Formula To find compound Interest
= | final amount | |
= | initial principal balance | |
= | interest rate | |
= | number of times interest applied per time period | |
= | number of time periods elapsed |
Formula can be modified to find principal amount
a)
=12,548.25
b)
=12,463.34
c)
=12419.86
d)
=12,390.48
e)
=12,379.09
f)
=12376.16
g)
=12375.69
h)
=12375.66
i) its instant so you can use formula
=12375.65
It almost becomes after calculating for minutes
154. How much money must be invested in an account that pays 6% per year in-...
17. Determine the amount of each investment. a) $6500 invested at 4% per year, compounded semi-annually, for 3 years b) $3200 invested at 3% per year, compounded quarterly, for 8 years c) $900 invested at 6% per year, compounded daily, for 150 days d) $25 000 invested at 8% per year, compounded monthly, for 35 years
10. $27,000 is invested in an account that pays 6% annual interest compounded quarterly. a. What will be the value of the account after 6 years? b. Find the year when the account will be worth $68,000?
How much must be invested at the beginning of each year at 8%, compounded annually, to pay off a debt of $20,000 in 6 years? (a) State whether the problem relates to an ordinary annuity or an annuity due. O ordinary annuity annuity due (b) solve the problem. (Round your answer to the nearest cent.) $4005.84 X A house is rented for 56,600 per quarter, with each rent payable due at the beginning of each quarter. If money is worth...
How much interest is earned in an account by the end of 5 years if $30,000 is deposited and interest is 4% per year, compounded semi-annually? What is the balance in an account at the end of 10 years if $6,500 is deposited today and the account earns 3% interest compounded annually? If you wish to accumulate $50,000 in 10 years, how much must you deposit today in an account that pays annual interest rate of 8%, with semi-annual compounding...
25. How much must be invested now in an account that earns 7% interest per year compounded quarterly for 8 years in order to have $1210 in the account at that time?
If 7000 dollars is invested in a bank account at an interest rate of 6 per cent per year,Find the amount in the bank after 13 years if interest is compounded annually:Find the amount in the bank after 13 years if interest is compounded quarterly:Find the amount in the bank after 13 years if interest is compounded monthly:Finally, find the amount in the bank after 13 years if interest is compounded continuously:
An annuity pays $1200 per year for 15 years. The money is invested at 5.2% compounded annually. The first payment is made 1 year after the purchase of the annuity. Determine the interest earned by the annuity over the 15 years.
2. How much interest is earned in an account by the end of 8 years if $24,000 is deposited at the beginning of year 1 and interest is 4.4% per year, compounded semi-annually? 3. If you wish to accumulate $53,000 in 7 years, how much must you deposit today in an account that pays annual interest rate of 8%, with quarterly compounding of interest? 4. If you deposit $9,000 at the end of each year for 9...
How much money should be invested today in order to have $8340 at the end of 9 years if the interest paid is a nominal rate of 4.25 percent compounded semi-annually?
1) Kenneth Clark is considering an investment that pays 6.10 percent, compounded annually. How much will he have to invest today so that the investment will be worth $28,000 in six years? 2) Find the present value of $4,100 under each of the following rates and periods: a. 8.9 percent compounded monthly for five years. b. 6.6 percent compounded quarterly for eight years. c. 4.3 percent compounded daily for four years. d. 5.7 percent compounded continuously for three years.