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Derek wants to withdraw $12,560.00 from his account 5.00 years from today and $12,875.00 from his account 15.00 years from today. He currently has $2,845.00
Derek wants to withdraw $12,560.00 from his account 5.00 years from today and $12,875.00 from his account 15.00 years from today. He currently has $2,845.00 in the account. How much must he deposit each year for the next 15.0 years? Assume a 5.02% interest rate. His account must equal zero by year 15.0 but may be negative prior to that. Submit Answer format: Currency: Round to: 2 decimal places. Derek currently has $14,502.00 in an account that pays 5.00%. He will withdraw $5,695.00 every other year beginning next year until he has taken 6.00 withdrawals. He will deposit $14502.0 every other year beginning two years from today until he has made 6.0 deposits. How much will be in the account 24.00 years from today? Submit Answer format: Currency: Round to: 2 decimal places. #6 Derek can deposit $297.00 per month for the next 10 years into an account at Bank A. The first deposit will be made next month. Bank A pays 12.00% and compounds interest monthly. Derek can deposit $2,464.00 per year for the next 10 years into an account at Bank B. The first deposit will be made next year. Bank B compounds interest annually. What rate must Bank B pay for Derek to have the same amount in both accounts after 10 years? Submit Answer format: Percentage Round to: 4 decimal places (Example: 9.2434%, % sign required. Will accept decimal format rounded to 6 decimal places (ex: 0.092434)) Derek can deposit $297.00 per month for the next 10 years into an account at Bank A. The first deposit will be made next month. Bank A pays 12.00% and compounds interest monthly. Derek can deposit $2,464.00 per year for the next 10 years into an account at Bank B. The first deposit will be made next year. Bank B compounds interest annually. What rate must Bank B pay for Derek to have the same amount in both accounts after 10 years? Submit Answer format: Percentage Round to: 4 decimal places (Example: 9.2434%, % sign required. Will accept decimal format rounded to 6 decimal places (ex: 0.092434) Suppose you deposit $1,043.00 into and account 6.00 years from today into an account that earns 15.00%. How much will the account be worth 19.00 years from today? Submit Answer format: Currency: Round to: 2 decimal places
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