Assume you put $31,000 in the bank on September 29, 2012. The interest earned for the first...
Assume you put $31,000 in the bank on September 29, 2012. The interest earned for the first year was 10%, compounded annually. The interest earned for the second year was 10%, compounded annually. The interest earned for the third year was 40%, compounded annually. How much do you have on September 29, 2015?
1. $41,261
2. $53,568
3. $52,514
4. $85,064
5. none of the above
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Assume you put $31,000 in the bank on September 29, 2012.
The interest earned for the first...
The bank offers interest rate of 5.26%, compounded semi-annually. If you put $10 in the bank...
The bank offers interest rate of 5.26%, compounded semi-annually. If you put $10 in the bank now, how much money do you have at the end of one year? (Round to the nearest cent.)
How much interest is earned in the third year on a $1,000 deposit that earns 10%...
How much interest is earned in the third year on a $1,000 deposit that earns 10% interest compounded annually? (2 points) I. 2. If you seek to be a millionaire (savings- $1,000,000) when you retire in 45 years, how much must you deposit at the end of each year if you earn 6% compounded annually? (2 points) rate of interest. The loan will have annual ment will be $10,000. The other three 3. You would like to loan me $100,000...
The bank offers a weekly interest rate of 0.1%. If you put $10 in the bank...
The bank offers a weekly interest rate of 0.1%. If you put $10 in the bank now, how much money do you have at the end of one year. (Round to the nearest cent.)
First City Bank pays 6 percent simple interest on its savings account balances
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 = $_______
The bank offers effective annual interest rate of 5.33%. If you put $10 in the bank...
The bank offers effective annual interest rate of 5.33%. If you put $10 in the bank now, how much money do you have at the end of one year? (Round to the nearest cent.)
Problem 6-29 Simple Interest versus Compound Interest (L04) First Simple Bank pays 8.3 percent simple interest...
Problem 6-29 Simple Interest versus Compound Interest (L04) First Simple Bank pays 8.3 percent simple interest on its investment accounts. If First Complex Bank pays interest on its accounts compounded annually, what rate should the bank set if it wants to match First Simple Bank over an investment horizon of 8 years? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.) Interest rate 1 %
In 2012 the maximum Social Security deposit by an individual was $8,386.75. Suppose you are 29...
In 2012 the maximum Social Security deposit by an individual was $8,386.75. Suppose you are 29 and make a deposit of this amount into an account at the end of each year. How much would you have (to the nearest dollar) when you retire if the account pays 2% compounded annually and you retire at age 65?
7) Alice deposits 50,000.00 in her bank account. Interest is calculated and compounded semi-annually. The interest...
7) Alice deposits 50,000.00 in her bank account. Interest is calculated and compounded semi-annually. The interest rate is 8.25% in the first year, 0.50% in the second year, and 2.75% in the third year. At the end of three years Alice will have in her bank account a total balance of s calculated 1178859_answer 8) A deposit of $100.000 is made to an investment account today. At the end of each of the next four years. 55000 must be paid...
Problem 5-1 Simple Interest versus Compound Interest [LO1] First City Bank pays 8 percent simple interest...
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
5) Archaic Bank only offers Simple Interest Accounts at 2%. If you opened an account with...
5) Archaic Bank only offers Simple Interest Accounts at 2%. If you opened an account with $1000, how much would be in your account after 5 years? 6) You open an account at another bank paying compound interest. If you put $1000 in the account and the interest rate is 2%, how much will you have after 5 years if the money is a) Compounded annually b) Compounded quarterly 7) You found an old baseball card that increasing in value...
How much interest is earned in the third year on a $1,000 deposit that earns 10% interest compounded annually? (2 points) I. 2. If you seek to be a millionaire (savings- $1,000,000) when you retire in 45 years, how much must you deposit at the end of each year if you earn 6% compounded annually? (2 points) rate of interest. The loan will have annual ment will be $10,000. The other three 3. You would like to loan me $100,000...
Problem 6-29 Simple Interest versus Compound Interest (L04) First Simple Bank pays 8.3 percent simple interest on its investment accounts. If First Complex Bank pays interest on its accounts compounded annually, what rate should the bank set if it wants to match First Simple Bank over an investment horizon of 8 years? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.) Interest rate 1 %
In 2012 the maximum Social Security deposit by an individual was $8,386.75. Suppose you are 29 and make a deposit of this amount into an account at the end of each year. How much would you have (to the nearest dollar) when you retire if the account pays 2% compounded annually and you retire at age 65?
7) Alice deposits 50,000.00 in her bank account. Interest is calculated and compounded semi-annually. The interest rate is 8.25% in the first year, 0.50% in the second year, and 2.75% in the third year. At the end of three years Alice will have in her bank account a total balance of s calculated 1178859_answer 8) A deposit of $100.000 is made to an investment account today. At the end of each of the next four years. 55000 must be paid...
5) Archaic Bank only offers Simple Interest Accounts at 2%. If you opened an account with $1000, how much would be in your account after 5 years? 6) You open an account at another bank paying compound interest. If you put $1000 in the account and the interest rate is 2%, how much will you have after 5 years if the money is a) Compounded annually b) Compounded quarterly 7) You found an old baseball card that increasing in value...
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