You deposit $2000 in an account earning 8% interest compounded monthly. How much will you have in the account in 5 years?
The amount in the account after 5 years
Here, we’ve amount deposited = $2,000
Monthly Interest Rate (r) = 0.666667% per month [8.00% / 12 Months]
Number of months (n) = 60 Months [5 Years x 12 Months]
Therefore, the Future Value = Present Value / (1 + r) n
= $2,000 x (1 + 0.00666667)60
= $2,000 x (1.00666667)60
= $2,000 x 1.489845708
= $2,979.69
“Hence, the amount in the account after 5 years will be $2,979.69“
You deposit $2000 in an account earning 8% interest compounded monthly. How much will you have...
You deposit $6000 in an account earning 5% interest compounded monthly. How much will you have in the account in 5 years?
you deposit $4000 in an account earning 5% interest compounded monthly. how much will you have in the accoung in 5 years?
i. You deposit $5000 in an account earning 5% interest compounded monthly. How much will you have in the account in 5 years? ii. Suppose you want to have $400,000 for retirement in 20 years. Your account earns 8% interest. How much would you need to deposit in the account each month?
You deposit $3000 in an account earning 2% interest compounded monthly. How much will you have in the account in 5 years? Enter an integer or decimal number (more..] Submit Question
of 1 Question 1 of 10 5Points You deposit $2000 in an account earning 8% interest compounded monthly. How much will you have in the account in 5 years? A. $979.69 OB. $2.979.69 C. $2.160.00 D. $16,000.00 Reset Selection
You deposit $300 each month into an account earning 4% interest compounded monthly. a) How much will you have in the account in 30 years? $ b) How much total money will you put into the account? $ c) How much total interest will you earn? $
You deposit $350 each month into an account earning 4% interest compounded monthly. a) How much will you have in the account in 15 years? b) How much total money will you put into the account? c) How much total interest will you earn? S
You deposit $100 each month into an account earning 3% interest compounded monthly a) How much will you have in the account in 20 years? 1) b) How much total money will you put into the account? 1) arī T) c) How much total interest will you earn? an Get hetlp Video Video Points availiable on this attempe: 0.9 of original 1 Unlimized actempeS Score on last actempt 0.0.0), Score in gracebookc (0, Q.O1 Out of (0. 33 0.33,0.34) Submit
You deposit $400 in an account earning 2% interest compounded annually. How much will you have in the account in 10 years?
1. You deposit $400 each month into an account earning 7% interest compounded monthly. a) How much will you have in the account in 35 years? $ b) How much total money will you put into the account? $ c) How much total interest will you earn? $ 2. Suppose you want to have $300,000 for retirement in 35 years. Your account earns 8% interest. a) How much would you need to deposit in the account each month? $ b)...