Suppose that you invest $400 in a bank account that has APR of 6% and it...
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.
5. Suppose a CD (Certificate of Deposit) advertised an APR of 8%. Assuming the APR was the result of monthly compounding, find the effective annual yield to the nearest tenth of a percent. 8. The going rate for a home mortgage with a term of 30 years is 3.8%. The lending agency says that based on your income, your monthly payment could be $900. How much can you borrow? 9. Suppose you invest $5,000 in a savings account that pays...
Suppose you invest $108 in a bank account, and five years later it has grown to $131.63. a. What APR did you receive, if the interest was compounded semiannually? b. What APR did you receive if the interest was compounded monthly?
You have $100,000 to invest into a bank. Bank A offers 17% compounded monthly. Bank B offers 16.5% compounded quarterly. How much more money will you have in Bank A after two years?
8.3-8.6. Using the Finance Formulas potage 2 of 21 15. Suppose you invest $5,000 in a savings account that pays an annual interest rate of 4%. If the interest is compounded monthly, what is the balance in the account after 10 years? 16. You invest $5000 at 2.2% annual interest compounded quarterly. How much do you have after 5 years? 17. Against expert advice, you begin your retirement savings at age 40. You plan on retiring at age 65. How...
a) Personal Finance - The Kwakye family will like to invest $89,600 in an account for college expenses for their daughter Megan. They will like to invst the money for a period of 16 years 5 months with an APR 5.05%. Compute the balance and APY in the account in each of the following cases: a) Interest compounded annually b) Interest compounded semi-annually c) Interest compounded quarterly d) Interest compounded monthly e) Interest compounded daily b) A) Discuss the changes...
(1 point) Suppose you invest $18,495.00 into an account earning an interest rate of 2.715% compounded continuously for 3 year(s) and thereafter earning an interest rate of 4.051% compounded monthly. How much money is in the account after 10 years? The amount in the account is (Note: Your answer should have a dollar sign and be accurate to two decimal places)
You can invest in a bank account that has an APR of 8%. You want to make equal deposits every semester (six months) of $500 for the next 5 years. How much will you have accumulated at the end of the 5 years? A. $14, 889.04 B. 6,003.05 C. $7,243.28 D, $6,795.16
Suppose you invest $120 a month for 8 years into an account earning 9% compounded monthly. After 8 years, you leave the money, without making additional deposits, in the account for another 21 years. How much will you have in the end? Suppose instead you didn't invest anything for the first 8 years, then deposited $120 a month for 21 years into an account earning 9% compounded monthly. How much will you have in the end? Get help: Video
You invest $20,000 for 5 years in a simple interest account with an APR of 2%. What if you invest the same amount in an account with the same APR but compounding monthly? How much will you have in 5 years? Show your work step by step to receive full credit.