The bank offers a weekly interest rate of 0.1%. If you put $10 in the bank now, how much money do you have at the end of one year. (Round to the nearest cent.)
Ans $ 10.53
FV = | Future Value |
PV = | Present Value |
r = | rate of interest |
n= | no of period |
FV = | PV (1 + r )n |
FV = | 10*(1+0.1%)^52 |
FV = | 10.53 |
The bank offers a weekly interest rate of 0.1%. If you put $10 in the bank...
The bank offers effective annual interest rate of 5.33%. If you put $10 in the bank now, how much money do you have at the end of one year? (Round to the nearest cent.)
The bank offers interest rate of 5.26%, compounded semi-annually. If you put $10 in the bank now, how much money do you have at the end of one year? (Round to the nearest cent.)
The bank offers a weekly interest rate of 0.1%. What is the equivalent effective annual interest rate? (Round to 2 decimals.)
1. 2. Your bank pays 26% interest per year You put $1,400 in the bank today and $550 more in the bank in one year How much will you have in the bank in two years? In two years, the amount that you will have is S(Round to the nearest cent) Your cousin is currently 11 years old She will be going to college in 7 years. Your aunt and uncle would like to have $95,000 in a savings account...
You are planning to put $3,500 in the bank at the end of each year for the next eight years in hopes that you will have enough money for a down payment on a condo. If you are investing at an annual interest rate of 9%, how much money will you have at the end of eight years--rounded to the nearest whole dollar? O $102,179 O $112,490 O $93,742 O $74.994 You've decided to deposit your money in the bank...
5) Archaic Bank only offers Simple Interest Accounts at 2%. If you opened an account with $1000, how much would be in your account after 5 years? 6) You open an account at another bank paying compound interest. If you put $1000 in the account and the interest rate is 2%, how much will you have after 5 years if the money is a) Compounded annually b) Compounded quarterly 7) You found an old baseball card that increasing in value...
1. A friend asks to borrow $57 from you and in return will pay you $60 in one year. If your bank is offering a 6% interest rate on deposits and loans: (a) How much (in $) would you have in one year if you deposited the $57 instead? (Round your answer to the nearest cent.) (b) How much money (in $) could you borrow today if you pay the bank $60 in one year? (Round your answer to the...
5. An investor would like to double their money. Their bank offers two interest rates. One rate will pay 9% interest compounded annually and one rate will pay 8.7% annually compounded continuously. Which one should you select and why? 6. A friend asks for a loan of money and offers to pay $20,000 at the end of 5 years. How much should you loan him now if you expect 15% interest per year on your loan?
In Year 0, you deposit $5,000 into an account with an interest rate of 6%. Two years later, the interest rate increases to 8%. Five years after that, the interest rate drops to 7%. You plan to withdraw all the money at the end of Year 15. a. At the end of Year 2, how much money is in the account? b. At the end of Year 7, how much money is in the account? c. At the end of...
I. You are planning to invest $5,000 in a bank which offers you 6% interest P.A. a. Calculate effective annual interest rate(EAR) of this 10-year deposit if interest is compounding on monthly basis. b. How much will be there in your bank account after 10 years, if interest compounding monthly? C. If interest compounding weekly how much more in your account after 10 years? backspace num lock