Question
1. You have $100,000 in a brokerage account, and you plan to deposit an additional $20,000 at the end of every future year until your
1. You have $100,000 in a brokerage account, and you plan to deposit an additional $20,000 at the end of every future year until your account totals $700,000. You expect to earn 13% annually on the account. How many years will it take to reach your goal?
2. Eve wants to accumulate $60,000 for a down payment on a home 5 years from now. She will do this by making a deposit at the end of each month in an account earning 8% interest compounded monthly. How much should she deposit each month?
3. Mr. Adam requires $16,000 at the beginning of each year from 2015 to 2019. How much should he deposit at the end of each year from 2005 to 2010, if the interest rate is 13% per year.
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with explanation pls
6.A land development company is considering the purchase of a building for $350,000, They estimate that they will receive $35,000 at the end of each year for the next 10 years. The investment will be worth nothing after maturity. What will be the rate of return for the investment compounded annually?
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