Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Please help with these interest math questions! (please include step-by-step!) You decide to contribute to a mutual fund that averages 4.4% return per year. If
Please help with these interest math questions! (please include step-by-step!)
You decide to contribute to a mutual fund that averages 4.4% return per year. If you contribute $525 quarterly. Round all answers to the nearest cent as needed. a) How much will be in the account after 10 years? $ b) How much of this money did you deposit? $ C) How much of this money is interest earned? $ Submit Question You deposit $4000 each year into an account earning 4.1% interest. How much will you have in the account in 30 years? Round your answer to the nearest cent as needed. Submit Question You deposit $200 each month into an account earning 3.2% interest. Round all answers to the nearest cent as needed. a) How much will you have in the account in 20 years? $ b) How much of this money did you deposit? $ C) How much of this money is interest earned? $ Submit Question 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? Submit Question You want to be able to withdraw $40,000 each year for 30 years. Your account earns 6.8% interest. Round all answers to the nearest cent as needed. a) How much do you need in your account at the beginning? $ b) How much total money will you pull out of the account? $ c) How much of that money is interest? $ Submit
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