If a person deposits $1000 into an account every 3 months at an interest rate of...
1. Deposits of $1200.00 are being made at the beginning of every 3 months for 10 years. At the end of the 10 year term the accumulated amount is left in the fund for a further 5 years (the deposits have stopped). What is the maturity value at the end of the 15 year term if the interest rate for the full period is 5.25% compounded semiannually? 2. Find the monthly payments for a mortgage of $200,000 that is to...
A person deposits $ 1000 in an account that yields 9% interest compounded annually a) Set up a recurrence relation for the amount in the account at the end of in years b) Find an explicit formula for the amount in the account at the end of n years c) How much money will the account contain after 100 years?
A company deposits $2,000 in a bank account every six months for 10 years. The account earns 6% interest compounded annually. How much money will be in the account at the end of 10 years?
Jean receives annuity payments at the end of every six months. If she deposits these payments in an account earning interest at 9% compounded monthly, what is the equivalent semi-annually compounded rate of interest? What sum of money must be deposited at the end of every 3 months into an account paying 6% compounded monthly to accumulate to $25,000 in 10 years? Irina deposited $150 in a savings account at the end of each month for 60 months. If the...
Victoria plans to make deposits of $520 at the end of every three months into a savings account in the hopes of saving up for a used car. If the account earns interest at a rate of 5% compounded quarterly, how much money will she have after 5 years?
Jasmine deposits 1000 into a savings account paying nominal interest rate of 6 percent compounded three times a year. She decides to deposit the same amount at the beginning of each third of the year for 20 years. The interest earned from this account is withdrawn at the end of each year only and reinvested into another account earning AEIR 8%. Find the accumulated value of Jasmine’s money in both accounts at the end of the 20 years.
Jasmine deposits 1000 into a savings account paying nominal interest rate of 6 percent compounded three times a year. She decides to deposit the same amount at the beginning of each third of the year for 20 years. The interest earned from this account is withdrawn at the end of each year only and reinvested into another account earning AEIR 8%. Find the accumulated value of Jasmine’s money in both accounts at the end of the 20 years.
Kreskin deposits $8,039 every six months, increasing the amount deposited by 2.5% with each subsequent deposit. The account pays a nominal annual interest rate of 5%, compounded biannually (twice a year). How much will Kreskin have in the account at the end of 21 years?
4) If a person deposits $2000 in to an account paying 6% compounded annually one year from now and then increases his deposits by 100$ each year for the next eight years, determine the amount of money that will be in the account at the end of eight years. 5) What is the equivalent present amount of a fifteen year period series of decreasing amounts if the interest rate is 12% compounded annually the first year amount is $35000 and...
Steven deposits $200 at the end of every month and withdraws $500 at the end of every 6 months. The interest rate is 6% per year, compounded semiannually, and intra-period interest is not paid. Steven wants to know how much money would be in his account at the end of 4 years. What will be the future value