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- Michelle wants to set aside funds to take an around the world cruise in four years. Assuming that Michelle has $26000 to invest today in an account expected to earn 5% per annum, how much will she have to spend on her vacation? O $21388. O $31603. O $112063. O $33183.Your brother plans to retire in 15 years. He currently has a deposit of $300,000, and think he will need $1,500,000 at retirement. If he can save and deposit $7,000 at the end of each year in the following 15 years, annual rate of interest must he eam to reach his goal? O a. 11.12% O b.8.52% Ос 7.44% O d. 9.00% O e. 10.13% whatQ4/ Maryam need an amount of OMR 2000 to go on vacations with her husband at the end of each year for 5 years. For this purpose she wants to invest some money in a saving bank but does not know the exact amount of money to invest. What amount does she require to invest now to receive an income of OMR 2000 at the end of each year for 10 years if the interest rate is 7percent Select one: a. 7266.08 b. 5200.50 c. 8000.08 d. 8200.39
- Raymond wants to save the college tuition fees his child will need in ten years by starting with a deposit of $7,500 today and depositing another $200 at the beginning of each month. How much will Raymond have in ten years if he gets a rate of return of 4% per annum? a. $37,201 b. $39,057 c. $40,537 d. $40,441The Pirerras are planning to go to Europe 2 years from now and have agreed to set aside $180/month for their trip. If they deposit this money at the end of each month into a savings account paying interest at the rate of 2%/year compounded monthly, how much money will be in their travel fund at the end of the second year? (Round your answer to the nearest cent.) $ Submit Answer s] $ DETAILS Submit Answer TANFIN12 5.3.012. Find the periodic payment R required to accumulate a sum of S dollars over t years with interest earned at the rate of r%/year compounded m times a year. (Round your answer to the nearest cent.) S = 160,000, r = 3.5, t = 30, m = 4 MY NOTESHow much money should Mohammed and Fatima deposit annually for 20 years in order to provide an income of $30,000 a year for their next 10 years, assuming a rate of return of 4%? O 9,171 O 8,711 O 7,171 O 8,171
- Please provide detailed solution Your grandma wishes to provide P40,000.00 to your youngest brother on his 21st birthday. How much should she deposit every six months in a bank which pays 6% per year interest if the first deposit is made when the grandson is 3 ½ years old?Jim Hunter has decided to retire to Florida in 10 years. What amount should Jim invest today so that he'll be able to withdraw $25,000 at the end of each year for 30 years after he retires? Assume he can invest money at 9% interest compounded annually. A. $18,790.27 B. $105,470.27 C. $10,480.27 D. $108,490.27Raya is saving for a new car. He needs to have OMR 21000 for the car in three years. How much will he have to invest today in an account paying 8 percent annually to achieve his target Select one: a. 22680.80 OMR b. 17107.50 OMR c. 24680.70 OMR d. None of these e. 16670.47 OMR
- i Erika opened a savings account today and she immediately put $10,000 into it. She plans to contribute another $20,000 one year from now, and $50,000 two years from now. The savings account pays a 6 percent annual interest rate. If she makes no other deposits or withdrawals, how much will she have in the account 10 years from today? a.$ 8,246.00 b.$116,937.04 c$131,390.46 d.$164,592.62 e.$190,297.04 2/4Sergio plans to retire in 15 years. He would like to have $250,000 in his retirement account. If he invests in a plan that pays 4.69% interest compounded monthly, how much should he contribute monthly? a. $138.89 b. $277.88 c. $959.77 d. $560.23How much money does Suzie need to have in her retirement savings account today if she wishes to withdraw $25,000 a year for 3 years? She expects to earn an average rate of return of 13 percent. A. $59,028.81 OB. $65,419.81 OC. $71,533.33 OD. $85,160.98 E. $87,391.34
