FREE Trial
Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

How much will I need to deposit into my account at the beginning of each month for the next 50 years if I want $2,700,000

How much will I need to deposit into my account at the beginning of each month for the next 50 years if I want $2,700,000 at the end, assuming my account makes 6% pa compounded quarterly over that same period of time?  Also State which formula you used and show workings.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

To calculate the monthly deposit required to accumulate 2700000 at the end of 50 years with a 6 annu... 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

Mathematical Applications for the Management Life and Social Sciences

Mathematical Applications for the Management Life and Social Sciences

Authors: Ronald J. Harshbarger, James J. Reynolds

11th edition

9781337032247, 9781305465183, 1305108043, 1337032247, 1305465180, 978-1305108042

More Books

Students also viewed these Finance questions

Question

Question: Old MathJax webview Old MathJax webview i need ans of these question but the source is alot Old MathJax webviewOld MathJax webview i need ans of these question but the source is alot these...

Answered: 1 week ago

Question

★★★★★
1 What are the main components of personal financial planning? Solve What is the purpose of a financial plan? Solve Identify some common actions taken to achieve financial goals. How does a job...

Answered: 1 week ago

Question

★★★★★
List three specific parts of the Case Guide, Objectives and Strategy Section (See below) that you had the most difficulty understanding. Describe your current understanding of these parts. Provide...

Answered: 1 week ago

Question

★★★★★
Assume that when human resource managers are randomly selected, 57% say job applicants should follow up within two weeks. If 9 human resource managers are randomly selected, find the probability that...

Answered: 1 week ago

Question

★★★★★
Use the data in MEAP00_01 to answer this question. (i) Estimate the model mathA = (0 + (2 lexppp + (2 lenroIl + (3 lunch + u by OLS, and report the results in the usual form. Is each explanatory...

Answered: 1 week ago

Question

★★★★★
3. If HP were to conduct a survey in social media to determine consumers preferences for notebook computers, what should be the sample size? Explain your reasoning.

Answered: 1 week ago

Question

★★★★★
How did Jean Itard and douard Sguin advance our understanding of people with cognitive disabilities?

Answered: 1 week ago

Question

★★★★★
Panoramic Inc. had a beginning balance of $2,000 in its Accounts Receivable account. The ending balance of Accounts Receivable was $2,400. During the period, Panoramic recognized $40,000 of revenue...

Answered: 1 week ago

Question

★★★★★
tDraft a simple proposal soliciting funding for the construction of a borehole by the members of your community at a Town Hall Meeting held recently at your instance. The proposal should take this...

Answered: 1 week ago

Question

★★★★★
Gold Nest Company of Guandong, China, is a family-owned enterprise that makes birdcages for the South China market. The company sells its birdcages through an extensive network of street vendors who...

Answered: 1 week ago

Question

★★★★★
A double-pipe heat exchanger operating in the parallel-flow mode carries glycerin in the inner pipe and water in the annular region. The glycerin enters the heat exchanger at 90C at a mass flow rate...

Answered: 1 week ago

Question

★★★★★
8. Your father who is a manager, broke his arm because he slipped and fell in a hotel room shower while on a business trip. Is your father entitled to workers' compensation benefits? 3. A. 5.

Answered: 1 week ago

Question

★★★★★
Spade Manufacturing produces surfboards. The company uses a normal-costing system and allocates manufacturing overhead on the basis of direct manufacturing labor-hours. Most of the company's...

Answered: 1 week ago

Question

★★★★★
Telnex Corporation maintains its internal inventory records using first - in , first - out ( FIFO ) under a perpetual inventory system. The following information relates to its inventory during the...

Answered: 1 week ago

Question

★★★★★
Suppose a local college has tasked you to develop a database that will keep track of students and the courses that they have taken. In addition to tracking the students and courses, the client wants...

Answered: 1 week ago

Question

★★★★★
QUESTION TWO In some parts of the world, commuters who have more than one passenger in the car are permitted to drive in a special lane on certain highways while all the other motorists have to...

Answered: 1 week ago

Question

★★★★★
In Problems 718, write the augmented matrix of the given system of equations. f0.01x0.03y = 0.06 [0.13x + 0.10y = 0.20

Answered: 1 week ago

Question

★★★★★
If 100 feet of fence is used to enclose a rectangular yard, then the resulting area is given by A = x(50 - x) where x feet is the width of the rectangle and 50 - x feet is the length. Graph this...

Answered: 1 week ago

Question

★★★★★
The difference of two sets, A - B, is defined as the set containing all elements of A except those in B. That is, A - B = A ( B'. Find A - B for each pair of sets in Problems 1-4 if U = {1, 2, 3, 4,...

Answered: 1 week ago

Question

★★★★★
Using data from 2010 and projected to 2018, the federal income tax per capita can be approximated by the equation y = 486.48t + 3486.84 where t is the number of years past 2010 and y is in dollars...

Answered: 1 week ago

Question

★★★★★
In three successive years the price of the common shares of Bedrock Resources Ltd. fell 40%, 60%, and 70%, ending the third year at 50 cents. a. What was the share price at the beginning of the...

Answered: 1 week ago

Question

★★★★★
The Pro Shop at Sunny Lake Golf and Country Club prices its golf club sets to allow for overhead of 33 1/3% of cost and profit of 20% of cost. a. What is the regular selling price as a percentage of...

Answered: 1 week ago

Question

★★★★★
Garden Centre purchases lawnmowers from a wholesaler for $249 and marks them up by 25% of selling price. At the end of the summer, a scratched floor-display mowers price is reduced to 10% above cost....

Answered: 1 week ago

Previous Question Next Question