Solved: How much money should you place in this savings account, Finance Basics

+44 141 628 6080
[email protected]

How much money should you place in this savings account

You plan to buy the house of your dreams in 12 years. You have estimated that the price of the house will be $78,423 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 8.08 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?

Solution Preview :

Prepared by a verified Expert

Finance Basics: How much money should you place in this savings account

Reference No:- TGS02928206

Now Priced at $10 (50% Discount)

Recommended (94%)

Rated (4.6/5)

Have a Question? (oR Write a Review)

Write atleast 100 words!!

Recent Questions Asked Finance Basics

Q : The first deposit is made today how much money will be in

please show formula and explanationyou have decided to place 553 in equal deposits every month at the beginning of the

Q : Compute the a payback period b present value of estimated

1 the following data are given for the allright corporationinitial cost of proposed

Q : Design a task or function that will check the parity of a

question - design a task or function that will check the parity of a word for odd parity the input to the taskfunction

Q : The annual interest rate on the loan is 1345 percent of the

a commercial bank will loan you 58734 for 5 years to buy a car the loan must be repaid in equal monthly payments at the

Q : How much money should you place in this savings account

you plan to buy the house of your dreams in 12 years you have estimated that the price of the house will be 78423 at

Q : What is the present value of a 128 perpetuity discounted

please provide formulawhat is the present value of a 128 perpetuity discounted back to the present at 938

Q : What is the current yield on pks bonds do not round

pk software has 76 percent coupon bonds on the market with 23 years to maturity the bonds make semiannual payments and

Q : Does this portfolio have more or less systematic risk than

we have the following investments in our

Q : How long will it take 600 to double if it earns the

how long will it take 600 to double if it earns the following rates compounding occurs once a year round each answer to

1926395

Questions
Asked

3,689

Active Tutors

1438098

Questions
Answered

Start Excelling in your courses, Ask a tutor for help and get answers for your problems !!

ask Question

Asked Questions

Discuss patient with athsma about use of bronchodilators

You're instructing a patient with athsma about the use of bronchodilators. You should teach the patient which one?

Discuss new forms of advertising changing opdps work

How have social media and other new forms of advertising changing OPDP's work?

Observing and reporting a correctional clients behavior

Observing and reporting a correctional client's behavior is extremely important, to ensure they receive the right mental health care.

Discussion about improve patient satisfaction scores

You are trying to improve patient satisfaction scores in your hospital's emergency department. You decide to poll 40 patients a day for three weeks.

Problem concerning about the risk for stroke

Sam is concerned about his risk for his stroke since his dad died of stroke at age 57 based on the following information why would you recommend

Patient presented with acute-onset abdominal pain

You are on your 5th straight duty in the Urgent Care and you are seeing a 18 yo may who presented with acute-onset abdominal pain for 2 days.

Discuss - male with a history of moderate persistent asthma

A nurse is caring for an 8-year-old male with a history of moderate persistent asthma. He is accompanied by his mom and dad who reported