Accumulate enough to meet your down payment requirement

Assignment Help Financial Management

Reference no: EM131358270

You need $10,900 for the down payment on a new car. You presently have $5,000 in savings for which you expect to earn 6% (annual rate, compounded monthly). If you deposit a further $500 each month to this account, how long, approximately, before you will accumulate enough to meet your down payment requirement?

a. 17.6 Years

b. 8 Months

c. 11 Months

d. 16 Months

e. 1.84 Years

Please show work AND show how to put it in the Finance Calculator

Reference no: EM131358270

Questions Cloud

Project will increase after tax operating cash flows : Razer Inc. is considering a project with an initial fixed asset cost of $3 million that will have zero salvage value at the end of its 10-year life. The project will increase after tax Operating Cash Flows (OCF’s) to the firm by $725,000 a year. If t..

Determine the strength ratio r at the bottom surface : Determine the strength ratio R at the bottom surface of the laminate, using the following strength criteria Maximum stress, Maximum strain.

Develop a level production plan : Using the data, develop a level production plan. How much extra cost (inventory and HR costs) are involved in this plan? What additional costs (both financial and 2.nonfinancial) might be involved with such a plan?

Read the one page article about andrea yates : Read the one page article about Andrea Yates included in this module folder. Select one biological theory and one psychological theory and apply it to the Yates case. You may utilize outside resources for additional information on the case. Wri..

Accumulate enough to meet your down payment requirement : You need $10,900 for the down payment on a new car. You presently have $5,000 in savings for which you expect to earn 6% (annual rate, compounded monthly). If you deposit a further $500 each month to this account, how long, approximately, before you ..

What type of product does amd manufacture : What type of product does AMD manufacture? What is the purpose of the boot loader during the boot-up process? What type of memory or storage device is prone to losing data if the power goes out?

Calculate safety factor and the reliability of the system : Consider a material with measured strength values F given in Table 1.2. Assume the expected stress values to be one-half of the values in Table 1.2. Calculate the safety factor and the reliability of the system.

What the power and current delivery capabilities of sunfire : What was Bob Carver's main goal in developing his Sunfire Amplifier? What is the basic technological nature of his solution? If the need was so obvious, why hadn't this been done before? What are the power and current delivery capabilities of the Su..

Select any two of the theories from this module : Research and find a credible website that gives details about Jeffrey Dahmer. Select any two of the theories from this module (Social Structure Theory) and apply these theories to Dahmer.

User Account

All Pages