Question: Please show work! I need answer quickly! Thank you! You want to withdraw $7,000 from your bank account in 2 years and $8,000 the following

Please show work! I need answer quickly! Thank you!

Please show work! I need answer quickly! Thank you! You want to

You want to withdraw $7,000 from your bank account in 2 years and $8,000 the following year. How much do you have to have in your bank account today in order to make those withdrawals if the bank pays interest at the rate of 11? $11,547.25 $11,657.25 $11,530.89 O $11,621.25

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...

please show work 4.1 Compound Interest 1. Find the simple interest on a $500 investment made for 2 years at an interest rate of 8%/year. What is the accumulated amount? 2. A bank deposit paying...

please show work by using excel equations. thank you Beginning three months from now, you want to be able to withdraw $2,200 each quarter from your bank account to cover college expenses over the...

Please show work. A) You save for retirement over 30 years by investing $850/month in a stock account that yields 10%. You invest $350/month in a bond account that yields 6%. At retirement you...

Please use this chegg answer as a reference (...

Please show work! A) A bank is offering 12% compounded quarterly. If you put $100 in an account, how much will you have at the end of one year? Whats the EAR? B) Using pure discount. A borrower can...

Please show work Herbal Co . produces and sells natural shampoo in plastic bottles. Every bottle contains 1 litre of shampoo. The following tables show information of the firm s balance sheet on...

IfyouhaveplayedaSimulationcalledProBankerIneedhelpansweringthesequestionsassoonaspossible from the pro bankerassignment attachment..please use spreadsheet and players manual for reference. Need...

I have attached both the chapters from which you will be answering the following question. Ch 8 (p 387 of text or p 35 of the pdf) ?Exercise D. Prepare the bank reconciliation and any required...

You are a financial planner who focuses on helping couples. Two people have just come to see you regarding their financial situation on May 15, 2022. Your job is to review their finances and provide...

Select a commercial or Public Service Announcement (PSA) that uses an emotional appeal/Pathos. Identify the organization along with the topic/issue presented in the PSA or commercial. Using the...

A projectile of mass mp is traveling at a constant velocity v0 toward a stationary disk of mass M and radius R that is free to rotate about a pivot through its axis O (Figure). Before impact, the...

In at least 3 sentences, compare the two options. What is the benefit of the 1 5 year mortgage? What is the benefit of the 3 0 year mortgage? If you could afford both options, which would you choose?

To do the following project, you must use the file called borderCrossing.csv. Do NOT convert the file to an excel format, you will receive a ZERO if you do not read the data from a csv file. Write a...