If you deposit $2,800 today into an account earning an annual rate of return of 8 percent, what would your account be worth in 35 years (assuming no further deposits)? In 40 years?
a. If you deposit $2,800 today into an account earning an annual
rate of return of 8 percent, what would your account be worth in
35 years?
__________________ (Round to the nearest cent.)
b. If you deposit $2,800 today into an account earning an annual rate of return of 8 percent, what would your account be worth in 40 years?
__________________ (Round to the nearest cent.)
It is very important to decide that interest is being calculated by which process i.e.simple interest or compound interest.Banks can use any of the process depending upon the sum and tenure.Usually interest is calculated using the process of compound interest.
If the interest is calculated using compound interest:
P=$2,800; R=8%;
After 35 years,the account would worth $41,398.960.This shows the total amount in which $38,598.960 is the total compound interest.
After 40 years,the account would worth $60,828.660.This shows the total amount in which $58,028.660 is the total compound interest.
If the interest is calculated using simple interest:
If you deposit $2,800 today into an account earning an annual rate of return of 8...
If you deposit $2,900 today into an account earning an annual rate of return of 11 percent, what would your account be worth in 35 years (assuming no further deposits)? In 40 years? a. If you deposit $2,900 today into an account earning an annual rate of return of 11 percent, what would your account be worth in 35 years? $ ___(Round to the nearest cent.)
If you deposit $3,600 today into an account earning a(n) 8 percent annual rate of return, what will your account be worth in 40 years (assuming no further deposits)? In 50 years? Click on the table icon to view the FVIF table In 40 years, your account will be worth (Round to the nearest cent.)
(Related to Checkpoint 5.2) (Future value) If you deposit $3,500 today into an account earning an annual rate of return of 11 percent, what would your account be worth in 35 years (assuming no further deposits)? In 40 years? a. If you deposit $3,500 today into an account earning an annual rate of return of 11 percent, what would your account be worth in 35 years? $ (Round to the nearest cent.)
If you deposit $2,200 today into an account earning an annual rate of return of 6 percent, what would your account be worth in 40 years (assuming no further deposits)? In 45 years?
(Related to Checkpoint 5.2) (Future value) If you deposit $2,700 today into an account earning an annual rate of return of 9 percent, what would your account be worth in 25 years (assuming no further deposits)? In 30 years? a. If you deposit $2,700 today into an account earning an annual rate of return of 9 percent, what would your account be worth in 25 years? (Round to the nearest cent.)
If you deposit $3400 today into an account earning an annual rate of return of 7 percent, what would your account be worth in 35 years?
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7 years ago, you put $166,308 into an interest-earning account. Today it is worth $255,924. What is the effective annual interest earned on the account? Round your answer to the nearest tenth of a percent. For example, if you get 15.1 %, write 0.151. 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?
You just opened a retirement account with a $5,000 deposit. Assuming that you can earn an 8% annual return (and that you make no additional deposits): A. What will this account be worth when you retire in 35 years? B. Now, assume that you wait 15 years before making the initial (and only) $5,000 deposit to your retirement account. What will your account be worth when you retire (note, you are still retiring 35 years from today)? C. Why is...