Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. finance
  3. you are planning on retiring the moment that you a

You are planning on retiring the moment that you accumulate $1,000,000 in your mutual fund. Currently,...

90.2K

Verified Solution

Question

Finance

You are planning on retiring the moment that you accumulate$1,000,000 in your mutual fund. Currently, you have $226,619 in theaccount, and you pay 1,000 into it monthly. If your account earns8%, how many years until you can retire? A. 14 B.15 C. 16 D. 17

Eight years ago, you took out a loan for 100,000 at an interestrate of 12% compounded monthly. The loan was for 20 years, and youmake monthly payments of $1,101.09 each month. What is the currentbalance on the loan today? A. 67,747 B. 9,176 C. 83,834 60,000

Your bank offers you the following choices for an interest rate.Which one would have the lowest actual cost of interest?

A: 12% monthly compounding

B: 12.24% quarterly compounding

C: 12.40% semi-annual compounding

D: 12.75% annual compounding


Answer & Explanation Solved by verified expert
3.5 Ratings (455 Votes)
    See Answer
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Question: Test the mean of population X for equality to zero (mu=0) using the sample x and...

Basic Math
Q

1.) Which portion of the autonomic nervous system must be most active in the genitals for...

Biology
Q

Answers A E A Electronic thermometer B Telephone C Defibrillator D Electronic medical record all...

Biology
Q

Economy Oil and gas cut back advice ignored Foreign Cambodian Policy conflict Nixon Pardon Based...

Biology
Q

earthquake intensity measured by 1 lo x 10 m lo is reference intensity and M...

Geometry
Q

Solve the following compound inequality.-7x-8-2x+7<-7x-3Give your answer in interval notation. For example, if you found...

Algebra
Q

Financial Statements and Closing Entries Last Chance Company offers legal consulting advice to prison inmates....

Accounting
Q

Grouper Corp.s unadjusted trial balance at December 1,2022 , is presented below. Accumulated Depreciation-fhaldings Accumulated...

Accounting
Q

Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item...

Accounting
Q

Suppose the following information was taken from the 2025 financial statements of FedEx Corporation, a...

Accounting
Q

The Garcia Companys bonds have a face value of $1,000, will mature in 10 years,...

Finance
Q

Which one of the following items is not a method/tool of analysis of financial statements...

Finance