Homework Answers
Add Answer to:
3 pts $12,000 is deposited in a bank account that pays 8% nominal interest per year....
iz Instructions Question1 3 pts $12,000 is deposited in a bank account that pays 8% nominal...
iz Instructions Question1 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? 13 years 14 years D 15 years O 16 years 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 8.8%/year O 92%1year 98%/year ouiz saved at 9.58am Submit...
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...
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.
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
Bank A pays 8% interest, compounded quarterly, on its money market account. The managers of bank...
Bank A pays 8% interest, compounded quarterly, on its money market account. The managers of bank B want its money market account’s effective annual rate to equal that of Bank A, but Bank B will compound interest on a monthly basis. What nominal, or quoted, rate must bank B set?
1) If $4000 is deposited in a savings account that earns interest at an annual rate...
1) If $4000 is deposited in a savings account that earns interest at an annual rate of 2.5% interest compounded continuously, what is the value of the account at the end of two years? 2) A trust fund for a 11-year-old child is being set up by a single payment so that at age 21 the child will receive $37,000. Find how much the payment is if an interest rate of 9% compounded semiannually is assumed. 3) A bank account...
3) Effective versus nominal interest rates. Bank A pays 4% interest compounded annually on deposits, Bank...
3) Effective versus nominal interest rates. Bank A pays 4% interest compounded annually on deposits, Bank B pays 3.75% compounded semiannually, and Bank C pays 3.5% compounded daily. a) Which bank would you use? Why? b) If you deposited $5,000 in each bank today, how much would you have at the end of 2 years? c) What nominal rate would cause Banks B and C to provide the same effective annual rate as Bank A? d) Suppose you do not...
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...
You have $783,278 in a retirement account that pays a nominal annual interest rate of 9%,...
You have $783,278 in a retirement account that pays a nominal annual interest rate of 9%, compounded quarterly. If you plan to take a quarterly distribution for the next 14 years, how much could you withdraw each quarter? Enter your answer as follows: 12345 Round your answer. Do not use a dollar sign ("$"), any commas ("") or a decimal point (":").
Today, an engineer deposited $34,000 into an account that pays interest at 8% per year compounded...
Today, an engineer deposited $34,000 into an account that pays interest at 8% per year compounded semiannually. If there is no interperiod compounding and withdrawals of $1150 in months 2.11 and 23 are already planned, what will be the future value at the end of 3 years? The future value would be $
iz Instructions Question1 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? 13 years 14 years D 15 years O 16 years 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 8.8%/year O 92%1year 98%/year ouiz saved at 9.58am Submit...
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) Effective versus nominal interest rates. Bank A pays 4% interest compounded annually on deposits, Bank B pays 3.75% compounded semiannually, and Bank C pays 3.5% compounded daily. a) Which bank would you use? Why? b) If you deposited $5,000 in each bank today, how much would you have at the end of 2 years? c) What nominal rate would cause Banks B and C to provide the same effective annual rate as Bank A? d) Suppose you do not...
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...
You have $783,278 in a retirement account that pays a nominal annual interest rate of 9%, compounded quarterly. If you plan to take a quarterly distribution for the next 14 years, how much could you withdraw each quarter? Enter your answer as follows: 12345 Round your answer. Do not use a dollar sign ("$"), any commas ("") or a decimal point (":").
Today, an engineer deposited $34,000 into an account that pays interest at 8% per year compounded semiannually. If there is no interperiod compounding and withdrawals of $1150 in months 2.11 and 23 are already planned, what will be the future value at the end of 3 years? The future value would be $
Most questions answered within 3 hours.
-
For the following reaction, 0.128 moles of
potassium hydrogen sulfateare mixed with
0.504 moles of potassium...
asked 3 hours ago -
1. What is the present value of $400, three years in the future
if the interest...
asked 3 hours ago -
The labor force minus the number of employed equals the number
of unemployed.
a. True
b....
asked 5 hours ago -
Determine the mass in units of grams [g] of 0.49 moles [mol]
of a new fictitious...
asked 6 hours ago -
A horizontal mass of M=5kg is on a spring and stretched to
x=0.5m when released from...
asked 7 hours ago -
26 of 50
"I have worked at the Arizona Humane Society for ten years, and
have...
asked 7 hours ago -
Compare and contrast zero based budgeting and incremental (or
base year) budgeting.
asked 7 hours ago -
4 pts 10. Which of the following hypothesis would be MOST
difficult to test experimentally? Group...
asked 7 hours ago -
A business owner makes 1,000 items a day. Each day he or she
contributes eight hours...
asked 8 hours ago -
A
circular loop in the plane of a paper lies inca0.65 T magnetic
field pointing into...
asked 8 hours ago -
A business owner is trying to decide whether to buy, rent, or
lease office space and...
asked 8 hours ago -
Thermal Storage Solar heating of a house is much more efficient
if there is a way...
asked 8 hours ago