use the compound interest formula to compute the balance in the following account after the stated period of time , assuming interest is compound annually .. 9000 invested at an APR 2.3% for 13 yrs .. round to the nearest cent
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find the savings plan balance after 4 years with an APR of 4% and monthly payments of $394.00
EXPERT ANSWER A = PMT * {[(1 + int rate)^num of periods – 1] / int rate }int rate = 0.04/12 as APR is annual num of periods = 12*4 = 48 A = 394 * { [ (1+ .04/12)^48 – 1 ] / (.04/12) } $20,472.08 MORE ANSWER solutionwe haveA = PMT * {[(1 …
At age 38 , you start saving for retirement. If your investment plan pays an APR of 4% and you want to have $1.1 million when you retire in years, how much should you deposit monthly?
EXPERT ANSWER In the above question we are not given the age of retirement , so assuming the age of 60 years for thr retirement we make the calculations here. Also we are not given the amount of money or saving one can afford to invest . Now APR is = 4 % , we …