Bobby would like to take a trip to Greece in 5 years. He will need $1,575 monthly while he is there and expects to remain there for 8 months. If money is worth 3.9% compounded monthly, how much will Bobby need to deposit now in order to make his trip to Greece become a reality? Assume he will need the money at the BEGINNING of each month.

1 answer
Question:

Bobby would like to take a trip to Greece in 5 years. He will need $1,575 monthly while he is there and expects to remain there for 8 months. If money is worth 3.9% compounded monthly, how much will Bobby need to deposit now in order to make his trip to Greece become a reality? Assume he will need the money at the BEGINNING of each month.

Answers

The amount Bobby will need at the start of his trip is $12,458.06. In order for his account to have that balance in 5 years, ..... he must deposit $10,254.17 now.

Similar Solved Questions

2 answers

What is question 10 help me

what is question 10 help me...
2 answers

Help me pls Ineed help with this and I will mark you brainiest

Help me pls Ineed help with this and I will mark you brainiest...
2 answers

A 0.25-mol sample of a weak acid with an unknown Pka was combined with 10.0-mL of 3.00 M KOH, and the resulting solution was diluted to 1.500 L. The measured pH of the solution was 3.85. What is the pKa of the weak acid?

A 0.25-mol sample of a weak acid with an unknown Pka was combined with 10.0-mL of 3.00 M KOH, and the resulting solution was diluted to 1.500 L. The measured pH of the solution was 3.85. What is the pKa of the weak acid?...
1 answer

PLEASE HELP ASAPPPPPP

PLEASE HELP ASAPPPPPP...
1 answer

Aqueos hydrogen peroxide (H2O2) decomposes into liquid water and oxygen gas. how many moles of water will be produced from 2.5 moles of hydrogen peroxide(H2O2)?

Aqueos hydrogen peroxide (H2O2) decomposes into liquid water and oxygen gas. how many moles of water will be produced from 2.5 moles of hydrogen peroxide(H2O2)?...
2 answers

Y varies inversely as the square of X . find equation connecting X andY.​

Y varies inversely as the square of X . find equation connecting X andY.​...
1 answer

22 An airline offers a discount one way flight to New York City for $162 80. If the usual price for the ticket is $185.00, what is the percent discount

22 An airline offers a discount one way flight to New York City for $162 80. If the usual price for the ticket is $185.00, what is the percent discount...
1 answer

________ is a feeling of loss of control that results when a person has violated self-imposed rules.

________ is a feeling of loss of control that results when a person has violated self-imposed rules....
1 answer

Please help, thank you!!

please help, thank you!!...
1 answer

What words with the root struct?

what words with the root struct?...
1 answer

If there is complete linkage with genes Ss (for smooth or wrinkled seeds) and Gg (for green or yellow seeds), what phenotypes would you expect in the offspring of a cross with one heterozygous parent (Ss, Gg), which would all produce all smooth and green seeds, and a homozygous recessive parent (ss, gg), which would produce all wrinkled yellow seeds?

If there is complete linkage with genes Ss (for smooth or wrinkled seeds) and Gg (for green or yellow seeds), what phenotypes would you expect in the offspring of a cross with one heterozygous parent (Ss, Gg), which would all produce all smooth and green seeds, and a homozygous recessive parent (ss,...
1 answer

This question doesnt make sense, can you help me?

This question doesnt make sense, can you help me?...
2 answers

How can Dickens World be expressed in the Great Expectations

How can Dickens World be expressed in the Great Expectations...
1 answer

Triple Company's accountant made an entry that included the following items: debit postage expense $13.72, debit office supplies expense $28.63, debit cash over/short $3.49. If the original amount in petty cash is $346, how much was the credit to cash for the reimbursement? Multiple Choice A. $42.35. B. $346. C. $45.84.

Triple Company's accountant made an entry that included the following items: debit postage expense $13.72, debit office supplies expense $28.63, debit cash over/short $3.49. If the original amount in petty cash is $346, how much was the credit to cash for the reimbursement? Multiple Choice A. $42.3...
1 answer

Help please make it in the correct order ASAP please and thx u♥️

Help please make it in the correct order ASAP please and thx u♥️...
1 answer

I need help with these!!

I need help with these!!...
1 answer

Scientists study the evolutionary relationships of species to better understand the history of life on Earth. Describe two methods that scientists can use to determine whether two species (modern or extinct) are closely related.

Scientists study the evolutionary relationships of species to better understand the history of life on Earth. Describe two methods that scientists can use to determine whether two species (modern or extinct) are closely related....
2 answers

FOR PE when defensive player catches a mis-shot off the ramp is called

FOR PE when defensive player catches a mis-shot off the ramp is called...
2 answers

Why was the pilgrim’s first corn crop such a successful one?

Why was the pilgrim’s first corn crop such a successful one?...
1 answer

Which of the following statements about the regions highlighted in yellow on the map above is true?

Which of the following statements about the regions highlighted in yellow on the map above is true?...

-- 0.039480--