Suppose a bank offers a savings account with the interest rate of 6% compounded annually. If...
Suppose a bank offers a savings account with the interest rate of 6% compounded annually. If you deposit $100, how long does it take to triple your money if you do not withdraw any from your account?
Homework Answers
Future value = 100 * 3 = 300
Future value = Present value ( 1 + r)n
300 = 100 ( 1 + 0.06)n
3 = (1.06)n
LN 3 = n LN 1.06
1.098612 = n 0.058269
n = 18.85
It will take 18.85 years.
Add Answer to:
Suppose a bank offers a savings account with the interest rate
of 6% compounded annually. If...
You deposit $3,000 at the end of the year (k = 0) into an account that pays interest at a rate of 7% compounded annually. A year after your deposit, the savings account interest rate changes to 1 2%...
You deposit $3,000 at the end of the year (k = 0) into an account that pays interest at a rate of 7% compounded annually. A year after your deposit, the savings account interest rate changes to 1 2% nominal interest compounded month y Five years after ur de o the savings account aga changes it interest rate this time e interest rate becomes 8% nominal interest compounded quarterly. Eight years after your deposit, the saving account changes its rate...
Continental Bank advertnes capital savings 59% compounded annually while TD Canada Trust offers premium savings of...
Continental Bank advertnes capital savings 59% compounded annually while TD Canada Trust offers premium savings of 67% compounded monthly Suppose you have $1000 to invest for two years Which deposit will cam more interest? What is the difference in the amount of interest? The Continental Bank savings account will earn more interest The difference is s Round the finalwer to the nearest contended. Round all intermediate values to six decimal places as needed)
The bank offers interest rate of 5.26%, compounded semi-annually. If you put $10 in the bank...
The bank offers interest rate of 5.26%, compounded semi-annually. If you put $10 in the bank now, how much money do you have at the end of one year? (Round to the nearest cent.)
First City Bank pays 6 percent simple interest on its savings account balances
First City Bank pays 6 percent simple interest on its savings account balances, whereas Second City Bank pays 6 percent interest compounded annually.If you made a $ 57,000 deposit in each bank, how much more money would you earn from your Second City Bank account at the end of 10 years? (Do not round intermediate calculations and round your answer 10 2 decimal places, e.g., 32.16.Difference in accounts = $_______
A bank offers a savings account with the interest rate of 9% compounded daily. What is...
A bank offers a savings account with the interest rate of 9% compounded daily. What is the effective interest rate? Use 360-day year.
0 The Continental Bank advertises capital savings at 5.8% compounded semi-annually while TD Canada Trust offers...
0 The Continental Bank advertises capital savings at 5.8% compounded semi-annually while TD Canada Trust offers premium savings at 5.7% compounded monthly. Suppose you have $3000 to invest for two years. (a) Which deposit will earn more interest? (b) What is the difference in the amount of interest? (a) The savings account will earn more interest (b) The difference is $ (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as...
A bank offers the following certificates of deposit: Terms in years Annual nominal interest rate, compounded...
A bank offers the following certificates of deposit: Terms in years Annual nominal interest rate, compounded semi-annually 1 5% 2 6% 3 7% 4 8% The bank requires that interest accumulate at the certificate’s interest rate, and does not permit early withdrawal. The certificates mature at the end of the term. During the next six years, the bank will continue to offer these certificates of deposit. Jeff invests 1000 in the bank. Calculate the maximum amount...
Just 57 QUESTION 56 You deposit$ 100 in a savings account that pays 12%interest compounded annually....
Just 57
QUESTION 56 You deposit$ 100 in a savings account that pays 12%interest compounded annually. How much would you have in your account at the end of 5 years? O$160 $166.16 O $168.41 $172.35 O $176.23 QUESTION 57 In the above question, if the bank pays 12% interest compounded qua erly. How much would you have in your account at the end of 5 years? $165.12 $173.16 $180.61 $181.35 $182.45
You plan to deposit $29535 into a savings account that pays 4% compounded annually for 22...
You plan to deposit $29535 into a savings account that pays 4% compounded annually for 22 years. In year 10 you had to withdraw $1678 for an emergency. How much will you have in your account at the end of 22 years? Enter your answer as follows: 12345 Round your answer. Do not use a dollar sign ("$"), any commas("), or a decimal point(""
4) Townville Bank offers a savings account that pays 3.25% annual interest compounded monthly. a) What...
4) Townville Bank offers a savings account that pays 3.25% annual interest compounded monthly. a) What is the yield (APY) on this account? Round to the nearest hundredth of a percent. [5 pt] b) If Amy makes a deposit of $15,000 into this account, how much will be in her account after 8 years? [8 pt]
You deposit $3,000 at the end of the year (k = 0) into an account that pays interest at a rate of 7% compounded annually. A year after your deposit, the savings account interest rate changes to 1 2% nominal interest compounded month y Five years after ur de o the savings account aga changes it interest rate this time e interest rate becomes 8% nominal interest compounded quarterly. Eight years after your deposit, the saving account changes its rate...
Continental Bank advertnes capital savings 59% compounded annually while TD Canada Trust offers premium savings of 67% compounded monthly Suppose you have $1000 to invest for two years Which deposit will cam more interest? What is the difference in the amount of interest? The Continental Bank savings account will earn more interest The difference is s Round the finalwer to the nearest contended. Round all intermediate values to six decimal places as needed)
0 The Continental Bank advertises capital savings at 5.8% compounded semi-annually while TD Canada Trust offers premium savings at 5.7% compounded monthly. Suppose you have $3000 to invest for two years. (a) Which deposit will earn more interest? (b) What is the difference in the amount of interest? (a) The savings account will earn more interest (b) The difference is $ (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as...
Just 57
QUESTION 56 You deposit$ 100 in a savings account that pays 12%interest compounded annually. How much would you have in your account at the end of 5 years? O$160 $166.16 O $168.41 $172.35 O $176.23 QUESTION 57 In the above question, if the bank pays 12% interest compounded qua erly. How much would you have in your account at the end of 5 years? $165.12 $173.16 $180.61 $181.35 $182.45
You plan to deposit $29535 into a savings account that pays 4% compounded annually for 22 years. In year 10 you had to withdraw $1678 for an emergency. How much will you have in your account at the end of 22 years? Enter your answer as follows: 12345 Round your answer. Do not use a dollar sign ("$"), any commas("), or a decimal point(""
Most questions answered within 3 hours.
-
Which of the following is a provision of
NAFTA?
A.
Common accounting rules
B.
Adding new...
asked 17 seconds ago -
Need to do in Python? Can do in Javascript but not in Python
Write a function...
asked 14 minutes ago -
Industry: Telecommunications in India
Here, you need to discuss the sources of the growth pattern
and...
asked 1 hour ago -
Hydrobromic acid
dissolves solid iron according to the followiaung reaction:
Fe(s)+2HBr(aq)→
FeBr2(aq)+ H2(g)
Part A. What...
asked 3 hours ago -
Verify the following vector identity in SPHERICAL
COORDINATES.
div(curl(A)) = 0
asked 5 hours ago -
The work function (Φ) for a metal is 7.50×10-19 J.
What is the longest wavelength (nm)...
asked 5 hours ago -
1. Would the following procedural changes cause the
calculated mass percent Ni2+ ion in Ni(NH3)nCl2 to...
asked 7 hours ago -
1. Why does the voltage of the capacitor vary with frequency?
where does this missing voltage...
asked 8 hours ago -
p p please write each step out clearly
3. A manager of a company is considering...
asked 7 hours ago -
On October 1, Ebony Ernst organized Ernst Consulting; on October
3, the owner contributed $83,540 in...
asked 8 hours ago -
A.)As an electron moves through a region of space, its speed
decreases from 9.60 × 106...
asked 8 hours ago -
In java with the netbeans program do:
Through object programming
Create a class "ContadorP", which is...
asked 8 hours ago