Homework Answers
In 10 years the amount gets doubled.
10% of 1074 is 107.4, this is the amount which we will receive in the first year, and so in the second year and in the upcoming years. Since it is the case of simple interest per year so the returning amount remains the same, if it would be the case of the compound interest then the interest for every year is different.
Therefore to get the total returning amount to be 1074 on savings, we will divide this by the one year return.
1074/107.4 = 10 years.
Add Answer to:
You deposit 1,074 SAR in a savings account that earns 10% simple interest per year. What...
If you open a savings account that earns 6.5% simple interest per year, what is the...
If you open a savings account that earns 6.5% simple interest per year, what is the minimum number of years you must wait to double your balance? Suppose you open another account that earns 5% interest compounded yearly. How many years will it take now to double your balance? The minimum number of years you must wait to double your balance is__________for the simple interest of 6.5%. (Round up to the nearest whole number.) The minimum number of years you...
3. Suppose Tyrone wants to open a savings account that earns 3,5% simple interest per year....
3. Suppose Tyrone wants to open a savings account that earns 3,5% simple interest per year. He wants it to be worth S1500 in 4 years. How much does he need to deposit in the account today to make that happen? Round to the nearest whole dollar,
8-One year from now, you deposit $300 in a savings account. You deposit $1,800 the next...
8-One year from now, you deposit $300 in a savings account. You deposit $1,800 the next year. Then you wait two more years (until 4 years from now) and deposit $1,000. If your account always earns 6% annual interest and you make no withdrawals, how much will be in the account 11 years from now? 9-You deposit $5000 for 5 years at 4% annual interest. In 5 years, you add $15,000 to your account, but the rate on your account...
1.)You make a deposit of $46 each year for 40 years in an account that earns...
1.)You make a deposit of $46 each year for 40 years in an account that earns a simple interest rate of 6% per year. If you make the first deposit today, the future value of the deposits in 90 years will be:$___________ 2.)How will you enter 10% in a computational formula (not in a financial calculator)? 3.)At what rate of interest will an amount triple in 50 years? Enter your answer as decimals, not percentages (e.g., enter 0.01 instead of...
Suppose you deposit 4859 today in a savings account that earns an annual interest rate of...
Suppose you deposit 4859 today in a savings account that earns an annual interest rate of 4.53% which is compounded annually. Assuming no withdrawals, how much would you have at the end of 8 years?
If you deposit $29,484 in an account that earns 9% per year, compounded annually. What would...
If you deposit $29,484 in an account that earns 9% per year, compounded annually. What would be the balance in the account at the end of 38 years?
If you deposit $16000 in a savings account at 12.4% interest per year, how much will...
If you deposit $16000 in a savings account at 12.4% interest per year, how much will you have in 21 years? (Answer to the nearest dollar)
Suppose you want to have $700,000 for retirement in 35 years. Your account earns 5% interest....
Suppose you want to have $700,000 for retirement in 35 years. Your account earns 5% interest. How much would you need to deposit in the account each month? Jenelle wants to invest $1600 in a savings account. Determine the interest rate (simple interest) required for Jenelle 's investment to double in value in 10 years. Round your answer to the nearest tenth of a percent. Answer:
You would like to deposit $1000 in a savings account. The bank gives you two options:...
You would like to deposit $1000 in a savings account. The bank gives you two options: Account A pays interest at a rate of 8% (annually compounded) each year. Account B pays a simple interest rate of 8% per year (but never compounds), and gives you a $50 bonus at the end of 5 years. What is the difference in the account balances in 5 years? (Your answer should be the solution to Balance of Account A minus Balance of...
You will deposit $10,000 into an account at the beginning of each year for 10 years....
You will deposit $10,000 into an account at the beginning of each year for 10 years. This account earns 10% simple interest per year, payable at the end of the year. Any interest earned in the account will be deposited into a second account. This account pays 5% interest, compounded semi-annually for the first 5 years, and pays a constant force of interest of 5% for the second 5 years. What is the total accumulated value in both accounts at...
3. Suppose Tyrone wants to open a savings account that earns 3,5% simple interest per year. He wants it to be worth S1500 in 4 years. How much does he need to deposit in the account today to make that happen? Round to the nearest whole dollar,
8-One year from now, you deposit $300 in a savings account. You deposit $1,800 the next year. Then you wait two more years (until 4 years from now) and deposit $1,000. If your account always earns 6% annual interest and you make no withdrawals, how much will be in the account 11 years from now? 9-You deposit $5000 for 5 years at 4% annual interest. In 5 years, you add $15,000 to your account, but the rate on your account...
Suppose you deposit 4859 today in a savings account that earns an annual interest rate of 4.53% which is compounded annually. Assuming no withdrawals, how much would you have at the end of 8 years?
If you deposit $29,484 in an account that earns 9% per year, compounded annually. What would be the balance in the account at the end of 38 years?
Most questions answered within 3 hours.
-
Why do men earn more money than women in America?
asked 1 minute from now -
Sales of tablet computers at Ted Glickman's electronics store
in Washington, D.C., over the past 10...
asked 8 minutes ago -
Short essay question:
First, discuss the anatomical differences between Paleocene
pro-primates and Eocene eu-primates and explain...
asked 8 minutes ago -
Suppose we have a binomial experiment in which success is
defined to be a particular quality...
asked 30 minutes ago -
march the type of cellular control with the description: enzyme
induction and the enzyme repression. How...
asked 40 minutes ago -
Brief Exercise 5-09 (Part Level Submission)
The following information relates to Blue Spruce Corp. for the...
asked 39 minutes ago -
An unknown amount of a compound with a molecular mass of 284.04
g/mol is dissolved in...
asked 45 minutes ago -
You are at rest at a stop sign. There is another stop sign that
is 100...
asked 46 minutes ago -
Calculate the equilibrium electrode potential for Fe3+/Fe2+
redox system, if the initial concentration of Fe2+ is...
asked 50 minutes ago -
Describe in detail with graph and diagram how bonding force,
bonding curves and bonding energy at...
asked 1 hour ago -
Gingerbread cookies become inedible if not eaten quickly enough.
Clarence is trying to determine how many...
asked 1 hour ago -
A
crane lifts a 200 kg block a height of 10 m in 18 seconds. What...
asked 1 hour ago