Set aside in savings account

Assignment Help Business Economics

Reference no: EM131807657

Martin pays rent of $500 per month for the 9-month academic year. He is going to travel the world this summer and won't be working. How much must he set aside in his savings account for the 3-month summer to cover his rent for next year? The savings account earns 3% with monthly compounding.

Reference no: EM131807657

Questions Cloud

No additional deposits and makes no withdrawals : if he makes no additional deposits and makes no withdrawals? Contributed by Paul R. McCright, University of South Florida

Discuss a new weighted-average cost per unit : When using the weighted-average inventory costing method in a perpetual inventory system, a new weighted-average cost per unit

Import consumer electronic products : Liam dreams of starting his own business to import consumer electronic products to his home country. He estimates he can earn 5% on his investments

Prepare the journal entries and fill out the sheets : Prepare the journal entries for the given transactions.

Set aside in savings account : How much must he set aside in his savings account for the 3-month summer to cover his rent for next year? The savings account earns 3% with monthly compounding.

How much money should timothy and tiffany deposit annually : How much money should Timothy and Tiffany deposit annually for 20 years in order to provide an income of $30,000 per year for the next 10 years?

Retirement account every year : LaQuita deposits $3500 in her retirement account every year. If her accountpays an average of 6% interest and she makes 38 deposits before she retires

Review of team experience from pecha kucha presentation : Brief review of your team experience from Pecha Kucha presentation. Presenting a detailed critical analysis of the issues you mentioned

Annual return on her investment : Its annual net income is $54,000. The owner wants a 10% annual return on her investment. Contributed by D. P. Loucks, Cornell University.

User Account

All Pages