If marry put $100,000 into an account that pays 4.5% annual interest, and she plan to withdraw $5,000 at the end of each year and make no deposits), how many years until the account is empty?
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If marry put $100,000 into an account that pays 4.5% annual interest, and she plan to withdraw $5,000 at the end of each year and make no deposits), how many years until the account is empty?
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- Jane deposits $5,000 in a bank account that earns 6% interest compounded semi-annually. How much money will she have after 10 years?You deposit $200 each month into an account earning 5% interest compounded monthly. a) How much will you have in the account in 15 years? $ b) How much total money will you put into the account? $ c) How much total interest will you earn? $At 10% compounded annually, how long will it take for money to double itself?
- An investor needs 41,000 in 15 years. What amount should be deposited in a fund at the end of each quarter at 8% compounded quarterly so that there will be enough money in the fund?A couple deposits $24,000 into an account earning 3% annual interest for 30 years. Calculate the future value of the investment if the interest is compounded quarterly. Round your answer to the nearest cent. FormulasIf you borrowed $24,000 at 12% annual interest. You agreed to repay the loan with five equal annual payments. How much of the total amount repaid is interest? How much of the third annual payment is interest, and how much principal is there? If you decided to pay off your loan after the third payment, how much will you pay?
- You want to buy a $32,000 car. You can finance the car for 1.5% interest for 6 years. What is your monthly payment? Assume monthly compounding. Do not enter the negative sign from your calculator (if there is one) or the dollar sign. Round to two decimal places.How many years will it take an investment to triple if the interest rate is 8%compounded?a. How much must be placed each month into a retirement account earning 3% compounded monthly if the value of the account is to reach $ 1,000,000 in 30 years? b. If the account continues to earn 3% after retirement, how much per year will the account earn?
- Chris makes a deposit of $500 into his savings account at the beginning of each year for the next 20 years. If the account earns 5% interest rate per year compounded annually, what will be the future value at the end of 20 years?Need to calculate.How much must be deposited at the beginning of each year in an account that pays 5%, compounded annually, so that the account will contain $20,000 at the end of 7 years? (Round your answer to the nearest cent.)You can afford a $1500 per month mortgage payment. You've found a 30 year loan at 7% interest compounded monthly.a) How big of a loan can you afford?$b) How much total money will you pay the loan company?$c) How much of that money is interest?$