Tom Evers an attorney is planning for retirement. He earns $126,000 a year and estimates that he will need 80% of his salary for retirement in 10 years. Tom invests him money in Citizen's Bank at 6% compounded quarterly. How much money would Tom have to put in the bank today to have enough for retirement?
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Tom Evers an attorney is planning for retirement. He earns $126,000 a year and estimates that he will need 80% of his salary for retirement in 10 years. Tom invests him money in Citizen's Bank at 6% compounded quarterly. How much money would Tom have to put in the bank today to have enough for retirement?
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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?could you show how to determine the bond's present value without a calculator?You have $10,000 to invest. Your bank offers the following 10 year CD's. Account 1 offers 6.85% simple interest. Account 2 offers 6.57% compounded annually. a. How much money will you have at the end of 10 years if Account 1 is chosen? s b. How much money will you have at the end of 10 years if Account 2 is chosen?S Account is the better choice.
- 3. You are looking to retire in 35 years and your company has a 401K plan that has a 5.2% annual return. You deposit $400 a month from your paycheck into the account. Calculate the amount of your retirement when you retire.22. You deposited $15,000 in a savings account five years ago. The account has earned 5.25% interest compounded continuously since then. How much money is in the account today?Write the formula developed for calculating compound 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?A principal of $20,000 is invested at 6% for 10 years. Determine its future value if the interest is compounded i. Semi-annually (10%) ii. Monthly (10%) iii. Continuously (10%) iv. Explain, using your own words, the different results in (i), (ii), (iii). Explain which one the consumer would prefer, and which one the bank would prefer.11. Savannah is buying a $190,000 home. She has been approved for a 3.28% mortgage rate. She was required to make a 20% down payment and will be closing on the house on March 11. Her first mortgage payment is due April 1. C. Determine the annual interest for the mortgage. D. What is the interest charged per day? E. How much should she expect to pay in prepaid interest?
- Karen Wilson thinks that she needs to borrow $7,600 for 2 She doesn’t have a very good credit rating, so most finance companies want to charge her a high interest rate. She finally finds a lender that will loan her the money at 12% compounded monthly. How much interest will Karen have to pay to this particular lender? William Wang wants to borrow money from his father to buy a car. William’s father is trying to teach him how to manage money, so he agrees to loan him the money, but at 5% compounded William borrows $11,200 and repays everything—principal plus all of the interest—in years. How much does William pay back to his father? Don Hildebrand is trying to decide whether to invest money in a bank or in something a little riskier that will pay a higher return. One very simple investment promises to pay a minimum of 8% compounded annually, but he must leave all of the money and interest invested for 9 years. How much interest will Don earn during the 9 years if he invests…Calculate the table factor, the finance charge, and the monthly payment (in $) for the loan by using the APR table, Table 13-1. (Round your answers to the nearest cent.) AmountFinanced Number ofPayments APR TableFactor FinanceCharge MonthlyPayment $700 18 16% $ $ $Summarizes some of the interest formulas?