6 Answered Questions for the topic Saving Plan

12/22/17

#### Annuity word problem

Carol wants to retire at age 63. She would like to draw $3,200 each month and estimates that she will live to be 88 years old. Carol can earn nine percent interest on her investment before...
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12/19/16

#### You deposit $300 each month into an account earning 7% interest compounded monthly. Two question help!

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?$156,278b) How much total money will you put into the...
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12/19/16

#### 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 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...
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12/18/16

#### 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?

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...
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12/18/16

#### If you deposit the amount you need to achieve your goal in 20 years, how much will your savings be worth after 10 years?

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

Saving Plan

12/15/16

#### Suppose you want to buy a car and have decided that you can save $100 a month. How much money will you have saved in a year’s time? How much will be interest?

Suppose you want to buy a car and have decided that you can save $100 a month. Using information from an internet source, determine the current interest rate on savings accounts and use the...
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