Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Please Show Work! Thank you Problem 1: How much money you need to invest today at 7% interest rate to accumulate $1000 in 7 years?
Please Show Work! Thank you
Problem 1: How much money you need to invest today at 7% interest rate to accumulate $1000 in 7 years? Round your answer to the nearest cent. Problem 2: If you invest $1000 today, how long will it take to quadruple your investment (i.e., when your investment will grow to $4000) if interest rate is equal to 2%? Round your answer to the nearest year. Problem 3: You invested $1000 today and ended up with $1500 in 5 years, what is your annual interest rate? Keep at least 4 decimal digits. Problem 4: You deposit $10,000 into your saving account at t=0. You withdraw $2000 at t=2 and $5,000 at t=6. The interest rate s 6%. How much money will be in your saving account at t=7? Round your answer to the nearest cent. Problem 5: You deposit money into your saving account each year starting next year (i.e., at t=1) for 20 years. The interest rate is 5%, your first deposit is $1000, and each year your deposit is by 3% higher than it is in the previous year. How much money will be in your account right after your last (20th) deposit? Round your answer to the nearest centStep 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