Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

9. [1/3 points) DETAILS 1/100 Submissions Used PREVIOUS ANSWERS MY NOTES ASK YOUR TEACHER A young executive deposits $200 at the end of each month

image text in transcribed
image text in transcribed
9. [1/3 points) DETAILS 1/100 Submissions Used PREVIOUS ANSWERS MY NOTES ASK YOUR TEACHER A young executive deposits $200 at the end of each month for 7 years into an account that earns 7.2% compounded monthly. How much is in the account after the 7 years? (Round your answer to the nearest cent) $ 21761.28 The executive then changes the deposits in order to have a total of $400,000 after 25 total years. What should be the revised monthly payment in order to meet the $400,000 goal? (Round your answer to the nearest cent). $578.06 x How much interest is earned during the 25 years? $2444650 x ASK YOUR TEACHER MY NOTES 10. [0/2 points) DETAILS PREVIOUS ANSWERS 4/100 Submissions Used (a) Joe Blow deposits $2,000 at the end of each quarter for 35 years into an account paying 6% compounded quarterly. How much is in Joe's account at the end of the 35 years? (Round your answer to the nearest cont.) $ (b) How much interest does Joe earns on his deposits? s

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Management Theory And Practice

Authors: Eugene F Brigham, Michael C Ehrhardt

11th Edition

0324259689, 9780324259681

More Books

Students also viewed these Finance questions

Question

What is the meaning and definition of E-Business?

Answered: 1 week ago

Question

How does your message use nonverbal communication?

Answered: 1 week ago

Question

What reactive strategies might you develop?

Answered: 1 week ago