Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Please help me figure out how to do the question pplication Time! Facts obout Jessica - Complete the following TVM questions ( Q 3 -

Please help me figure out how to do the question pplication Time! Facts obout Jessica - Complete the following TVM questions (Q3-Q7) Here youwill be provided with odditional qudance, use the dropdown boxes for a-c to help colculate the TVMproblem.Jessica was thinking of making an investrment for S6000. She expects it to increase in value atnded annually for the next five years, How much will the investmentLG2-03a rate of 3.5% compbe worth at the end of the fifth vear?From the scenario bype out the TVM inputs in the celtsIn college, Jessica borrowed $3200 from her father to study abroad. She paid back $4000 toLG2-Q4 her father at the end of 4 years. What was the average annual compound rate of interest onthe loan from her father?From the scenario type out the TVM inputs in the cellsJessica would like to open a savings account. How many years will it take $2500 to grow toLG2-Q5asD0 with an interest rate of 3.0%?From the scenario type out the TVM inputs in the celtsJessica's grandparents openeda savings account when she was born and could access theLG2-06 funcsunds when she turned 18. The account is currently at $16000 and grew at a rate of 2%. Whatwas the initial amount invested?From the scenario bype out the TVM inputs in the cells.Jessica would like to go on a cruise in one year. The total trip costs $1500. She is thinking ofcount that earns a little interest- she found an account with .5%LG2-07 Placing the funds in an accountinterest. To reach this goal, how much would Jessica need to contribute to this accountmonthlyFrom the scenario type out the TVM inputs in the cellsLG2-Q12|Application Time! 1) You will type the TVM inputs in the table provided fron the "Info Sheet. 2)Mirror the inputs from the "Info Sheet" to the TVM cellis provided 3) Within the TVM ceils, if neededcompound 4) in the "ANSWER cell show us your TVM calculation.Goal 1: Opened an account with $1500, with the hope to have a total of S2500 saved in anLG2-Q8emergency fund within one year (no additional payments).What wvould the quarterly interest rate be needed to reach this goal?eWhat would be the monthly payment to reach this goal?Goal 2:A credit card balance of $2000 with an 15% rate. The goal is to pay off the credit cardLG2-Q9by the end of the year. (future is a $0 balance)How many months will it take to complete this goal?Goal 4: Save $15000 in an account with 15% for a down payment on a home in 6 years. (noLG2-Q11additional payments)How much must be deposited todoy in the account to reach this goal?Goal 3: Student loan balance of $18,000 at 6.5% and making $425 monthly payments. (futureLG2-Q10lis a $0 balance)Goal 5: Open a Roth IRA at 5% for 20 years and contribute $1500 on a semi-annual basis.What is the potential balance of this account in 20 years?) Solving For? (selet b) Which input is negative? (typefrom dropdown)TVM input(s) below)a) Solving For? (select b) Which input is negative? (typeTVM input(s) below)from dropdown)a) Solving For? (selectfrom dropdown)Hint: A negotive sign con olso result inwhat youre solving fora) Solving For? (selectfrom dropdown)CompoundingNumber (select fromdropdown)CompoundingNumber (select fromdropdown))Which input is negative? (typeTVM input(s) below)CompoundingNumber (select fromdropdown)CompoundingNumber (select fromdropdown)b) Which input is negative? (typeTVM inputfs) below)CompoundingNumber (select fromdropdown)RATERATEHint 1 AnnuallyNote: RATE =%/ CompoundingRATEa) Solving For? (select b) Which input is negative? (type Number (telectTVM input(s) below)from dropdown)from drapdown)RATE4 QtrRATEe) CompoundingNumber (selectfrorm dropdown)c) Compoundin9Number (3etefrom dropdown)Note RATE 6/Compoundingc) CompoundingNumber (selectfrom dropdown)) CompoundingNumber (selectfrom dropdown)c) CompoundingNote: NPER*CompoundingNPERNPERNPERNPERRATENPERRATE#N/ARATERATERATENote: NPERCampoundingPMTPMTPMTNPERPMTNPERPMTNPERNPERNPERPVPVPMTpVPMTPVPMTPMTPMT#N/A2EVFVPVFVpVPVANIAPVFV#N/AN/AANSWERFVANSWER#N/AANSWERtNIEFVANSWER#NJAANSWERFV
image text in transcribed

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

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

More Books

Students also viewed these Finance questions

Question

5. Describe the relationship between history and identity.

Answered: 1 week ago