![Problem 6. [5 pts] Chika Wilson is deciding between two banks for her chequing account. Yuman Bank requires a minimum deposit](http://img.homeworklib.com/questions/54217650-77db-11ea-b6d5-8bd81e8db06e.png?x-oss-process=image/resize,w_560)
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Problem 6. [5 pts] Chika Wilson is deciding between two banks for her chequing account. Yuman...
Randy, a student, has 264$ o deposit in a new chequing account, but Randy knows he...
Randy, a student, has 264$ o deposit in a new chequing
account, but Randy knows he will not be able to maintain a minimum
balance. He will not use an ATM card, but will write a large
number of cheques. Randy is trying to choose between the unlimited
check writing offered by South Trust and the low per-check fee
offered by Sun Coast. How many checks would Randy have to write
each month for the account at South Trust to...
4) interest questions: (10 pts total) How much will be in your bank account at the...
4) interest questions: (10 pts total) How much will be in your bank account at the end of five years if you invest $5,000 now at 12% per annum, compounded annually? (1 pts) And what if the interest rate is 12% per annum, but compounded monthly? (1 pts) If you invest your $5,000 and want to have $10,000 in five years' time, what is the minimum yearly interest rate that will ensure that you have at least this much when...
Sue will need $120,000 to refurbish her house at the comer of a main road into a cake shop in 5 years. She has a s...
Sue will need $120,000 to refurbish her house at the comer of a main road into a cake shop in 5 years. She has a saving account which earn 3.47% p.a. compounding quarterly and she is able to deposit $800 into that account at the end of each month for 5 years. a) Will Sue have enough money after 5 years? If not, how much is in short? Show all calculations. (4 marks) b) Even if Sue may not have...
Randy, a student, has 264$ o deposit in a new chequing
account, but Randy knows he will not be able to maintain a minimum
balance. He will not use an ATM card, but will write a large
number of cheques. Randy is trying to choose between the unlimited
check writing offered by South Trust and the low per-check fee
offered by Sun Coast. How many checks would Randy have to write
each month for the account at South Trust to...
4) interest questions: (10 pts total) How much will be in your bank account at the end of five years if you invest $5,000 now at 12% per annum, compounded annually? (1 pts) And what if the interest rate is 12% per annum, but compounded monthly? (1 pts) If you invest your $5,000 and want to have $10,000 in five years' time, what is the minimum yearly interest rate that will ensure that you have at least this much when...
Sue will need $120,000 to refurbish her house at the comer of a main road into a cake shop in 5 years. She has a saving account which earn 3.47% p.a. compounding quarterly and she is able to deposit $800 into that account at the end of each month for 5 years. a) Will Sue have enough money after 5 years? If not, how much is in short? Show all calculations. (4 marks) b) Even if Sue may not have...
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