What is the value after 7 years of an initial investment of $2250 that earns 6%...
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What is the value after 7 years of an initial investment of $2250 that earns 6% annual interest compounded monthly? 2. At age 25, Jasmine deposited $2500 in an account where it earns 2.5% compounded monthly. What will it be worth when she is 42? 3. How long will it take Joe's investment of $5,200 to grow to $39,000 at an interest rate of 6.3% compounded monthly? 4. Rosa deposits $250 each month into a retirement account that pays 6% annual interest compounded monthly. What is the value of this annuity after 20 years? 5. The Colemans have taken a $240,000 mortgage loan at 5.35% annual interest compounded monthly. What will their monthly payments be if the loan has a term of 30 years? 6. How much interest will the Colemans have paid by the end of their mortgage in #5? 7. How much should Jon invest each month in a retirement account that earns 2.25% annual interest compounded monthly if he wants it to be worth $50,000 in 15 years? What is the value after 7 years of an initial investment of $2250 that earns 6% annual interest compounded monthly? 2. At age 25, Jasmine deposited $2500 in an account where it earns 2.5% compounded monthly. What will it be worth when she is 42? 3. How long will it take Joe's investment of $5,200 to grow to $39,000 at an interest rate of 6.3% compounded monthly? 4. Rosa deposits $250 each month into a retirement account that pays 6% annual interest compounded monthly. What is the value of this annuity after 20 years? 5. The Colemans have taken a $240,000 mortgage loan at 5.35% annual interest compounded monthly. What will their monthly payments be if the loan has a term of 30 years? 6. How much interest will the Colemans have paid by the end of their mortgage in #5? 7. How much should Jon invest each month in a retirement account that earns 2.25% annual interest compounded monthly if he wants it to be worth $50,000 in 15 years?
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1 To calculate the value after 7 years of an initial investment of 2250 that earns 6 annual interest compounded monthly we can use the formula A P1 rnnt where A the final amount P the initial investme... View the full answer
Related Book For
Corporate Finance A Focused Approach
ISBN: 978-1305637108
6th edition
Authors: Michael C. Ehrhardt, Eugene F. Brigham
Posted Date:
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