Question
can someone please help me

QUESTION 2 Find the annual percentage yield (APY) of an account with an APR of 5.6% compounded monthly. Round to two decimal
0 0
Add a comment Improve this question Transcribed image text
Answer #1

Solution 2. APR 5.60% 0.47% Monthly rate (5.6%/12) Annual percentage Yield = (1+rate)^12 - 1 (1+0.0047)^12 - 1 0.057881024 5.

Solution 5. Cost of shares (20 x $25) Sale value (20 x $57) 500.00 1,140.00 10 years Time Future Value Rate Present Value x (

In case of any doubts or Issues, Please comment below

Add a comment
Know the answer?
Add Answer to:
can someone please help me QUESTION 2 Find the annual percentage yield (APY) of an account...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions
  • Can you help me solve this please? Use the formula for continuous compounding to compute the...

    Can you help me solve this please? Use the formula for continuous compounding to compute the balance in the account after 1,5, and 20 years. Also, find the APY for the account. A $7000 deposit in an account with an APR of 3.9% - The balance in the account after 1 year is approximately $ (Round to the nearest cent as needed.) The balance in the account after 5 years is approximately $ (Round to the nearest cent as needed.)...

  • You intend to create a college fund for your baby.  If you can get an APR of   4.25%...

    You intend to create a college fund for your baby.  If you can get an APR of   4.25% with monthly compounding and want the fund to have a value of  150,000 after 18 years, how much should you deposit monthly?

  • If an account has an APR of 3%, compounded monthly, what is the APY? Give your...

    If an account has an APR of 3%, compounded monthly, what is the APY? Give your answer as a percentage (but leave out the % symbol) and round to 2 decimal places. Suppose you put $1200 in a savings account at an APR of 5% compounded quarterly. How much interest was earned after 4 years? Round to the nearest cent and leave off the $ symbol.

  • Can someone help me with this question please? Kelly Malone plans to have $42 withheld from...

    Can someone help me with this question please? Kelly Malone plans to have $42 withheld from her monthly paycheck and deposited in a savings account that earns 12% annually, compounded monthly. If Malone continues with her plan for one and one-half years, how much will be accumulated in the account on the date of the last deposit? (PV of $1, FV of $1, PVA of $1, and FVA of $1) (Use appropriate factor(s) from the tables provided. Round "Table Factor"...

  • Use the savings plan formula to answer the following question Your goal is to create a...

    Use the savings plan formula to answer the following question Your goal is to create a college fund for your child. Suppose you find a fund that offers an APR of 4%. How much should you deposit monthly to accumulate $88,000 in 16 years? You should invest $ each month (Do not round until the final answer. Then round to two decimal places as needed.)

  • 6. For each problem, fill in the formula, label your answer, and round it to two...

    6. For each problem, fill in the formula, label your answer, and round it to two decimal places. a) Find the amount in a savings plan after 3 years with an APR of 3% and monthly deposits of $100. b) Calculate the monthly payment for a student loan of $25,000 at a fixed APR of 6% if it is to be paid off in 10 years. c) Your goal is to create a college fund for your child. Suppose you...

  • TOPC. X51) If an investor buys a 39-week T-bill with a maturity value of $25,000 for...

    TOPC. X51) If an investor buys a 39-week T-bill with a maturity value of $25,000 for $23,543 what annual interest rate (annual yield) will the investor earn? (Express your answer as a percentage, correct to one decimal place.) *52) An investment company pays 7% compounded quarterly. What is the effective rate? (Compute the answer to two decimal places). 53) How much should you invest now at 6% compounded semiannually to have $8,500 to bu a car in 2.5 years? ve...

  • Use the savings plan formula to answer the following question. Your goal is to create a...

    Use the savings plan formula to answer the following question. Your goal is to create a college fund for your child. Suppose you find a fund that offers an APR of 4%. How much should you deposit monthly to accumulate $80,000 in 17 year You should invest each month. (Do not round until the final answer. Then round to two decimal places as needed.)

  • Question 8 A new car priced at $33 500 can be bought on hire purchase with...

    Question 8 A new car priced at $33 500 can be bought on hire purchase with a $3 500 deposit and monthly repayments over 6 years. a. If the balance owed after the deposit has been paid is to be financed using a simple interest loan at 7.5% per annum, find the total interest due on the loan. b. Find the monthly repayment on the loan correct to two decimal places. c. Find the annual effective rate of interest on...

  • I need help on question 9. 20 Time Value of Money Exercise: Question 1: Assume you...

    I need help on question 9. 20 Time Value of Money Exercise: Question 1: Assume you deposit $700 every three months at a 6 percent annual rate, compounded quarterly. How much will you have at the end of 20 years? Question 2 You borrow a five-year $13,000 loan with monthly payments of $250. What is the annual percentage rate (APR) on the loan? Question 3: How much would you have to invest today to receive $50,000 in 10 years at...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT