Rozilan needs $6,000 in three years’ time. Now, he saves $3,000 in an account that pay 7% per annum simple interest. Find the amount that he must save two years from now so that he can accumulate the $6,000.

  1. 👍
  2. 👎
  3. 👁

Respond to this Question

First Name

Your Response

Similar Questions

  1. Algebra 2

    Rick deposits $1,000 into an investment account which earns 4% annually. Sally loans $1,000 to a friend, and the friend agrees to pay her $50 each year, and will return the $1,000 after 10 years. Determine the amount of money each

  2. Accounting

    What is the total stockholders' equity based on the following account balances? Common Stock $450,000 Paid-In Capital in Excess of Par 90,000 Retained Earnings 190,000 Treasury Stock 10,000 Answer A.$740,000 B.$730,000 C.$720,000

  3. Math

    The population of a city has been decreasing exponentially since 1990. In 1990, the population was 1,000,000. In 2010, the population was 560,000. If t represents time in years since 1990, which of the following equations best

  4. math, depreciation

    A workcenter system purchased at a cost of $60,000 in 2015 has a scrap value of $12,000 at the end of 4 years. If the straight-line method of depreciation is used. a) find the rate of depreciation. b) Find the linear equation

  1. Math

    Samuel withdraws $5,000 each month from his bank account to finance his new business. His account had an initial balance of $325,000. After how many months will his balance be $175,000 if he makes no deposits to the account?

  2. Economics

    I got a lot of problems with this exercise. I really hope you can help me. Thanks! Samantha Roberts has a job as a pharmacist earning $30.000 per year, and she is deciding whether to take another job as the manager of another

  3. finance management

    John Roberts has $42,180.53 in a brokerage account, and he plans to contribute an addtional $5,000.00 to the account at the end of the year. the brokerage account has an expected annual return of 12%. If John's goal is to

  4. finance300

    3) Your uncle has $280,000 invested at 7.5%, and he now wants to retire. He wants to withdraw $35,000 at the end of each year, starting at the end of this year. He also wants to have $25,000 left to give you when he ceases to

  1. math

    Eric deposted $32,000 in a savings account to save for his children's college education. The bank pays 8% tax-deferred interest per year compounded quarterly. How much will his account be worth at the end of 18 years?

  2. finance

    4. a. Someone in the 36 percent tax bracket can earn 9 percent annually on her investments in a tax-exempt IRA account. What will be the value of a one-time $10,000 investment in 5 years? 10 years? 20 years? b. Suppose the

  3. accounts

    on july 01,2000, asok ltd. purchased a machine for Rs.1,08,000 and spent Rs.12000 on its installation.At the time of purchase it was estimated that the effective commercial life of the machine will be 12 years and after 12 years

  4. math

    Bill takes a lot of $9,000 and an 8% simple interest rate for 6 years How much interest will Bill pay after 2 years? How much interest will he pay in total for the loan ? $720.00;3,600.00 $1,408.00;4,224.00* $36,000.00;12,000.00

You can view more similar questions or ask a new question.