Compute amount which you will need to deposit

Reference no: EM1327975

At the end of the last week in January 2011 you opened a holiday savings account with your bank and made your first deposit into it to save for your overseas holiday that you will be take from the first week of October to the end of the last week of December 2011. You have budgeted that you will need to be able to withdraw $2,000 per month from your account at the start of each month of your holiday. The nominal interest rate on your savings account is 4.5 percent per annum compounded monthly. Use financial maths to calculate the equal amount that you will need to deposit into your account at the end of each month if you intend to make your last deposit at the end of August 2011. Draw appropriate timeline(s) to demonstrate your calculations.

Reference no: EM1327975

Questions Cloud

Significant information about equal pay act : How is it possible that women make considerably less money then men for the same or similar jobs, even with the existence of the Equal Pay Act of 1967?

How can we use foreign key constraints : How can we use Foreign Key constraints. How may we create new View on one or more tables ?

Key abilities and qualities to effectively reach objective : For a company to create a culture of sustainability, leaders must possess key abilities and qualities to effectively reach this objective.

Employment law : Under what circumstances is it legal, advisable, and/or ethical to engage in the following practices: Require pre-offer medical examinations of some applicants and not others?

Compute amount which you will need to deposit : You have budgeted which you will need to be capable to withdraw $2,000 per month from your account at start of each month of your holiday. The nominal interest rate on your savings account is 4.5 percent per annum compounded monthly.

Compute the file directory and fat entries : Using a text editor, create a file that is between 5,000 and 6,000 bytes long on a newly formatted floppy disk. compute the file directory and FAT entries for the type of disk used.

Smart business move is a profitable : Do you think it was a smart business move? Will it be profitable? Will her fans follower her? What are the risks involved? Opportunities?

Define the benefits of network segmentation : describe each mechanism's approach for connections establishment and termination.define the benefits of network segmentation.

Full-time and part-time implications : What implications do these changes have for employee motivation and involvement in organization? What lessons must people seeking jobs learn from experiences of these employees?

User Account

All Pages