Reference no: EM131334158
a) In order to accumulate enough money for a down payment on a? house, a couple deposits $281 per month into an account paying 6% compounded monthly. If payments are made at the end of each period, how much money will be in the account in 4 years?
What is the amount in the account after 4 years ?$______ (Round to the nearest cent as needed.)
b) Starting at age 50, a woman puts $1600 at the end of each quarter into a retirement account that pays 7% interest compounded quarterly. When she reaches age 60, she withdraws the entire amount and places it in a mutual fund account that pays 9% compounded monthly. From then on she deposits $200 in the same mutual fund at the end of each month. How much is in the account when she reaches age 65?
At age 65 she has $______.
(Simplify your answer. Type an integer or a decimal. Round intermediate steps to the nearest cent. Round the final answer to the nearest dollar if needed.)
c) Ingrid wants to buy a $16,000 car in 6 years. How much money must she deposit at the end of each quarter in an account paying 5.1?% compounded quarterly so that she will have enough to pay for her car?
How much money must she deposit at the end of each quarter ?$______ ?(Round to the nearest cent as needed.)
d) A man deposits $19,000 at the beginning of each year for 16 years in an account paying 5?% compounded annually. He then puts the total amount on deposit in another account paying 9% compounded semiannually for another 15 years. Find the final amount on deposit after the entire 31-year period.
He will have a final amount of $______ after the entire 31-year period. ?(Simplify your answer. Round to the nearest cent as needed.)
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: In order to accumulate enough money for a down payment on a? house, a couple deposits $281 per month into an account paying 6% compounded monthly. If payments are made at the end of each period, how much money will be in the account in 4 years? What ..
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