You want to accumulate $500,000 in a savings account in 20 years. If the bank pays 6%

Question:

You want to accumulate $500,000 in a savings account in 20 years. If the bank pays 6% compounded annually, how much should you deposit in the account?

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Construction Management

ISBN: 9781119256809

5th Edition

Authors: Daniel W. Halpin, Bolivar A. Senior, Gunnar Lucko

See More Books

Question Posted: Feb 17, 2024 04:00 AM

See More Questions

1 If you deposit $16000 in a savings account at 3.3% interest per year, how much will you have in 37 years? (Answer to the nearest dollar) 5.00000 points QUESTION 2 How much money would you need to...
For each problem, show your work steps. A correct answer with no work shown gets half credit (which means you fail the assignment). An incorrect answer with no work receives 0 credit. With time value...
Ques 1: What is the major complaint by firms concerning the Sarbanes-Oxley act of 2012? A. the legislative maximum allowable compensation for a CEO. B. the legal requirement to disclose project...
How does unemployment behave over the business cycle?
Under what conditions would financial disintermediation increase? Under what conditions would disintermediation be advisable?
Question Two (60 points) Bus tours Company has incurred the following bus maintenance costs during the tourist season. Miles traveled by buses (X) Maintenance Costs (Y) January 4900 38375 February...
What percentage of IQ scores for rural Midwest seventh-graders are less than 100?
Mollie Morrow was a real estate agent working for Commercial Properties. She was approached by Shane Jacobs to find a commercial building in downtown Halifax. She did some investigating and found a...
Return on Investment and Residual Income Johnson Company has two sources of funds: long-term debt and equity capital. Johnson Company has profit centers in the following locations with the following...
What would be the result of the previous problem, if simple interest were used? Previous problem What is the future value eight years from now, of $2,000 invested today at a periodic interest rate of...
Explain why sunk costs are not considered in the analysis of investment alternatives.
A schedule is just another way of looking at the building information model, a tabular view of the project database. A) True B) False
1. Consider the following economy: C = 3, I = 1.5, G = 2.65, T = 2, f = 0.5, d = 0.1, a = 0.8 a) Write the mathematical expression of the consumption function b) Write the mathematical expression of...
Question 2 (Financial statement Analysis) Following is a comparative statement of financial position for Sam's Company: Sam's Company Comparative Statement of Financial Position December 31, 2020 and...
Q4. Johnny's Burger is a family-run fast food joint. In addition to its famous hamburger, Johnny's Burger has just launched a new "Organic Beef burger. The owner, Johnny, would like to know if his...
Compute ScholarPak's break-even point in sales dollars for the year. 2. Compute the number of sales units required to earn a net income of $540,000 during the year. 3. ScholarPak's variable...
41-44 Find fogoh. 41. f(x)=3x-2, g(x) = sin x, 42. f(x)=|x4|, g(x) = 2, 43. f(x)=x-3, g(x) = x, h(x) = x h(x) = x h(x) = x + 2 44. f(x) = tan x, g(x) == X x-1' h(x) = x
Suppose you read the following quote in a business magazine. Fully explain whether you agree with the author's conclusions. "For some years now, the dirham, Morocco's currency, has been pegged to the...
A local politician is concerned that a program for the homeless in her city is discriminating against blacks and other minorities. The following data were taken from a random sample of black and...
What does natural sequencing mean?
What is a work breakdown structure? What is the difference between a broad-scope work break- down and a narrow-scope work breakdown? Give an example of each.
When is a baseline schedule used?
assume that we have only two following risk assets (stock 1&2) in the market. stock 1 - E(r) = 20%, std 20% stock 2- E(r) = 10%, std 20% the correlation coefficient between stock 1 and 2 is 0. and...
Flexible manufacturing places new demands on the management accounting information system and how performance is evaluated. In response, a company should a. institute practices that reduce switching...
Revenue and expense items and components of other comprehensive income can be reported in the statement of shareholders' equity using: U.S. GAAP. IFRS. Both U.S. GAAP and IFRS. Neither U.S. GAAP nor...

You want to accumulate $500,000 in a savings account in 20 years. If the bank pays 6%

Question:

Step by Step Answer:

To calculate the required monthly deposit to reach 500000 in 20 years ...View the full answer

Construction Management

Students also viewed these Business questions