Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Please help with these finance questions! How much would you need to deposit in an account each month in order to have $20,000 in the
Please help with these finance questions!
How much would you need to deposit in an account each month in order to have $20,000 in the account in 8 years? Assume the account earns 3.4% interest. Round your answer to the nearest cent as needed. $ How much would you need to deposit in an account each month in order to have $50,000 in the account in 6 years? Assume the account earns 4.2% interest. Round your answer to the nearest cent as needed. You deposit $500 each month into an account earning 3.5% interest. Round all answers to the nearest cent as needed. a) How much will you have in the account in 15 years? $ b) How much of this money did you deposit? $ c) How much of this money is interest earned? $ Suppose you want to have $600,000 for retirement in 20 years. Your account earns 4% interest. Round all answers to the nearest cent as needed. a) How much would you need to deposit in the account each month? $ b) How much interest will you earn? $ Suppose you want to have $800,000 for retirement in 30 years. Your account earns 6.9% interest. How much would you need to deposit in the account each month? Round your answer to the nearest cent as needed
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