Answered step by step
Verified Expert Solution
Link Copied!

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!

image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribed

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

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