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iz Instructions Question1 3 pts $12,000 is deposited in a bank account that pays 8% nominal...
3 pts $12,000 is deposited in a bank account that pays 8% nominal interest per year....
3 pts $12,000 is deposited in a bank account that pays 8% nominal interest per year. (a) How long does it take for the account to reach $42,500, if interest compounds quarterly? O 14 years O 16 yeans D Question 2 3 pts (b) What nominal annual interest would be required for the account to reach $30,000 in 10 years, if interest compounds monthly? 8.5%/year 92%/year
You just deposited $8,000 in a bank account that pays a 4.0% nominal interest rate, compounded...
You just deposited $8,000 in a bank account that pays a 4.0% nominal interest rate, compounded quarterly. If you also add another $5,000 to the account one year (4 quarters) from now and another $7,500 to the account two years (8 quarters) from now, how much will be in the account three years (12 quarters) from now? a. $20,232.41 b. $23,789.75 c. $19,565.40 d. $26,457.76 e. $22,233.41
Assume you opened and deposited $1000.00 into a savings account that pays 4% per annum. If the bank compounds interest...
Assume you opened and deposited $1000.00 into a savings account that pays 4% per annum. If the bank compounds interest annually, how much will you have in your account at the end of 3 years (assuming no deposits or withdrawals are made for 3 years)? Find the balance if the bank compounds interest quarterly under the same conditions. Find the balance if the bank compounds interest continuously under the same conditions.
Suppose that $1000 is deposited into an account that pays 5% interest per year, at the...
Suppose that $1000 is deposited into an account that pays 5% interest per year, at the end of each year, the amount in the account is 1.05 times the amount at the beginning of the year. Write a MATLAB program with a for loop to calculate the amount in the account after 10, 20, and 30 years. Repeat problem 1, assuming that the interest is compounded quarterly; that is, one-fourth of the annual interest (1.25%) is added to the account...
3. Chapter MC, Section .05, Problem 044 Your bank account pays an 8% nominal rate of...
3. Chapter MC, Section .05, Problem 044 Your bank account pays an 8% nominal rate of interest. The interest is compounded quarterly. Which of the following statements is CORRECT? The periode rate of interests and the effective rate of interest is also b. The periodic rate of interest is 4% and the effective rate of interest is less than 8% O . The periodic rate of interests and the effective rate of interest is greater than Od. The periodic rate...
Future 0.23 Suppose that you deposit $1,000 into a savings account that pays 8 percent. a If the bank compounds int...
Future 0.23 Suppose that you deposit $1,000 into a savings account that pays 8 percent. a If the bank compounds interest annually, how much will you have in your account in four years? b. What would your balance be in four years if the bank used quarterly com- pounding rather than annual compounding? C. Suppose you deposited the $1,000 in four payments of $250 each year beginning one year from now. How much would you have in your account after...
Olivia deposited $800 at her local credit union in a savings account at the rate of...
Olivia deposited $800 at her local credit union in a savings account at the rate of 6.2% paid as simple interest. She will earn Interest once a year for the next 7 years. If she were to make no additional deposits or withdrawals, how much money would the credit union owe Olivia in 7 years? O $1,218.88 $852.68 $1,147.20 $149.60 Now, assume that Olivia's credit union pays a compound interest rate of 6.2% compounded annually. All other things being equal,...
Max, Inc. deposited deposit to grow to $6,798 if the interest is $2.000 in a bank...
Max, Inc. deposited deposit to grow to $6,798 if the interest is $2.000 in a bank account that pays 12% annual interest. How many years would it take fo, the O A. 10.5 ??. 9.5 OC. 8.5 O D. 12.5 Harold Hawkins bought a home for $320,000. He made a down payment of $45,000, the balance will be paid off over 30 $1 years at a 6.775% rate of interest. How much wil Harold's monthly payments be? Round om to...
(3 pts) Bob would ike to have $20,000 in 4 years to use as a down...
