skip to Main Content
The smarter way
to do assignments.

Please note that this is just a preview of a school assignment posted on our website by one of our clients. If you need assistance with this question too, please click on the Order button at the bottom of the page to get started.

Pocket Finance is a new phone app, designed to help non-experts make good financial decisions.   One popular feature tells users, based on their age, how much they need to save each month in order to generate $500,000 by the age of 65. Assume a compound interest rate of 6% per annum compounded monthly.
(6 marks)  If you are 20 years old, what size monthly deposits would Pocket Finance advise you to make?  Round to two decimal places.

 (5 marks)  How much money will you accumulate by your 50th birthday?  What will be the outstanding balance of the $500,000 target?
th

 (8 marks) Referring to part (b), use EXCEL to set up a Schedule for the first 12 months of the investment. Attach the printout or copy your EXCEL schedule into your assignment submission.

(3 marks) Referring to the Schedule from part (c), how much interest in total will be earned over the first year of your investment? What will be value of your investment  at the end of the first year?

 (4 marks)  Your 25 year-old friend Dave, who does not have the Pocket Finance app, has just won $250,000 in the lottery.  He wants to invest his winnings at 6% simple interest per annum.  How much interest will he earn by the age of 65?  Based on his winnings and interest earned, will he become a millionaire?

GET HELP WITH THIS ASSIGNMENT TODAY

Clicking on this button will take you to our custom assignment page. Here you can fill out all the additional details for this particular paper (grading rubric, academic style, number of sources etc), after which your paper will get assigned to a course-specific writer. If you have any issues/concerns, please don’t hesitate to contact our live support team or email us right away.

How It Works        |        About Us       |       Contact Us

© 2018 | Intelli Essays Homework Service®

Back To Top