Question

What is the Account Balance?

Victor French made deposits of $4,800 at the end of each quarter to Book Bank, which pays 8% interest compounded quarterly. After 3 years, Victor made no more deposits. What will be the balance in the account 2 years after the last deposit? (Do not round intermediate calculations. Round your answer to the nearest cent.)



0 0
Add a comment Improve this question Transcribed image text
Request Professional Answer

Request Answer!

We need at least 10 more requests to produce the answer.

0 / 10 have requested this problem solution

The more requests, the faster the answer.

Request! (Login Required)


All students who have requested the answer will be notified once they are available.
Know the answer?
Add Answer to:
What is the Account Balance?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Similar Homework Help Questions
  • 30. You plan to make five deposits of $1,000 each, one every 6 months, with the...

    30. You plan to make five deposits of $1,000 each, one every 6 months, with the first payment being made in 6 months. You will then make no more deposits. If the bank pays 6% nominal interest, compounded semiannually, how much will be in your account after 3 years? Do not round intermediate calculations. Round your answer to the nearest cent. $ One year from today you must make a payment of $9,000. To prepare for this payment, you plan...

  • answers only please How much must be deposited at the beginning of each year an account...

    answers only please How much must be deposited at the beginning of each year an account that pays 7%, compounded annually so that the account will contain $32,000 at the end of 5 years? (Round your answer to the nearest cent) $ Need Help? What is the size of the payments that be deposited at the beginning of each 6-month period in an account that pays 5.2%, compounded semiannually, so that the account will have a future value of $140,000...

  • Pat has a Keogh retirement plan (this type of plan is tax-deferred until money is withdrawn)....

    Pat has a Keogh retirement plan (this type of plan is tax-deferred until money is withdrawn). If deposits of $10,000 are made each year into an account paying 8% compounded annually, how much will be in the account after 23 years? What will be the total amount of interest earned? The amount in the account after 2 years is $ (round to the nearest cent, as needed). The amount of interest earned is s (round to the nearest cent, as...

  • What is the present value of a $500 perpetuity if the interest rate is 6%? If...

    What is the present value of a $500 perpetuity if the interest rate is 6%? If interest rates doubled to 12%, what would its present value be? Round your answers to the nearest cent. Present value at 6%: $ Present value at 12%: $ You borrow $85,000; the annual loan payments are $11,339.91 for 30 years. What interest rate are you being charged? Round your answer to the nearest whole number. You have saved $5,000 for a down payment on...

  • 1. You have $49,061.69 in a brokerage account, and you plan to deposit an additional $5,000...

    1. You have $49,061.69 in a brokerage account, and you plan to deposit an additional $5,000 at the end of every future year until your account totals $200,000. You expect to earn 9.1% annually on the account. How many years will it take to reach your goal? Round your answer to the nearest whole number. 2. Present and Future Value of an Uneven Cash Flow Stream An investment will pay $100 at the end of each of the next 3...

  • Juan deposits $460 per quarter into his nest egg account. The account earns interest at the...

    Juan deposits $460 per quarter into his nest egg account. The account earns interest at the APR of 5.7% compounded quarterly. Right after Juan makes his 8th deposit, he loses his job and cannot make any deposits for the next 4 years (16 quarters). Eventually Juan gets another job and again begins making deposits to his account. Since he missed so many deposits while he was out of work, Juan now deposits $540 per quarter. His first $540 deposit comes...

  • 3. A student pays 87.50 per quarter for insurance. What would the pay- ments be if...

    3. A student pays 87.50 per quarter for insurance. What would the pay- ments be if they were made annually? Monthly? Weekly? Every two years? Annual interest is 18% compounded monthly. 4. A bank customer deposits $100 at the end of every quarter for 5 years. He then increases the deposit to $120 and continues to make quarterly payments for 6 more years. Assuming an effective rate of 8% per annum, how much is in account after 5 years? After...

  • For the last 8 years Paul has made deposits of $84.00 at the end of every...

    For the last 8 years Paul has made deposits of $84.00 at the end of every month earning interest at 9% compounded monthly. If he leaves the accumulated balance for another 5 years at 5% compounded quarterly, what will the balance be in the account? The balance will be $__? (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)

  • Jamie is making quarterly contributions of of $290 to her savings account which pays interest at...

    Jamie is making quarterly contributions of of $290 to her savings account which pays interest at the APR of 7.2%, compounded quarterly. Right after Jamie makes her 30th contribution, the bank changes the APR to 4.5% and Jamie makes 54 more $290 contributions. What is Jamie's balance right after her last contribution? Jamie is making quarterly contributions of of $290 to her savings account which pays interest at the APR of 7.2%, compounded quarterly. Right after Jamie makes her 30th...

  • 12. Problem 5.36 Click here to read the eBook: Future Values Click here to read the...

    12. Problem 5.36 Click here to read the eBook: Future Values Click here to read the eBook: Present Values Click here to read the eBook: Semiannual and Other Compounding Periods NONANNUAL COMPOUNDING a. You plan to make five deposits of $1,000 each, one every 6 months, with the first payment being made in 6 months. You will then make no more deposits. If the bank pays 8% nominal interest, compounded semiannually, how much will be in your account after 3...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
Active Questions
ADVERTISEMENT