Melinda has a daily savings account that earns interest at 3.1% per annum. She opened her...
Please, elaborate on solutions Part B 1. Melinda has a savings account that earns interest at 6% per annum. She opened her account with $1000 on December 31. How much interest will she earn during the first year if a) the interest is compounded daily b) the interest is calculated daily and paid into the account on June 30 and December 31; c) the interest is calculated daily and paid into the account at the end of each month?
Assume you opened and deposited $1000.00 into a savings account that pays 4% per annum. If the bank compounds interest annually, how much will you have in your account at the end of 3 years (assuming no deposits or withdrawals are made for 3 years)? Find the balance if the bank compounds interest quarterly under the same conditions. Find the balance if the bank compounds interest continuously under the same conditions.
Question 8 0/9 pts Leona opens a savings account with an initial deposit of $150. She then deposits $150 into that savings account at the end of every subsequent month. This savings account pays an annual interest rate of 3.6% and is compounded monthly. How much does Leona have in her account at the end of each of the first 3 years? not ((1+5)* - 1 B(t)= P. (5) Round your answer to the nearest penny. Input the dollar sign...
Amina has saved $350,000 for retirement, and her account earns 5% interest. How much can she pull out of her account each month, if she wants to be able to take withdrawals for 20 years?
Charlie makes $10 daily deposits into a savings account that earns interest at the rate of 3.65%/year com- pounded daily. What will the account's balance be in 4 years ? please show steps
Adele deposited $25,000 into her savings account on September 17, 2018. (a) If Adele's account earns an effective annual interest rate of 3.5%, how much money will Adele have in her account on September 17, 2025? account to accumulate to $40,000? effective annual interest rate she earns on her deposit? (b) If Adele's account earns an effective annual interest rate of 3.5%, how long will it take her (c) Suppose that Adele will have $30,000 in her account by September...
Suppose that you can invest funds into a savings account that earns 1.75% per quarter, for five years and thereafter into a fund that earns 12% per annum, compounded monthly, for a further 5 years. If you require 300 000 at the end of the 10 year period, how much money must you invest tomorrow?
Question 1 Suppose you make a monthly contribution of $6,000 to your savings account at the end of each month for five years. How much can be withdrawn at the end of five years, a) If your savings account earns 10% interest compounded monthly? b) If your savings account earns 10% interest compounded daily?
Betty makes daily deposits of $5.82 into a savings account. If the account has an annual rate of 2%, how much interest will she earn after 765 days? The correct answer is 96, but I'm not sure why. Could someone explain this?
Sharon has just retired, and has 400000 dollars in her retirement account. The account will earn interest at an annual rate of 8 percent, compounded monthly. At the end of each month, Sharon will withdraw a fixed amount to cover her living expenses. Sharon wants her savings to last exactly 25 years. How much money can she withdraw each month? (Give your answer in dollars, correct to the nearest cent.) monthly withdrawal: What is the maximum amount that Sharon can...