An engineer invests $7350 at the end of every year for a 30-year career. If the engineer wants $1 million in savings at retirement, what interest rate must the investment earn?
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An engineer invests $7350 at the end of every year for a 30-year career. If the engineer wants $1 million in savings at retirement, what interest rate must the investment earn?
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- Joe just completed his engineering degree and started to work for an engineering firm. Joe wants to retire early after 30 years working. He plans to invest $5,000 at the end of every year for a 30-year career. If Joe needs $3,954,750 in savings at retirement, what interest rate must the investment earn?Q) Joe just completed his engineering degree and started to work for an engineering firm. Joe wants to retire early after 30 years working. He plans to invest $5,000 at the end of every year for a 30-year career. If Joe needs $3,954,750 in savings at retirement, what interest rate must the investment earn?At what rate of interest will an investment double itself in 10 years?
- When investing or saving money for retirement, which type of interest would benefit the most from? Fixed Variable Simple CompoundOne person bought a DVD player for $399.00. You paid a down payment of $99.00 and agreed to pay the balance plus an amount of $10.00 at the end of three months as interest. What annual simple interest rate would you be paying?If a person wants to invest $5,000.00 now for the next 10 years plans to withdraw $7,500.00 after 10 years, what is the exact interest rate he should ask for his investment?
- What part of saving investments should not be spent? Interest Base amount All of the above None of the aboveYou borrow $500 from a family member and agree to pay it back in six months. Because you are part of the family, you are only being charged simple interest at the rate of 0.5% per month. How much will you owe after six months? How much is the interest?Today you deposited $10,000 in a savings account paying 7% annual interest. How much should you have at the end of five years?
- You want to buy a $249,000 home. You plan to pay 5% as a down payment, and take out a 30 year loan for the rest. a) How much is the loan amount going to be? b) What will your monthly payments be if the interest rate is 5% ? c) What will your monthly payments be if the interest rate is 6% ?your realized income is $2,943.20/month. how much are your fixed expenses each month? how much could you save per month if you take off 25% of your discretionary monies and put it in a savings account?American Eagle Financial Sources, which makes small loans to college students, offers to lend a student $600. The borrower is required to pay $4 at the end of each week for 13 weeks. Find the interest rate per week. What is the nominal interest rate per year? What is the effective interest rate per year?