Question

On the day Saffron was born, her parents put $2,500 into an investment account that promises to pay a fixed interest rate of 8 percent per year. How much money will she have in this account when she turns 18? Round to two decimal places. .. At what rate must $311.25 be compounded annually for it to grow to $612.28 in 10 years? Submit your answer as a percentage and round to two decimal places. 3. How much money must be put into a bank account yielding 5.50% (compounded monthly) in order to have $1,875 at the end of seven years? Round to two decimal places. 4. Yolanda deposited $8,000 in a bank account, and 9 years later she closes out the account, which is worth $16,000. What annual rate of interest has she earned over the 9 years? Submit your answer as a percentage and round to two decimal places. 5. Bridgette wants to retire 32 years from now. She decides to start saving $500 each month into a Roth IRA starting at the end of this month. If the IRA is expected to earn an average return of 10% annually, how much will she have in the account at the end of 32 years? Round to two decimal places.

Answer 1

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SOLVED USING BA II PLUS

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