Answered step by step
Verified Expert Solution
Question
1 Approved Answer
can anyone help me with this? avings Plans, Part 3: Reaching a Goal with Different Account Types or this problem, you will be looking at
can anyone help me with this?
avings Plans, Part 3: Reaching a Goal with Different Account Types or this problem, you will be looking at how the amount someone needs to invest to reach a set end goal aries with investment type. Round principal and deposit amounts up to the cent. Finley wants to be able to buy a house in fifteen years; they think they will need to have $24,000 to use a down payment. a. If Finley wants to buy bonds that earn 3.72% APR in simple interest, how much will they have to invest now for the bonds to be worth $24,000 in fifteen years? invested b. If Finley wants to set aside money in a savings account that earns 3.72% APR in interest, compounded monthly, how much will they have to invest now for the savings account to be worth $24,000 in fifteen years? $ invested c. If Finley wants to put aside money every month in a lockbox, how much will they have to set asic each month in order to have $24,000 after fifteen years? (They will be depositing the same amoun every month.) $ deposited per month How much will Finley have invested in the account in total? total invested d. If Finley wants to invest monthly in an annuity account with a 3.72% APR, how much will they ne to debosit each month in order for the account to be worth $24,000 in fifteen years? \$ deposited per month How much will Finley have invested in the account in total? $ total invested Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started