A small business owner contributes $4,000 at the end of each quarter to a retirement account that earns 6% compounc quarterly. (a) How long will it be until the account is worth at least $150,000? (Round your answer UP to the nearest quarts quarters (b) Suppose when the account reaches $150,000, the business owner increases the contributions to $4,000 at the end of each quarter. What will the total value of the account be after IS more years? (Round your answer to the nearest dollar.)
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- Samuel Ames owes 20,000 to a friend. He wants to know how much he would have to pay if he paid the debt in 3 annual installments at the end of each year, which would include interest at 14%. Draw a time line for the problem. Indicate what table to use. Look up the table value and place it in a brief formula. Solve.A small business owner contributes $4,000 at the end of each quarter to a retirement account that earns 6% compounded quarterly. (a) How long will it be until the account is worth at least $150,000? (Round your answer UP to the nearest quarter.) quarters (b) Suppose when the account reaches $150,000, the business owner increases the contributions to $4,000 at the end of each quarter. What will the total value of the account be after 15 more years? (Round your answer to the nearest dollar.) 2$A small business owner contributes $2,000 at the end of each quarter to a retirement account that earns 10% compounded quarterly. (a) How long will it be until the account is worth at least $150,000? (Round your answer UP to the nearest quarter.)quarters(b) Suppose when the account reaches $150,000, the business owner increases the contributions to $6,000 at the end of each quarter. What will the total value of the account be after 15 more years? (Round your answer to the nearest dollar.)
- Suppose that starting at age 25, you make steady contributions to a retirement account (with initial balance 0). What should your yearly contribution be if you want to have a balance of $815,000 after 40 years? Assume your account will earn 7% interest, compounded continuously. (Round your answer to the nearest dollar.)A small business owner contributes $3,000 at the end of each quarter to a retirement account that earns 10% compounded quarterly. (a) How long will it be until the account is worth $150,000?(b) Suppose when the account reaches $150,000, the business owner increases the contributions to $5,000 at the end of each quarter. What will the total value of the account be after 15 more years?43. A small business owner contributes $3000 at the end of each quarter to a retirement account that earns 8% com- pounded quarterly. (a) How long will it be until the account is worth $150,000? (b) Suppose when the account reaches $150,000, the business owner increases the contributions to $5000 at the end of each quarter. What will the total value of the account be after 15 more years?
- suppose you put $1500 into your IRA this year. You do not make any additional contributions to the account. If you earn a return of 10.5% annually, how much will you have in the account in 42 years? 932,208 6,615 1,031,590 69,615 99,381You want to be able to withdraw $40,000 from your account each year for 25 years after you retire. If you expect to retire in 15 years and your account earns 6.6% interest while saving for retirement and 6.2% interest while retired:Round your answers to the nearest cent as needed.a) How much will you need to have when you retire?$b) How much will you need to deposit each month until retirement to achieve your retirement goals?$c) How much did you deposit into you retirement account?$d) How much did you receive in payments during retirement?$e) How much of the money you received was interest?$Suppose an individual makes an initial investment of $2,200 in an account that earns 7.8%, compounded monthly, and makes additional contributions of $100 at the end of each month for a period of 12 years. After these 12 years, this individual wants to make withdrawals at the end of each month for the next 5 years (so that the account balance will be reduced to $0). (Round your answers to the nearest cent.) (a) How much is in the account after the last deposit is made?$ (b) How much was deposited?$ (c) What is the amount of each withdrawal?$ (d) What is the total amount withdrawn?$
- Suppose you want to have $800,000 for retirement in 25 years. Your account earns 7% interest compounded annually. Round your answers to the nearest cent.a) How much would you need to deposit in the account each month? $ b) How much interest will you earn? $If you desire to have $15,000 for a down payment for a house in six years, what amount would you need to deposit today? Assume that your money will earn 2 percent. Use the appropriate factor(s) from the tables providedSuppose your parents have just retired and have $1 million in a retirement account. For how many years can they withdraw $5,000 at the beginning of each month for expenses, assuming that the account will continue to earn a 5 percent annual return until it is exhausted?