Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Suppose it is your long time dream to own a Mountain bike, which costs $1,569 but unfortunately you only have $756 saved up for it

image text in transcribed
image text in transcribed
image text in transcribed
Suppose it is your long time dream to own a Mountain bike, which costs $1,569 but unfortunately you only have $756 saved up for it :( If your bank gives you 10% APR on deposits, how long will you have to wait to have enough money to buy your dream bike? (Round the answer two decimal point) Suppose you want to create a "Retirement Vacation fund" for you and your spouse and plan to deposit $229 in a bank account at the beginning of each month for the next 8 years. If the account paid 11% interest per year, how much will be in the account at the end of the 8th year? (Work out the problem on a separate sheet of paper before enterin the answer.) (Round up your answer to two decimal point) Suppose if you want to save up $4,863 to celebrate your marriage anniversary. If you plan to deposit $145 per month at the end of each month, while your deposits earn 7% interest per year, how long would it take for you to reach you goal? (Round your answer to 2 decimal point)

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

Digital Finance Bits And Bytes The Road Ahead

Authors: Vasant Chintaman Joshi

1st Edition

9811534306, 9811534314, 9789811534300, 9789811534317

More Books

Students also viewed these Finance questions

Question

3. Describe the products and services MFIs provide.

Answered: 1 week ago