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Joe Beary wants to attend Riverside College. Eight years from today he will need $50,000. If Joe’s bank pays 6% interest compounded semiannually, what must Joe deposit today to have $50,000 in 8 years? (Round your answer to the nearest cent.)
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- Refer to the present value table information on the previous page. What amount should Brett have in his bank account today, before withdrawal, if he needs 2,000 each year for 4 years, with the first withdrawal to be made today and each subsequent withdrawal at 1-year intervals? (Brett is to have exactly a zero balance in his bank account after the fourth withdrawal.) a. 2,000 + (2,000 0.926) + (2,000 0. 857) + (2,000 0.794) b. 2,0000.7354 c. (2,000 0.926) + (2,000 0.857) + (2,000 0.794) + (2,000 0.735) d. 2,0000.9264Tony Ring wants to attend Northeast College. He will need $50,000 6 years from today. Assume Tony's bank pays 6% interest compounded semiannually. What must Tony deposit today so he will have $50,000 in 6 years? (Do not round intermediate calculations. Round your answer to the nearest cent.) Amount to be depositedTony Ring wants to attend Northeast College. He will need $66,000, 4 years from today. Assume Tony's bank pays 12% interest compounded semiannually. What must he deposit today so he will have $66,000 in 4 years?
- Can you please help me work out this problem in detail? Tony Ring wants to attend Northeast College. He will need $60,000 4 years from today. Assume Tony’s bank pays 6% interest compounded semiannually. What must he deposit today so he will have $60,000 in 4 years?Tony Ring wants to attend Northeast College. He will need $60,000 4 years from today. Assume Tony’s bank pays 12% interest compounded semiannually.What must Tony deposit today so he will have $60,000 in 4 years?Tony Ring wants to attend Northeast College. He will need $65,000 4 years from today. Assume Tony's bank pays 12% interest compounded semiannually. What must Tony deposit today so he will have $65,000 in 4 years? (Use the Table 12.3 provided.) Note: Do not round intermediate calculations. Round your answer to the nearest dollar amount.
- Tony Ring wants to attend Northeast College. He will need $60,000 4 years from today . Assume Tony's bank pays 12% interest compounded semiannually. What must Tony deposit today so he will have $60.000 in 4 years?Pete Leary wants to attend College. Seven years from today he will need $30,000. If Pete's bank pays 5% interest compounded semiannually, what must Pete deposit today to have $30,000 in 7 years?Maria wants to attend Clarke University. She will need $90,000 eight years from today. Assume Maria's bank pays 6% interest compounded semiannually. What must Maria deposit today to have $90,000 in eight years? verify your answer.
- Max wants to save $500,000 to give to the local clown college. Max decides he can afford to deposit $10000 each month into an account which pays 4% monthly. How many full deposits will Max need to make? a) What will be the size of the concluding deposit one month after the last full depositAbby Ellen wants to attend Ithaca College. She will need $75,000 6 years from today. Assume Abby's bank pays 6% interest compounded semi-annually. What must Abby deposit today to have $75,000 in 6 years?A college student, needs to borrow $5,000 today for his tuition bill. He agrees to pay back the loan in a lump-sum payment 5 years from now, after he is out of college. The bank states that the payment will need to be $7,012.76. If John borrows the $5,000 from the bank, what nominal interest rate is he paying on his loan? O 7.5% O 7% O 7.25% O 8%
