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In order to accumulate enough money for a downpayment on a house a couple deposits $723 per month into an account paying 3% compounded monthly. if payments are made at the end of each period how much money will there be in the account in 5 years?

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Collen Von
Collen VonLv2
28 Sep 2019
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it's about Compound Interest Future Value

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6-Jamie won $750 in a raffle at school. After donating $50 to charity, he deposited the remaining amount into an account paying 5% interest compounded quarterly. How much will the account be worth at the end of 15 years?

7-Mark deposited $5000 into an account paying 9% interest compounded monthly. How much money will he have at the end of 20 years?

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9-Curtis is 19 and wants to start saving money for retirement. He deposited $8,000 in an account earning 6% interest compounded semiannually. At the end of 50 years, how much will he have in the account for his retirement?

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You plan to buy the house of your dreams in 5 years. You have estimated that the price of the house will be $119,613 at that time. You are able to make equal deposits every month at the end of the month into a savings account at a rate of 9.99 percent, compounded monthly. How much money should you place in this savings account every month in order to accumulate the required amount to buy the house of your dreamss?

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You’re planning for retirement, which you want to do in 30 years. By that time, you expect to need $3000 per month, for 20 years. You find a long-term retirement account promising a fixed 7.8% APR compounded monthly, both during the saving period, and after beginning withdrawals. (You can’t begin withdrawing money from it prior to 30 years without penalty.)

A. To have enough to fund your withdrawals, how much will you have need to save by then?

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D. Assuming the same annual rate of inflation of 2.45% over the next 30 years, how much would that $3000 be worth in today’s money (i.e. what would the purchasing power be during the first year of retirement)?

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