Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. finance
  3. for both questions, please show what you typed int

For both questions, please show what you typed into the TVM solver. N: I: PV: PMT: FV: Time of month: End or...

90.2K

Verified Solution

Question

Finance

For both questions, please show what you typed into the TVMsolver.

N:

I:

PV:

PMT:

FV:

Time of month: End or beginning

1. Rachel, who just turned 18, deposits a $15,000 gift into aninterest-bearing account earning a 7.5% annual rate of interest.How much will she have in the account when she retires at age 60,assuming all interest is reinvested at the 7.5% rate? If Racheldecided she only needed $300,000 at retirement, could she retire at59? Explain.

2. James deposited $800 at the end of the past 16 years topurchase his granddaughter, Kali, a car, James earned 8% interestcompounded annually on his investment. If the car Kali choosescosts $22,999, would she have enough money in the account topurchase the vehicle? What would be the deficit or surplus?

Answer & Explanation Solved by verified expert
4.3 Ratings (624 Votes)
Q1 Basically Rachel deposits 15000 so that is a cash outflowtherefore it should be input as a negative value in the PV Shedeposited it at the completion of 18 years of age and we need tocalculate the FV when she completed 60 years of ageN 6018 42I 75PV 15000PMT    See Answer
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: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

QUESTION 2 s possible to find the area of a square by first calculating the...

Geometry
Q

What’s constant growth dividend policy? advantages? disadvantages? Any real-world example?

Finance
Q

The daily exchange rate for currencies fluctuates on a daily basis due to many economic conditions...

Statistics
Q

Situation #1: you want to look at a variable that you cannot manipulate Situation #2: there are...

Statistics
Q

What are the major contributions to glomerular filtration pressure, and what happens to GFR when these...

Medical Sciences
Q

sine 21 X adjacent Which ratio would be used to solve for x tangent cosine

Geometry
Q

All asymptotes to the tangent function occur when:a) cos x = 1b) sin x =...

Algebra
Q

The Reynolds Company buys from its suppliers on terms of 3/10,...

Accounting
Q

please print clearly. thank you! ...

Accounting
Q

Commodore Entertainment has four profitable business segments, described as follows: Media Networks: Television and radio...

Accounting
Q

Lisa is a full-time undergraduate student who wants to claim AOTC. She brings in her...

Accounting
Q

Evaluate whether companies can shape culture

Accounting