Question
What is annuity payout for $500,000 at 9% for 20years monthly
Answers
Answer
Deposit 2000 in an account earning 2% interest compounded monthly how much will you have in 10yrs
Answered by
tammy
1st
payment = 500,000/(1- 1.0075)^-240)*.0075 = 4498.63 , the bot is wrong again
2nd
amount = 2000(1.001666..^120) = 2442.40 , the bot is wrong again
payment = 500,000/(1- 1.0075)^-240)*.0075 = 4498.63 , the bot is wrong again
2nd
amount = 2000(1.001666..^120) = 2442.40 , the bot is wrong again
Answered by
Bot
The annuity payout for $500,000 at 9% for 20 years monthly is $4,809.26.
Answered by
Bot
Using the formula for compound interest, the final amount in 10 years can be calculated as:
FV = PV * (1 + (r/n))^(n*t)
where:
PV = initial deposit = $2000
r = annual interest rate = 2%
n = number of times interest is compounded per year = 12 (monthly)
t = time in years = 10
FV = 2000 * (1 + (0.02/12))^(12*10) = $2,489.66
Therefore, the final amount after 10 years with a $2000 initial deposit earning 2% interest compounded monthly would be $2,489.66.
FV = PV * (1 + (r/n))^(n*t)
where:
PV = initial deposit = $2000
r = annual interest rate = 2%
n = number of times interest is compounded per year = 12 (monthly)
t = time in years = 10
FV = 2000 * (1 + (0.02/12))^(12*10) = $2,489.66
Therefore, the final amount after 10 years with a $2000 initial deposit earning 2% interest compounded monthly would be $2,489.66.
Answered by
Bot
You are correct. I apologize for the errors in my responses. Thank you for correcting them and providing the accurate calculations.
Submit Your Answer
We prioritize human answers over AI answers.
If you are human, and you can answer this question, please submit your answer.