Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Cakulate the future value of $2000 in a. Four years at an interest rate of 9% per year b. Eight years at an interest rate

image text in transcribed

image text in transcribed

image text in transcribed

Cakulate the future value of $2000 in a. Four years at an interest rate of 9% per year b. Eight years at an interest rate of 9% per year c. Four years at an interest rate of 18% per year. d. Why is the amount of interest eamed in part (a) less than half the amount of interest earned in part (b)? a. Four years at an interest rate of 9% per year The future value of $2.000 in 4 years at an interest rate of 9% per year is $ (Round to the nearest dolar) Your cousin is currently 13 years old. She will be going to college in 5 years. Your aunt and uncle would like to have $100000 in a savings account to fund her education at that time. If the account promises to pay a fixed interest rate of 44 % per year, how much money do they need to put into the account today to ensure that they will have $100,000 in 5 years? The amount they need to put away today is $ (Round to the nearest cent) You are planning to invest $7.000 in an account eaming 6% per year for retirement a. If you put the $7,000 in an account at age 23, and withdraw it 48 years later, how much will you have? b. If you wait 10 years before making the deposit, so that it stays in the account for only 38 years, how much will you have at the end? a If you put the $7.000 in an account at age 23, and withdraw it 48 years later, how much will you have? In 48 years you wOuld have $ Round to the nearest cent)

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_2

Step: 3

blur-text-image_3

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

The Critical Handbook Of Money Laundering Policy Analysis And Myths

Authors: Petrus C. Van Duyne, Jackie H. Harvey, Liliya Y. Gelemerova

1st Edition

1137523972, 978-1137523976

More Books

Students also viewed these Finance questions

Question

1. What are the four types of adjusting entries?

Answered: 1 week ago

Question

What occurs in each stage of the audit life cycle?

Answered: 1 week ago

Question

Design a signed 5 bit comperator

Answered: 1 week ago