Consumer Math Project Calculate The Money Needed To Achieve The Financial Goals Of These People Please Do All Work On S 1 (29.25 KiB) Viewed 68 times
Consumer Math Project Calculate The Money Needed To Achieve The Financial Goals Of These People Please Do All Work On S 2 (29.25 KiB) Viewed 68 times
Consumer Math Project Calculate the money needed to achieve the financial goals of these people. Please do all work on separate paper and circle or highlight your answers. You do not need to turn in this assignment sheet. At a minimum please show the following: Formula used (as shown on formula packet), Formula restated with specific values plugged in for each variable, and final answer (circled or highlighted) Assignments without complete neat work will lose significant points L (4pts each) A. The parents of a baby wish to establish a college fund for their child. They deposit $100 every month into an account for 18 years. The money earns 6 3/8% interest compounded monthly. Find the future value of this account. B. How much money can the student withdraw from the account in "Part A" every month (including summer school) for 4 years if the money is now in an account that pays 6.1% compounded monthly? (4pts) A newly married couple wants $25,000 twenty five years from now to take an anniversary trip to Hawai. How much money must be deposited every month into an account earning 6.2% interest in order to meet this goal? . (Apts) A person receives $18,000 inheritance and decides to deposit it into an account earning 3.25% interest compounded quarterly. What will be the value of the money after 20 N. (4pts) You want $5000 4 years from now for a down payment on a car. How much money must be deposited monthly into an account earning 4.2% compounded monthly to achieve this goal? V. A To save for retirement you deposit $240 every month for 40 years into an account that pays 6.2% interest. How much money will be in the account when you retire? (Apts) B. The money from "Part A is transferred into an account that pays 6.6% How much money can you withdraw monthly for 25 years? (4pts) C. How much money did you deposit? (3pts) D. How much money did you receive? (3pts)
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