Annuities

You can assume that no new purchases were paid with the credit card. This is my last question on my homework and I've tried it a hundred times and I always get it wrong.

Question: Kenny wants to invest $250 every 3 months at 5.2%/a compounded quarterly. He would like to have at last $6500 at the end of his investment. How long will he need to make regular payments?

I am having trouble figuring out how to solve this. Would you be able to help me?Local phone numbers consist of seven numerals, the first three of which are common to many users. A small town's... more

A home selling for $620,000 is to be purchased with a 30% down payment and the remainder financed through mortgage with monthly payments over 25 years. Determine the monthly payment if rates for... more

Determine the accumulated value of monthly deposits of $770 each after 10 years if the deposits earn 9.9%/year compounded quarterly. Assume that the deposits are made at the end of each month and... more

.......................................

Formula: P=A(r/n)/ [(1+r/n)^nt -1] How much should you deposit at the end of each month into an investment account that pays 5.5% compounded monthly to have $3 million when you retire in 41 years?... more

At the end of every 6 months, Parvati deposited $200.00 into a savings account that paid 3.5%/a compounded semi-annually. She made the first deposit when her son was 6 months old and the last on... more

You deposit $300 each month into an account earning 7% interest compounded monthly.a) How much will you have in the account in 20 years?b) How much total money will you put into the account?c) How... more

How much should you invest each month in order to have $600,000 if your rate of return is 4.8% compounded monthly and you want to achieve your goal in 40 years?How much interest will you earn?How... more

How much should you invest each month in order to have $800,000 if your rate of return is 5.3% compounded monthly and you want to achieve your goal in 40 years?   If you deposit the amount you... more

Today, Tiffany is starting to save up for a down payment on a house. Currently she has $635 in an account earning 8% semiannually. She will deposit $138 at the beginning of every two weeks for four... more

The Thorntons have just welcomed their second child into their family. Due to the increased size of theirfamily, they decide to move out of their little 2 bedroom apartment. They have saved $20,000... more