Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. calculate the money needed to achieve the financia

Calculate the money needed to achieve the financial goals of these people A. The parents...

70.2K

Verified Solution

Question

Accounting

image
Calculate the money needed to achieve the financial goals of these people A. The parents of a baby wish to establish a college fund for their child. They deposit $100 every month into an account for 18 years. The money earns 6 3/8% interest compounded monthly. Find the future value of this account. B. How much money can the student withdraw from the account in "Part A" every month (including summer school) for 4 years of the money is now in an account that pays 6.1% compounded monthly? A newly married couple wants $25,000 twenty five years from now to take an anniversary trip to Hawaii. How much money must be deposited every month into an account earning 6.2% interest in order to meet this goal? A person receives $18,000 inheritance and decides to deposit it into an account earning 3.25% interest compounded quarterly. What will be the value of the money after 20 years? You want $5000 4 years from now for a down payment on a car. How much money must be deposited monthly into an account earning 4.2% compounded monthly to achieve this goal

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

An ideal turbofan operates at 11,000m with a free-stream Mach number of 0.85. Considering the following...

Mechanical Engineering
Q

Describe the parallels between the stages of prosocial moral development, as proposed by Eisenberg, and the...

Psychology
Q

Test the claim that the proportion of men who own cats is significantly different than the...

Basic Math
Q

Explain in your own words, social learning theory and provide an example of how this theory...

General Management
Q

1 In the diagram below determine the value of to the nearest tenth 119 70...

Geometry
Q

Decide whether the following statement makes sense (or is clearly true) or does not make...

Basic Math
Q

Find f x if we know that Type your complete solution in the space provided...

Calculus
Q

20 Simplify the following complex fraction 8x 17 8x 10 x 17 x 10 17...

Calculus
Q

Let f x 2 x state the relation between the graphs of the function and...

Algebra
Q

Researchers are conducting a study to test the effectiveness of a new medication Subjects are...

Algebra
Q

National Restaurant Supply, Inc., vende equipos y suministros para restaurantes en la mayor parte de...

Accounting
Q

Complete each statement with either increase, decrease or stay the same as appropriate to describe...

Accounting