User Account

All Pages

How much money will you need to save

Assignment Help Finance Basics
Reference no: EM132373630

You are saving up for a new boat and plan to purchase it 4 years from now. You estimate the total cost of your boat will be $24,000. Your bank provides 3% interest on your saving goals. How much money will you need to to save to each year in order to meet your goal?

Also, if you want to save $24,000 in 4 years, why is the answer not simply $6,000 per year?

Reference no: EM132373630

Questions Cloud

Grandparents for graduation : You receive a ?$5,000 check from your grandparents for graduation. You decide to save it toward a down payment on a house.
What will be your annual payment if you sign mortgage : The bank is offering a 30?-year mortgage that requires annual payments and has an interest rate of 10% per year. What will be your annual payment if you sign
Confines of a flexible budget : Joy Reed, a district manager, performance evaluation and reward is made on the basis of adhering to the confines of a flexible budget.
Checking account requires a minimum balance : You have $1,000 in a savings account, and your checking account requires a minimum balance of $800. You are earning 1% on your savings account.
How much money will you need to save : You are saving up for a new boat and plan to purchase it 4 years from now. You estimate the total cost of your boat will be $24,000.
Describe the difference between a for profit bank : Describe the difference between a for profit bank and a credit union. How might a credit union help an individual establish credit?
Properly diversify portfolio of investments : Why you think this is a correct or flawed approach to investment and recommend what steps Alex should take in order to properly diversify his portfolio
What is the libor forward rate : What is the LIBOR forward rate for the 2-to-3 year period if OIS zero rates for one, two, and three year maturities are 3.5%, 3.7%, and 3.9%, respectively.
Price level adjusted mortgage : Suppose you borrow $250,000 PLAM (Price Level Adjusted Mortgage) for 30 years, monthly payments with $6,000 origination cost.

Reviews

Write a Review

Finance Basics Questions & Answers

  Financial reporting and analysis

Finance is about Gunns Ltd, a company in dealing with forestry products in Australia. The company has also been listed in Australian Stock Exchange. As many companies producing forestry products, even Gunns Ltd is facing various problems. Due to the ..

  A report on financial accounting

This report is specific for a core understanding for Financial Accounting and its relevant factors.

  Describe the types of financial ratios

Describe the types of financial ratios and other financial performance measures that are used during venture's successful life cycle.

  Differences between sole proprietorship and corporation

Briefly describe the major differences between a sole proprietorship and a corporation

  Prepare a cash budget statement

Calculate the expected value of the apartment in 20 years' time. What is the mortgage loan repayment at the beginning of each month

  What are the implied interest rates

What are the implied interest rates in Europe and the U.S.?

  State pricing theory and no-arbitrage pricing theory

State pricing theory and no-arbitrage pricing theory

  Small business administration

Identify the likely stage for each venture and describe the type of financing each venture is likely to be seeking and identify potential sources for that financing.

  Effect of financial leverage

The Effect of Financial Leverage and working capital management

  Evaluate the basis for the payment to the lender

Evaluate the basis for the payment to the lender and basis for the payment to the company-counterparty.

  Importance of opps, ipps, mpfs and dmepos

Research and discuss the differences and importance of : OPPS, IPPS, MPFS and DMEPOS.

  Time value of money

Time Value of Money project

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd