![Show all your work on this paper. To receive credit for these problems, you will need to show the correct formula to use with all known values in the formula. Next, give the answer with the correct labeling. 1) Alice invests $10,000 in an account that earns 8% simple interest. What is the value of the account after three years? 2) If you borrow $3,000 at 14% simple interest for 10 months, how much will you owe in 10 months? How much interest will you pay? [Show both problems and answers and state which is which] 3) A $10,000 retirement account is left to earn interest at 7% compounded daily. How much money will be in the account 40 years from now when the owner reaches 65? [Use a 365 day year]](http://img.homeworklib.com/questions/8435cfc0-a39c-11ea-bcdf-eb674e283ffd.png?x-oss-process=image/resize,w_560)
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Show all your work on this paper. To receive credit for these problems, you will need...
Show the excel formulas used and answer all questions Ex. 1 You have $5,000 in your...
Show the excel formulas used and answer all questions
Ex. 1 You have $5,000 in your savings account that pays 4% interest. How much will you have in your account after 20 years, a) if your bank pays annually compounded interest? b) if your bank pays monthly compounded interest? c) if your bank pays daily compounded interest? Current balance Interest Years Compounding Annually Monthly Daily a) FV b) FV c) FV Ex. 2 If you need $10,000 in 7 years...
Show the excel formulas used Ex. 1 You have $5,000 in your savings account that pays...
Show the excel formulas used
Ex. 1 You have $5,000 in your savings account that pays 4% interest. How much will you have in your account after 20 years, a) if your bank pays annually compounded interest? b) if your bank pays monthly compounded interest? c) if your bank pays daily compounded interest? Current balance Interest Years Compounding Annually Monthly Daily a) FV b) FV c) FV Ex. 2 If you need $10,000 in 7 years and you can earn...
An Individual Retirement Account (IRA) has $11,000 in it, and the owner decides not to add...
An Individual Retirement Account (IRA) has $11,000 in it, and the owner decides not to add any more money to the account other than interest earned at 5% compounded daily. How much will be in the account 38 years from now when the owner reaches retirement age? There will be $in the account. (Round to the nearest cent. Use a 365-day year.)
An Individual Retirement Account (IRA) has $9 comma 000 in it, and the owner decides not...
An Individual Retirement Account (IRA) has $9 comma 000 in it, and the owner decides not to add any more money to the account other than interest earned at 8 % compounded daily. How much will be in the account 29 years from now when the owner reaches retirement age? Round to the nearest cent. Use a 365-day year.
please show all work and steps thank you :) Starting at age 25, you deposit $2000...
please show all work and steps thank you
:)
Starting at age 25, you deposit $2000 a year into an IRA account for retirement. Treat the yearly deposits into the account as a continuous income stream. If money in the account earns 5%, compounded continuously, how much will be in the account 40 years later, when you retire at age 65? How much of the final amount is interest? What is the value of the IRA when you turn 65?...
please show all work and steps thank you :) Starting at age 25, you deposit $2000...
please show all work and steps thank you
:)
Starting at age 25, you deposit $2000 a year into an IRA account for retirement. Treat the yearly deposits into the account as a continuous income stream. If money in the account earns 5%, compounded continuously, how much will be in the account 40 years later, when you retire at age 65? How much of the final amount is interest? What is the value of the IRA when you turn 65?...
please show your work and solve for 16-18 Problems with a little twist (i-6% unless otherwise...
please show your work and solve for 16-18
Problems with a little twist (i-6% unless otherwise stated) 16. If $10000 is deposited today with annual interest rate of 6% and each month is desired to withdraw from this account $100, how many times this monthly withdrawals can be done before the money runs out? 17. If we deposit $100 a month for the next 5 years into an account and at the end of 5 years the account has accumulated...
General Instructions Answer all 4 problems Show ALL work to earn any partial credit / indicate...
General Instructions Answer all 4 problems Show ALL work to earn any partial credit / indicate notation if you use Interest Tables Please write neatly Circle your final answers 1. For an interest rate of 13% compounded annually, find: a) How much can be lent now if $10,000 will be repaid at the end of 5 years b) How much will be required in 4 years to repay a $25,000 loan received now? 2 If $1500 is invested now, $1,800...
1. How much would you need to deposit in an account now in order to have $5000 in the account in 15 years? Assume the ac...
1. How much would you need to deposit in an account now in order to have $5000 in the account in 15 years? Assume the account earns 5% interest compounded monthly. 2. You currently have $7,700 (Present Value) in an account that has an interest rate of 3% per year compounded quarterly (4 times per year). You want to withdraw all your money when it reaches $18,480 (Future Value). In how many years will you be able to withdraw all...
how do you solve question 7? grade 11 math, please show your work 6) 7) Beth...
how
do you solve question 7?
grade 11 math, please show your work
6) 7) Beth invests $1000 into an account paying 6% / compounded monthly for 4 years. Determine the amount of interest she earns Determine the interest rate to the nearest percent) required for money to double in 5 years if the interest rate is compounded semi-annually. (Trial and error®, make your first guess 12% and remember to divide by 2) Boris wants to have $1,000,000 when he...
Show the excel formulas used and answer all questions
Ex. 1 You have $5,000 in your savings account that pays 4% interest. How much will you have in your account after 20 years, a) if your bank pays annually compounded interest? b) if your bank pays monthly compounded interest? c) if your bank pays daily compounded interest? Current balance Interest Years Compounding Annually Monthly Daily a) FV b) FV c) FV Ex. 2 If you need $10,000 in 7 years...
Show the excel formulas used
Ex. 1 You have $5,000 in your savings account that pays 4% interest. How much will you have in your account after 20 years, a) if your bank pays annually compounded interest? b) if your bank pays monthly compounded interest? c) if your bank pays daily compounded interest? Current balance Interest Years Compounding Annually Monthly Daily a) FV b) FV c) FV Ex. 2 If you need $10,000 in 7 years and you can earn...
An Individual Retirement Account (IRA) has $11,000 in it, and the owner decides not to add any more money to the account other than interest earned at 5% compounded daily. How much will be in the account 38 years from now when the owner reaches retirement age? There will be $in the account. (Round to the nearest cent. Use a 365-day year.)
please show all work and steps thank you
:)
Starting at age 25, you deposit $2000 a year into an IRA account for retirement. Treat the yearly deposits into the account as a continuous income stream. If money in the account earns 5%, compounded continuously, how much will be in the account 40 years later, when you retire at age 65? How much of the final amount is interest? What is the value of the IRA when you turn 65?...
please show all work and steps thank you
:)
Starting at age 25, you deposit $2000 a year into an IRA account for retirement. Treat the yearly deposits into the account as a continuous income stream. If money in the account earns 5%, compounded continuously, how much will be in the account 40 years later, when you retire at age 65? How much of the final amount is interest? What is the value of the IRA when you turn 65?...
please show your work and solve for 16-18
Problems with a little twist (i-6% unless otherwise stated) 16. If $10000 is deposited today with annual interest rate of 6% and each month is desired to withdraw from this account $100, how many times this monthly withdrawals can be done before the money runs out? 17. If we deposit $100 a month for the next 5 years into an account and at the end of 5 years the account has accumulated...
General Instructions Answer all 4 problems Show ALL work to earn any partial credit / indicate notation if you use Interest Tables Please write neatly Circle your final answers 1. For an interest rate of 13% compounded annually, find: a) How much can be lent now if $10,000 will be repaid at the end of 5 years b) How much will be required in 4 years to repay a $25,000 loan received now? 2 If $1500 is invested now, $1,800...
how
do you solve question 7?
grade 11 math, please show your work
6) 7) Beth invests $1000 into an account paying 6% / compounded monthly for 4 years. Determine the amount of interest she earns Determine the interest rate to the nearest percent) required for money to double in 5 years if the interest rate is compounded semi-annually. (Trial and error®, make your first guess 12% and remember to divide by 2) Boris wants to have $1,000,000 when he...
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