Homework Answers
Solution: $1069.20
Working:
| Opening balance | Interest | Withdrawls | Balance | |
| 1st year | 1000 | 80 | 80 | 1000 |
| 2nd year | 1000 | 80 | 90 | 990 |
| 3rd year | 990 | 79.2 | 0 | 1069.20 |
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. On the first day of the year, a person deposits S1000 into a bank at...
6,7 pls 6. A person deposits $1,000 in an account each year for five years beginning...
6,7 pls
6. A person deposits $1,000 in an account each year for five years beginning at the end of year 1). At the end of the fifth year (immediately after the deposit), one half of the account balance is withdrawn. $2,000 is deposited annually for five more years (starting at the end of year 6), and the total balance is withdrawn at the end of the 15th year. There are no additional deposits made in years 11 - 15....
You decide to deposit $50 in the bank today and to make 10 additional deposits every...
You decide to deposit $50 in the bank today and to make 10
additional deposits every 6 months beginning 6 months from now, the
first of which will be $50 and increasing $10 per deposit after
that. A few minutes after making the last deposit, you decide to
withdraw the all the money deposited. If the bank pays 8% nominal
interest compounded semiannually, how much money will you
receive?
You decide to deposit $50 in the bank today and to...
A company deposits $6,000 in a bank at the end of every year for 10 years....
A company deposits $6,000 in a bank at the end of every year for 10 years. The company makes no deposits during the subsequent 8 years. If the bank pays 10% interest, how much would be in the account at the end of 18 years? (7 points)
2. Suppose that someone deposits BD2,500 in a savings account at the end of each year...
2. Suppose that someone deposits BD2,500 in a savings account at the end of each year for the next 15 years. How much money will the person have by the end of the 15th year if the bank pays (a) 8%. (b) 6.75%?
5 of 16 (4 complele) HW Score: Problem 4-62 (algorithmic) A person deposits $3,000 in an...
5 of 16 (4 complele) HW Score: Problem 4-62 (algorithmic) A person deposits $3,000 in an account each year for five years (starting at the end of year one) At the end of the fifth year, one-half of the account balance is withdrawn, 56,000 is deposited annually for five more your starting in the balance withdrawn at the end of the fifteenth year. There are no additional payments in years 11-15 a. Choose the correct cash flow diagram b. If...
Problem 4-62 (algorithmic) Question Help A person deposits $3,000 in an account each year for five...
Problem 4-62 (algorithmic) Question Help A person deposits $3,000 in an account each year for five years (starting at the end of year one). At the end of the fifth year, one-half of the account balance is withdrawn: $6,000 is deposited annually for five more years (starting in the 6th year), with the total balance withdrawn at the end of the fifteenth year. There are no additional payments in years 11-15. a. Choose the correct cash flow diagram. b. If...
You decide to deposit $100 in the bank today and to make 10 additional deposits every...
You decide to deposit $100 in the bank today and to make 10 additional deposits every 6 months beginning 6 months from now, the first of which will be $75 and increasing $25 per deposit after that. A few minutes after making the last deposit, you decide to withdraw all the money deposited. If the bank pays 6% nominal interest compounded semiannually, how much money will you receive?
Suppose you make 15 equal annual deposits of $1,000 each into a bank account paying 14%...
Suppose you make 15 equal annual deposits of $1,000 each into
a bank account paying 14% interest per year. The first deposit will
be made 1 year from today. How much money can be withdrawn from
this bank account immediately after the 15th deposit?
uppose you make SS equal are ual deposts of St O00 each rto a bank accoum paying 'S ianat per year Th. first depastne made one yea tum todey te moi soney (an be we aam...
Ann deposits $1000 at the end of each month into her bank savings account. The bank...
Ann deposits $1000 at the end of each month into her bank savings account. The bank paid 6% nominal interest, compounded and paid quarterly. No interest was paid on money not in the account for the full 3-month period. How much was in Ann's account at the end of 3 years?
I. Ahmed asked his bank to make him a three mont ths time deposits to start on the for first of A...
I. Ahmed asked his bank to make him a three mont ths time deposits to start on the for first of April service officer at the bank that the applicable interest rate wou if the an amount of LE1,000,000. He was told by the customer and be 8% p.a. a apply deposit is broken a penalty of 2%pa below the contracted rate 300,000 on May 15 he went to the bank and asked to withdraw the 300,000. What is the...
6,7 pls
6. A person deposits $1,000 in an account each year for five years beginning at the end of year 1). At the end of the fifth year (immediately after the deposit), one half of the account balance is withdrawn. $2,000 is deposited annually for five more years (starting at the end of year 6), and the total balance is withdrawn at the end of the 15th year. There are no additional deposits made in years 11 - 15....
You decide to deposit $50 in the bank today and to make 10
additional deposits every 6 months beginning 6 months from now, the
first of which will be $50 and increasing $10 per deposit after
that. A few minutes after making the last deposit, you decide to
withdraw the all the money deposited. If the bank pays 8% nominal
interest compounded semiannually, how much money will you
receive?
You decide to deposit $50 in the bank today and to...
A company deposits $6,000 in a bank at the end of every year for 10 years. The company makes no deposits during the subsequent 8 years. If the bank pays 10% interest, how much would be in the account at the end of 18 years? (7 points)
2. Suppose that someone deposits BD2,500 in a savings account at the end of each year for the next 15 years. How much money will the person have by the end of the 15th year if the bank pays (a) 8%. (b) 6.75%?
5 of 16 (4 complele) HW Score: Problem 4-62 (algorithmic) A person deposits $3,000 in an account each year for five years (starting at the end of year one) At the end of the fifth year, one-half of the account balance is withdrawn, 56,000 is deposited annually for five more your starting in the balance withdrawn at the end of the fifteenth year. There are no additional payments in years 11-15 a. Choose the correct cash flow diagram b. If...
Problem 4-62 (algorithmic) Question Help A person deposits $3,000 in an account each year for five years (starting at the end of year one). At the end of the fifth year, one-half of the account balance is withdrawn: $6,000 is deposited annually for five more years (starting in the 6th year), with the total balance withdrawn at the end of the fifteenth year. There are no additional payments in years 11-15. a. Choose the correct cash flow diagram. b. If...
You decide to deposit $100 in the bank today and to make 10 additional deposits every 6 months beginning 6 months from now, the first of which will be $75 and increasing $25 per deposit after that. A few minutes after making the last deposit, you decide to withdraw all the money deposited. If the bank pays 6% nominal interest compounded semiannually, how much money will you receive?
Suppose you make 15 equal annual deposits of $1,000 each into
a bank account paying 14% interest per year. The first deposit will
be made 1 year from today. How much money can be withdrawn from
this bank account immediately after the 15th deposit?
uppose you make SS equal are ual deposts of St O00 each rto a bank accoum paying 'S ianat per year Th. first depastne made one yea tum todey te moi soney (an be we aam...
Ann deposits $1000 at the end of each month into her bank savings account. The bank paid 6% nominal interest, compounded and paid quarterly. No interest was paid on money not in the account for the full 3-month period. How much was in Ann's account at the end of 3 years?
I. Ahmed asked his bank to make him a three mont ths time deposits to start on the for first of April service officer at the bank that the applicable interest rate wou if the an amount of LE1,000,000. He was told by the customer and be 8% p.a. a apply deposit is broken a penalty of 2%pa below the contracted rate 300,000 on May 15 he went to the bank and asked to withdraw the 300,000. What is the...
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