Business Math

posted by .

Bob and Joy Salkind want to save $50,000 in 5 ½ years for home improvement projects. If the Bank of Aventura is paying 8% interest compounded quarterly, how much must the couple deposit now to have the money for the projects?

  • Business Math - Enough! -

    Please do not post any more questions until you've gone back and explained what you don't understand in the previous questions.

  • Business Math -

    Ms. Sue Please don't post on the question unless you intend to HELP. Don't need the answer just asking for help with the equation, Thank You!!

Respond to this Question

First Name
School Subject
Your Answer

Similar Questions

  1. math

    Jim wants to deposit money in an account to save for a new stereo system in two years. He wants to have $4,000 available at the time. The following rates are available to him: 6.2% simple interest 6.1% compounded annually 5.58% compounded …
  2. math

    Jim wants to deposit money in an account to save for a new stereo system in two years. He wants to have $4,000 available at the time. The following rates are available to him: 6.2% simple interest 6.1% compounded annually 5.58% compounded …
  3. Math

    Serena wants to borrow $15 000 and pay it back in 10 years. Interest rates are high, so the bank makes her two offers: • Option 1: Borrow the money at 10%/a compounded quarterly for the full term. • Option 2: Borrow the money at …
  4. Math

    A $20,000 deposit was placed in a bank paying 5.75% interest compounded quarterly. After 12 months, how much interest was earned.
  5. contemporary math

    Bob and Joy Salkind want to save $50,000 in 5 ½ years for home improvement projects. If the Bank of Aventura is paying 8% interest compounded quarterly, how much must the couple deposit now to have the money for the projects?
  6. math

    Bob and Joy Salkind want to save $50,000 in 5 ½ years for home improvement projects. If the Bank of Aventura is paying 8% interest compounded quarterly, how much must the couple deposit now to have the money for the projects
  7. business math

    13. Bob and Joy Salkind want to save $50,000 in 5 ½ years for home improvement projects. If the Bank of Aventura is paying 8% interest compounded quarterly, how much must the couple deposit now to have the money for the projects?
  8. Mathematics and investment

    1. Angelo wants to renovate his house in 3 years. He estimates the cost 300,000. How much must Angelo invest now at 8% compounded quarterly in order to have 300,000 3 years from now. 2. Angelo Ancis want to save 500,000 in 5.5 years …
  9. PRE-CALCULUS

    . Sam won $150,000 in the Michigan lottery and decides to invest the money for retirement in 20 years. Find the accumulated value for Sam’s retirement for each of his options: (a) a certificate of deposit paying 5.4% compounded yearly …
  10. Business Math

    A couple purchased a home 5 years ago with a 20-year mortgage for $50,000 at an interest rate of 6% compounded monthly. The home is now valued at $90,000. A) How much are the couple's monthly payments?

More Similar Questions