Question
If you deposit money today in an account that pays 13% annual interest, how long will it take to double your money? Round your answer
If you deposit money today in an account that pays 13% annual interest, how long will it take to double your money? Round your answer to two decimal places.
3 and a half years would be entered as 3.50 years
If you made yearly payments of $5344 at the end of each year into an investment, how long would it take you to save up $1,000,000 if you earned a rate of 8%. Enter your answer in whole years. (ex. 10, 20, 25)
You work hard and save hard. At retirement you have accumulated $1,000,000. You talk to your financial adviser and she helps you pick out an annuity investment that pays you a monthly amount and rate of return on the investment is 5%. Your intentions is to have a fixed monthly payment for 30 years with nothing left of the principal at the end of 30 years. What is the maximum payment you can have each month. Round Your answer to the nearest cent. (hint, your charts do not have 360 periods so you probably will need to use Excel or a calculator)
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