10. Suppose on January 1 you deposit $200 in an account that pays a quoted interest...

Question

Question

10. Suppose on January 1 you deposit $200 in an account that pays a quoted interest rate of 11.33% (APR), with interest added

business finance

Add a comment Improve this question Transcribed image text

Answer 1

Answer #1

Function Arguments ? FV Rate 11.33%/365 0.000310411 Nper 273 273 Pmt -200 Pv -200 %3D Type d %3D 217.684422 Returns the futur

Hence, Account balance on october 1 is $217.68

*Please rate thumbs up

Add a comment

Answer 2

Similar Homework Help Questions

10. Suppose on January 1 you deposit $200 in an account that pays a quoted interest...

10. Suppose on January 1 you deposit $200 in an account that pays a quoted interest rate of 11.33% (APR), with interest added (compounded) daily. How much will you have in your account on October 1, or after 9 months? (assume N = 273 days) Recall that the interest rate (l/Y) represents the periodic rate based on how many times per YEAR the interest is compounded. Hint, this is 365 times per year. (1 point) D. Focus
Suppose you decide to deposit $20,000 in a savings account that pays a nominal rate of...

Suppose you decide to deposit $20,000 in a savings account that pays a nominal rate of 6%, but interest is compounded daily. Based on a 365-day year, how much would you have in the account after 6 months? (Hint: To calculate the number of days, divide the number of months by 12 and multiply by 365.) A) $20,196.86 B) $21,639.49 C) $20,609.04 D) $19,990.77
3. Nonannual compounding period The number of compounding periods in one year is called compoundi...

3. Nonannual compounding period The number of compounding periods in one year is called compounding frequency. The compounding frequency affects both the present and future values of cash flows An investor can invest money with a particular bank and earn a stated interest rate of 13.20%; however, interest will be compounded quarterly. What are the nominal, periodic, and effective interest rates for this investment opportunity? Interest Rates Nominal rate Periodic rate Effective annual rate You want to invest $19,000 and...

1. You are going to deposit $3,400 in an account that pays .40 percent interest compounded...

1. You are going to deposit $3,400 in an account that pays .40 percent interest compounded monthly. How much will you have in 5 years? a. $4,320.18 b. $4,337.46 c. $4,298.19 d. $4,324.50 e. $4,302.97 2. Your bank will pay you an interest rate of .102 percent per week. You want to have $22,500 in 10 years. How much will you have to deposit today? Assume 52 weeks per year. a. $13,418.45 b. $13,419.42 c. $13,536.16 d. $21,338.27 e. $13,241.89...
You deposit $2,500 at the end of the year ( 0) into an account that pays interest at a rate of 7% compounded a...

You deposit $2,500 at the end of the year ( 0) into an account that pays interest at a rate of 7% compounded annually. Two years after your deposit, the savings account interest rate changes to 12% nominal interest compounded monthly. Five years after your deposit, the savings account again changes its interest rate this time the interest rate becomes 8% nominal interest compounded quarterly Nine years after your deposit, the saving account changes its rate once more to 6%...
You deposit $3,000 at the end of the year (k = 0) into an account that pays interest at a rate of 7% compounded annually. A year after your deposit, the savings account interest rate changes to 1 2%...

You deposit $3,000 at the end of the year (k = 0) into an account that pays interest at a rate of 7% compounded annually. A year after your deposit, the savings account interest rate changes to 1 2% nominal interest compounded month y Five years after ur de o the savings account aga changes it interest rate this time e interest rate becomes 8% nominal interest compounded quarterly. Eight years after your deposit, the saving account changes its rate...

If you deposit $326 per quarter into an account which pays interest at a rate of...

If you deposit $326 per quarter into an account which pays interest at a rate of 11% per year compounded quarterly, the amount of money you would have at the end of 23 years is equal to
9. If you deposit $1000 per month into an account which pays interest at a rate...

9. If you deposit $1000 per month into an account which pays interest at a rate of 12% per year compounded annually, the amount of money you would have at the end of five years is nearest to:
Attention: Due to a bug in Google Chrome, this page may not function correctly. Click here to learn more. 18. Nonannual...

Attention: Due to a bug in Google Chrome, this page may not function correctly. Click here to learn more. 18. Nonannual compounding period Aa Aa E The number of compounding periods in one year is called compounding frequency. The compounding frequency affects both the present and future values of cash flows. An investor can invest money with a particular bank and earn a stated interest rate of 6.60%; however, interest will be compounded quarterly. What are the nominal, periodic, and...

You deposit $300 in a bank account that pays an interest rate of 6%, compounded quarterly....

You deposit $300 in a bank account that pays an interest rate of 6%, compounded quarterly. In excel, compute how much your account balance will be at the end of each year for the next 5 years. Which of the following accurately depicts this calculation?

10. Suppose on January 1 you deposit $200 in an account that pays a quoted interest...

Homework Answers