Problem
Melanie will invest $7,000 per year for the next 32 years. At a rate of 8% per year, how much money will Melanie have after 32 years? PMT = $2,500 per year. At a rate of 9% per year, how much will accumulate (total) in the account after 24 years? Logan figures he can afford to deposit $100 into his investment account every month to save up for his dream car. If this account earns 10.5% and he makes deposits for 6 years, how much will be in the account when Logan buys the car? The car costs $9,000. Will Logan have enough?Claire can set aside $600 into her investment account every month to save up for a house that will cost $200,000. If this account earns 10.5% and she makes deposits for 17 years (NPER), how much will be in the account when Claire buys the house? Will she have enough?