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3. A deposit of 5000 dollars earns 8 percent annual interest. Find the amount in the...
Certificates of Deposit and Effective Annual Yield Your money earns interest at a higher rate when you buy a certificate of deposit than it does when you invest it in a regular savings account. Most certificates eam interest compounded daily. The annual yield is the rate at which your money earns simple interest in one year. INTEREST EARNED - AMOUNT - ORIGINAL PRINCIPAL INTEREST FOR ONE YEAR PRINCIPAL ANNUAL YIELD - Use the table below to answer the problems. AMOUNT...
1. Calculate the compound amount when S1500 is deposited in an account earning an annual interest rate of 5%, compounded monthly, for 18 months. 2, How much money should be invested in an account that earns 6% annual interest, com- pounded monthly, in order to have $15, 000 in 5 years? 3. How much interest is earned on a $2000 deposit for 2 years at a 0.12% monthly interest rate. compounded daily?
Find the compound amount and the amount of interest earned by the following deposit. $2,000 at 5.41% compounded continuously for 6 years. What is the compound amount? $ (Round to the nearest cent.) What is the interest earned?
Assume that you deposit $10,000 today into an account paying 6% annual interest and leave it on deposit for exactly 8 years. a. How much will be in the account at the end of 8 years in interest is compounded: 1. annually? 2. semiannually? 3. monthly? 4. continuously? b. Calculate the effective annual rate (EAR) for a (1) through a (4) above. c. Based on your findings in parts a and b, what is the general...
Find the compound amount and the amount of interest earned by the following deposit. $8,000 at 5.85% compounded continuously for 3 years. What is the compound amount? (Round to the nearest cent.) What is the interest earned? $ (Round to the nearest cent.)
Find the compound amount and the amount of interest earned by the following deposit. $3.000 at 6.59% compounded continuously for 9 years. What is the compound amount? What is the interest earned?
1) If $4000 is deposited in a savings account that earns interest at an annual rate of 2.5% interest compounded continuously, what is the value of the account at the end of two years? 2) A trust fund for a 11-year-old child is being set up by a single payment so that at age 21 the child will receive $37,000. Find how much the payment is if an interest rate of 9% compounded semiannually is assumed. 3) A bank account...
1. Suppose you have A, dollars to invest in a savings account eaming an annual interest rate of r percent compounded continuously. Furthermore, suppose that you make annual deposits of d dollars to the account. The differential equation governing this situation is dA =rA+d, AO) = Ao (a) Find an equation for the future value Ac) of the account by solving the aforementioned initial value problem. Be sure your solution is correct as this will be used for the remaining...
(1 point) A bank account earns 11 percent interest compounded continuously. At what (constant, continuous) rate must a parent deposit money into such an account in order to save 100000 dollars in 13 years for a child's college expenses? rate = (dollars/year) If the parent decides instead to deposit a lump sum now in order to attain the goal of 100000 dollars in 13 years, how much must be deposited now? amount = (dollars)
Suppose you deposit 4859 today in a savings account that earns an annual interest rate of 4.53% which is compounded annually. Assuming no withdrawals, how much would you have at the end of 8 years?