(3 pts) Bob would ike to have $20,000 in 4 years to use as a down payment on a future house purchase. He has no money saved up now, but plans on depositine 5375 per month at the end of every month to save for this goal. What is the periodic interest rate Bob must earn to reach his goal? What is the Annual Percentage rate? 1) Periodic Nominal APR) (3 pts) Sue has $30,000 to use as a down...
1) (3 pts) Bob would like to have a total savings of $30,000 in 6 years...
1) (3 pts) Bob would like to have a total savings of $30,000 in 6 years to use as a down payment on a future house purchase. He has no money saved up now, but plans on depositing $350 per month at the end of every month to save for this goal. What is the periodic interest rate Bob must earn to reach his goal? What is the Annual Percentage rate? 1 Periodic *.ㅡ I Nominal (APR)- % 2) (3...
3 pts $12,000 is deposited in a bank account that pays 8% nominal interest per year. (a) How long does it take for the account to reach $42,500, if interest compounds quarterly? O 14 years O 16 yeans D Question 2 3 pts (b) What nominal annual interest would be required for the account to reach $30,000 in 10 years, if interest compounds monthly? 8.5%/year 92%/year
Suppose that $1000 is deposited into an account that pays 5% interest per year, at the end of each year, the amount in the account is 1.05 times the amount at the beginning of the year. Write a MATLAB program with a for loop to calculate the amount in the account after 10, 20, and 30 years. Repeat problem 1, assuming that the interest is compounded quarterly; that is, one-fourth of the annual interest (1.25%) is added to the account...
3. Chapter MC, Section .05, Problem 044 Your bank account pays an 8% nominal rate of interest. The interest is compounded quarterly. Which of the following statements is CORRECT? The periode rate of interests and the effective rate of interest is also b. The periodic rate of interest is 4% and the effective rate of interest is less than 8% O . The periodic rate of interests and the effective rate of interest is greater than Od. The periodic rate...
Future 0.23 Suppose that you deposit $1,000 into a savings account that pays 8 percent. a If the bank compounds interest annually, how much will you have in your account in four years? b. What would your balance be in four years if the bank used quarterly com- pounding rather than annual compounding? C. Suppose you deposited the $1,000 in four payments of $250 each year beginning one year from now. How much would you have in your account after...
Olivia deposited $800 at her local credit union in a savings account at the rate of 6.2% paid as simple interest. She will earn Interest once a year for the next 7 years. If she were to make no additional deposits or withdrawals, how much money would the credit union owe Olivia in 7 years? O $1,218.88 $852.68 $1,147.20 $149.60 Now, assume that Olivia's credit union pays a compound interest rate of 6.2% compounded annually. All other things being equal,...
Max, Inc. deposited deposit to grow to $6,798 if the interest is $2.000 in a bank account that pays 12% annual interest. How many years would it take fo, the O A. 10.5 ??. 9.5 OC. 8.5 O D. 12.5 Harold Hawkins bought a home for $320,000. He made a down payment of $45,000, the balance will be paid off over 30 $1 years at a 6.775% rate of interest. How much wil Harold's monthly payments be? Round om to...
(3 pts) Bob would ike to have $20,000 in 4 years to use as a down payment on a future house purchase. He has no money saved up now, but plans on depositine 5375 per month at the end of every month to save for this goal. What is the periodic interest rate Bob must earn to reach his goal? What is the Annual Percentage rate? 1) Periodic Nominal APR) (3 pts) Sue has $30,000 to use as a down...
1) (3 pts) Bob would like to have a total savings of $30,000 in 6 years to use as a down payment on a future house purchase. He has no money saved up now, but plans on depositing $350 per month at the end of every month to save for this goal. What is the periodic interest rate Bob must earn to reach his goal? What is the Annual Percentage rate? 1 Periodic *.ㅡ I Nominal (APR)- % 2) (3...
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