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Old Time Savings Bank pays 3% interest on its savings accounts. If you deposit $3,000 in...
Old Time Savings Bank pays 4% interest on its savings accounts. If you deposit $1,000 in the bank and leave it there: (Do not round intermediate calculations. Round your answers to 2 decimal places.) a. How much interest will you earn in the second year? b. How much interest will you earn in the 10th year?
First City Bank pays 6 percent simple interest on its savings account balances, whereas Second City Bank pays 6 percent interest compounded annually.If you made a $ 57,000 deposit in each bank, how much more money would you earn from your Second City Bank account at the end of 10 years? (Do not round intermediate calculations and round your answer 10 2 decimal places, e.g., 32.16.Difference in accounts = $_______
First City Bank pays 9 percent simple interest on its savings account balances, whereas Second City Bank pays 9 percent interest compounded annually. If you made a deposit of $7,500 in each bank, how much more money would you earn from your Second City Bank account at the end of eight years? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)diffence in accounts?
First City Bank pays 8 percent simple interest on its savings account balances, whereas Second City Bank pays 8 percent interest compounded annually. If you made a $65,000 deposit in each bank, how much more money would you earn from your Second City Bank account at the end of 8 years? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) Your coin collection contains 45 1952 silver dollars. If your grandparents purchased them...
Problem 5-1 Simple Interest versus Compound Interest [LO1] First City Bank pays 8 percent simple interest on its savings account balances, whereas Second City Bank pays 8 percent interest compounded annually. If you made a $68,000 deposit in each bank, how much more money would you earn from your Second City Bank account at the end of 8 years? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) Difference in accounts
Check my work View previous attempt First City Bank pays 9 percent simple interest on its savings account balances, whereas Second City Bank pays 9 percent interest compounded annually If you made a deposit of $7,500 in each bank, how much more money would you earn from your Second City Bank account at the end of eight years? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) Difference in accounts This is a numeric...
Spartan Credit Bank is offering 7.6 percent compounded daily on its savings accounts. You deposit $6,000 today. a. How much will you have in the account in 5 years? (Use 365 days a year. Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) b. How much will you have in the account in 10 years? (Use 365 days a year. Do not round intermediate calculations and round your answer to 2 decimal places, e.g.,...
Spartan Credit Bank is offering 7.4 percent compounded daily on its savings accounts. You deposit $5,800 today. a. How much will you have in the account in 6 years? (Use 365 days a year. Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) b. How much will you have in the account in 11 years? (Use 365 days a year. Do not round intermediate calculations and round your answer to 2 decimal places, e.g.,...
a. You deposit $1,800 in your bank account. If the bank pays 5% simple Interest, how much will you accumulate in your account after 8 years? Future value b. What if the bank pays compound Interest (annually? (Do not round Intermediate calculations. Round your answer to 2 decimal places) Compound Interest c. How much of your earnings will be interest on Interest? (Round your answer to 2 decimal places.) Interest on Interest
You deposit $1,900 in your bank account. If the bank pays 4% simple interest, how much will you accumulate in your account after 10 years? Future value $ b. What if the bank pays compound interest (annually)? (Do not round intermediate calculations. Round your answer to 2 decimal places.) Compound interest $ c. How much of your earnings will be interest on interest? (Round your answer to 2 decimal places.) Interest on interest $