Question 1161273: 1)Suppose you invest $150 at the end of each month for 6 years into an account earning 6% annual interest compounded monthly. After 6 years, you leave the money, without making additional deposits, in the account for another 24 years. How much will you have in the end?
2)Suppose you want to have $500,000 for retirement. Your account earns 9% interest compounded monthly. If you deposit $200 at the end of each month, how long will it take you to reach your goal? Round to the nearest year.
3)How much would you need to deposit in an account at the end of each month in order to have $40,000 in the account in 10 years? Assume the account earns 6% annual interest compounded monthly.
4)An account starts with a value of $5,900. It earns 6.3%, compounded monthly. $200 is added to the account at the end of each month. What will the account balance be after 41 years?
Note: It is important that you do TWO calculations and round each one to the nearest penny to avoid a possible one-penny rounding issue.
Answer = $
5) You deposit $2000 at the beginning of each year into an account earning 5% interest compounded annually. How much will you have in the account in 25 years?
Answer by ikleyn(52750)   (Show Source):
You can put this solution on YOUR website! .
ONE and ONLY ONE problem per post.
It is the RULE, the POLICY and the REQUIREMENT of this forum.
Those who violate it, work AGAINST their own interests.
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