(Answered) You can invest money each month at 6 percent interest

Statistics

You can invest money each month at 6 percent interest compounded monthly over the next 30 years.

In 30 years, you will take all the money you invested and put it into an account earning 8 percent compounded monthly.

Then you will start taking out $2000 a month for the next 15 years until your account runs out of money.

How much do you need to invest each month over the next 30 years? (please show work)

View complete question

Statistics and Probability, Statistics

Category:- Statistics and Probability
Reference No.:- M93134644
Price:- $10

Verified Expert

Priced at $20 Now at $10, Verified Solution

Have any Question?Write your Review or question?

Related Questions in Statistics and Probability

Need help with calculating these problems a research group

Need help with calculating these problems: A research group conducted an extensive survey of 2957 wage and salaried workers on issues ranging from relationships with their bosses to household chores. The data were gather ...

Suppose that you have 5000 and you are contemplating the

Suppose that you have $5000 and you are contemplating the purchase of two investments, IBM and Walgreen's. One year from now, IBM can be sold at $ X per dollar invested, and Walgreen's can be sold for $ Y per dollar inve ...

If the coefficient of determination is 0738 what percentage

If the coefficient of determination is 0.738, what percentage of the data about the regression line is unexplained?

1 the r-squared of a linear regression model is equal to

1) The R-squared of a linear regression model is equal to the proportion of the variance of the target explained by a linear regression model. 2). The R-squared of a linear regression model is equal to the proportion of ...

What is the sample size for studies with moe of -35 and -28

What is the sample size for studies with MOE of +/-3.5% and +/-2.8%, with a confidence level of 95%, sample statistics of 50. Suppose the category population was 7500 (less than 10,000)? Remember the FPC. What would be t ...

A carnival game involves a spinner that is designed so that

A carnival game involves a spinner that is designed so that in 20 percent of spins the player will win a prize. A random sample of 100 spins will be observed and the random variable X = number of times in the sample that ...

The speed of cars on a stretch of road is normally

The speed of cars on a stretch of road is normally distributed with an average 42 miles per hour with a standard deviation of 5.9 miles per hour. What is the probability that a randomly selected car is violating the spee ...

6year 8 coupon bond with semi annual payments par value

6 year, 8% coupon bond with semi annual payments, Par Value = $1000. 1) Find out price of the bond if YTM = 10%. 2) What happens to the bond price if YTM decreases 1 basis point? 3) Is the effect of 1 basis point decreas ...

What are some ways being able to visually see data in a

What are some ways being able to visually see data in a graphic presentation beneficial?

A set of score has a mean of mu 63 and a standard

A set of score has a mean of μ = 63 and a standard deviation of σ = 8. If these scores are standardized so that the new distribution has μ = 50 and σ = 10, what new value would be obtained for a score of X = 59 from the ...

4,153,160 Questions Asked
13,132 Experts
2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Recent Questions

Ask Statistics and Probability Expert