Daniel deposits $20,000 into an account earning interest at 6% per year compounded quarterly. He wishes to withdraw $400 at the end of each month. For how many months can he make these withdrawals?
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Daniel deposits $20,000 into an account earning interest at 6% per year compounded quarterly. He wishes to withdraw $400 at the end of each month. For how many months can he make these withdrawals?
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- Daniel deposits $20,000 into an account earning interest at 6% per year compounded quarterly. He wishes to withdraw $400 at the end of each month. For how many months can he make these withdrawals? Round entry down to the nearest month. Please show all work! Thank you!!Daniel deposits $20,000 into an account earning interest at 6% per year compounded monthly. He wishes to withdraw $1,200 at the end of each quarter. For how many quarters can he make these withdrawals?Joe plans to deposit $300 at the end of each month into a bank account for a period of 3 yr, after which he plans to deposit $400 at the end of each month into the same account for another 4 yr. If the bank pays interest at the rate of 8%/year compounded monthly, how much will Joe have in his account by the end of 7 yr? (Assume no withdrawals are made during the 7-yr period.)
- Suppose that Jacob would like to invest at the end of each month for the next 15 years into an account paying 6.72% compounded monthly in order to accumulate $10,000 at the end of that time? How much money must Jacob deposit into the account each month? How much interest will he have earned?If Jackson deposits 100 dollars at the beginning of each month in a savings account earning interest at the rate of 8%/year compounded monthly, how much will he have on deposit in his savings account at the end of 6 yr, assuming that he makes no withdraws during that period?Bob wants to deposit $5000 into a bank account at the beginning of the next month and $200 per month into that same account at the end of that month and each subsequent month for the next 5 years. If the bank pays interest at the rate of 3% per year compounded monthly, how much will Bod have in his account at the end of 5 years? Assume that he makes no withdrawals during the 5 year period.
- Derek currently has $13, 229.00 in an account that pays 6.00%. He will withdraw $ 5,251.00 every other year beginning next year until he has taken 8.00 withdrawals. He will deposit $13229.0 every other year beginning two years from today until he has made 8.0 deposits. How much will be in the account 28.00 years from today?John deposits $1500 into a savings account earning simple interest at 2.19%annually. How much will he have in the account after 30 months?Cena deposits a certain amount of money into his family’s savings account at the beginning of each quarter for the next 4 years. He wishes to have $100,000.00 after 4 years. The interest rate is 8% compounded quarterly. How much does he need to deposit at the beginning of each quarter? Create an amortization table.
- Billy plans to deposit $200 into a bank account at the end of every month. The bank account has an nominal interest rate of 8% and interest is compounded monthly. How much will Billy have in the account at the end of 2 1/2 years?If Jackson deposits $120 at the end of each month in a savings account earning interest at a rate of 3%/year compounded monthly, how much will he have on deposit in his savings account at the end of 6 years, assuming he makes no withdrawals during that period? (Round your answer to the nearest cent.)Juan deposits $5,000 into a savings account that pays 7.2% per year, continuously compounded. What is the effective annual interest rate Determine the value of his account at the end of two years.