Question
A student has a balance of $1 comma 700 in a money market account, and she considers this to be an emergency fund. Her goal
A student has a balance of $1 comma 700 in a money market account, and she considers this to be an emergency fund. Her goal is to have enough money in the fund to cover four months of bills. Her bills are currently $600 a month. Additionally, she wants to start another account to save the $8,000 needed for a down payment on a house. Complete parts 1. through 4. below. LOADING... Click the icon to view the table of compound interests on $100, compounded daily. 1. How much interest will the student receive on $1 comma 700 in a 365-day year if she keeps it in the money market account earning 1.75 % compounded daily? $30.01 (Round to the nearest cent as needed.) 2. How much money must the student shift from other accounts to the emergency fund to have four times her monthly bills in the account by the end of the year? $669.99 (Round to the nearest cent as needed.) 3. Using annual compounding on an account that pays 6.0 % interest annually, find the amount the student would need to invest to have the $8,000 down payment for the house in 5 years. $nothing (Round to the nearest cent as needed.)
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