Required amount to buy the house of your dreams

Assignment Help Financial Management

Reference no: EM131850219

You plan to buy the house of your dreams in 13 years. You have estimated that the price of the house will be $89,952 at that time. You are able to make equal deposits every month at the end of the month into a savings account at an annual rate of 6.65 percent, compounded monthly. How much money should you place in this savings account every month in order to accumulate the required amount to buy the house of your dreams?

Reference no: EM131850219

Questions Cloud

Provides group and individual disability insurance products : Unum Group, together with its subsidiaries, provides group and individual disability insurance products in the United States and the United Kingdom.

Calculating that project net present value : This week we looked at how to estimate the potential cash flows from a project as we move toward calculating that project's net present value.

What was the rate of return on this investment : An investor purchased 350 shares of a company at $40 per share. What was the rate of return on this investment for the one-month period?

Adequate to assess firm financial data and stability : Are only using the four basic financial statements adequate to assess a firm’s financial data and stability? Why?

Required amount to buy the house of your dreams : How much money should you place in this savings account every month in order to accumulate the required amount to buy the house of your dreams?

Money will be in the account at the end of that time period : How much money will be in the account at the end of that time period?

Best approach to forecast sales in business strategy game : What is the best approach to forecast sales in the business strategy game. What is the present value of $408 perpetuity discounted back to present at 13.85%.

Straight-line depreciation will be used in calculating taxes : Straight-line depreciation will be used in calculating taxes for this project and the marginal corporate tax rate is 32 percent.

Computer-based order entry system : Your firm is contemplating the purchase of a new $772,800 computer-based order entry system.

User Account

All Pages