If Freeman deposits $18,500 in a savings account that earns 3.4% APR compounded daily, what will...

Question

Question

If Freeman deposits $18,500 in a savings account that earns 3.4% APR compounded daily, what will be the balance in 7 years?

(Enter a number rounded to two decimal places.)

Answer 1

Answer #1

Future value Present value x (1+1÷n)^nt value in 7 years v$23,470.86 $18,500 x (1+3.4%/365)^( 365x7)

Answer 2

Similar Homework Help Questions

Charlie makes $10 daily deposits into a savings account that earns interest at the rate of...

Charlie makes $10 daily deposits into a savings account that earns interest at the rate of 3.65%/year com- pounded daily. What will the account's balance be in 4 years ? please show steps
8. Juan deposits $4,300 into a savings account that pays 6.9% per year, continuously compounded. What...

8. Juan deposits $4,300 into a savings account that pays 6.9% per year, continuously compounded. What is the effective annual interest rate? Determine the value of his account at the end of four years. The effective annual interest rate is %. (Round to two decimal places.) The value of this account at the end of four years is $ (Round to the nearest dollar.)
Pei's savings account balance is $12,000 today. Pei opened the account exactly 7 years ago with...

Pei's savings account balance is $12,000 today. Pei opened the account exactly 7 years ago with a $10,000 deposit. Pei has made no other deposits or withdrawals. What annual interest rate (compounded annually) has the account earned? (Enter your answers as a decimal rounded to 4 decimal places, not a percentage. For example, enter 0.0843 instead of 8.43%)

deposits are made into an account that earns 7% compounded annually. deposits of $100 each were...

deposits are made into an account that earns 7% compounded annually. deposits of $100 each were made on March 1,2015 and September 1, 2016. if interest is calculated on January 1st determine the balance of the account on January 1, 2018
David has a savings account with a 8,000 balance today. The account earns an annual percentage...

David has a savings account with a 8,000 balance today. The account earns an annual percentage rate of interest of 1.75%, compounded monthly. David plans to make no other deposits or withdrawals. How many years will it take David's account balance to double? Your Answer: Answer
If an investment earns an APR of r, as a decimal, compounded annually, then the time...

If an investment earns an APR of r, as a decimal, compounded annually, then the time D, in years, required for the investment to double in value is given by D = log(2) log(1 + r) . (a) Find the doubling time (in years) for an investment subject to an APR of 6% if interest is compounded annually. (Round your answer to two decimal places.) yr

If you open a savings account that earns 6.5% simple interest per year, what is the...

If you open a savings account that earns 6.5% simple interest per year, what is the minimum number of years you must wait to double your balance? Suppose you open another account that earns 5% interest compounded yearly. How many years will it take now to double your balance? The minimum number of years you must wait to double your balance is__________for the simple interest of 6.5%. (Round up to the nearest whole number.) The minimum number of years you...
If an account has an APR of 3%, compounded monthly, what is the APY? Give your...

If an account has an APR of 3%, compounded monthly, what is the APY? Give your answer as a percentage (but leave out the % symbol) and round to 2 decimal places. Suppose you put $1200 in a savings account at an APR of 5% compounded quarterly. How much interest was earned after 4 years? Round to the nearest cent and leave off the $ symbol.
You make $9,000 annual deposits into a retirement account that pays an APR of 10 percent...

You make $9,000 annual deposits into a retirement account that pays an APR of 10 percent compounded monthly. How large will your account balance be in 34 years? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) Account balance in 34 years

You make $5,100 annual deposits into a retirement account that pays an APR of 10.6 percent...

You make $5,100 annual deposits into a retirement account that pays an APR of 10.6 percent compounded monthly. How large will your account balance be in 31 years? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) Account balance in 31 years $