would like to place money into an account that pays 5% interest compounded monthly. If I put this money in the account the day my child is born, and I plan on giving $65,000 to my child on their 18th birthday for graduation how much must I put into that account on the day they are born?

2.Eli is a 22 year old college graduate he sets up an IRA with an APR of 6%. At the end of the each month he deposits $150.00 into the account. How much will the IRA be worth when he retires at age 65? How much of the IRAs value if from his total deposits? How much of the IRAs value is interest?

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 Mathematics Questions!

The rocket shown in Fig. P5.64, is held stationary by the horizontal force, Fx, and the vertical force. Fz. The velocity and pressure of the exhaust gas are 5000 ft/s and 20 psia at the nozzle exit,...

*Assume YOU = 20 MATH 101 Practice for Systematic Savings (ATR) I. In 5 years, you would like to have $20,000 saved for a new car. Your plan is to put monthly payments into an account paying 5%...

THESE QUESTIONS NEED TO BE ANSWERED WITHIN 30 MINUTES .You start saving $100 per month in an account that pays 5% interest, compounded monthly. You make the payment at the beginning of each month and...

MATH 101 Practice for Systematle uclng 1. In 5 years, you would like to have $20,000 saved for a new car. Your plan is to put monthly payments into an account paying 5% interest compounded monthly,...

After one year living in a university residence, Mary-Beth decides to rent an apartment for the remaining 3 years of her degree. She has found a place that will cost $700 per month; rent for the...

*PLEASE SHOW YOUR WORK* 1) Determine m, i, and n for both: (3 marks) a) 3% compounded monthly for 2 years; b) 5.2% compounded quarterly for 6 years. 2) How much will a registered retirement savings...

You have a two children, A and B. Child A is not going to college but is working in a business to learn the ropes. Child A plans on opening a business someday. Child B is attending college. You put a...

Show work for all 3 please You deposit $300 each month into an account earning 5% interest compounded monthly. a) How much will you have in the account in 25 years? b) How much total money will you...

Need help with these discussion postings (in a document) and assignments (all in separate files), all directions are included as well. FINANCE DIRECTIONS Need to provide 1 original post substantial...

Please help me solve these questions and please show your work. thank you 1. Snowflake Bank offers a savings account that pays 5.2% annual interest, compounded monthly a. If you deposit $2500 into...

1. You deposit $100 each month for 35 years into an account earning 3% interest compounded monthly. Round to the nearest cent as needed. a) How much total money will you put into the account? b)How...

Write SQL commands for the following: a. Create two different forms of the INSERT command to add a student with a student ID of 65798 and last name Lopez to the Student table. b. Now write a command...

The post-closing trial balance of Flicka Corporation at December 31, 2012, contains these stockholders equity accounts. Preferred Stock (6,000 shares issued) ..........$ 300,000 Common Stock (350,000...

During a 1 2 - month period, a company is permitted to issue new securlies through crowdfunding up to a limit of: Munsple Choice $ 2 0 0 thousand. $ 5 0 0 thousand. $ 1 mition. $ 5 malion 5 5 0 mition

The median for the set of data. 5 , 15 , 2 , 4 , 12 is Select one: a. 2 b. 4 c. 5 d. 12