Problem-11 James deposits "p" amount of money into a savings account that pays 6 % compounded...
4. Juan deposits of $1,000 in a savings account that pays 8% compounded annually. Exactly 2 years later he deposits $3,000; 2 years later he deposits $4,000; and 4 years later he withdraws all of the interest earned to date and transfers it to a fund that pays 10%compounded annually. How much money will be in each fund 4 years after the transfer?
An individual deposits an annual bonus into a savings account that pays 5% interest compounded annually. The size of the bonus increases by $4.600 each year, and the initial bonus amount was $20,000. Determine how much will be in the account immediately after the sixth deposit. A. $197,000 OB. $209.808 C. $300,523 D. $296,087
Question 3 Kim deposits her annual bonus into a savings account that pays 10% interest compounded monthly. The size of the bonus increases annually. The size of the bonus increases by $1,000 each year, and the initial bonus amount is $3,000. Determine how much will be in the account immediately after the fifth deposit.
3.26 Georgi Rostov deposits $4,000 in a savings account that pays 8% interest com- pounded monthly. Three years later, he deposits $5,000. Two years after the $5,000 deposit, he makes another deposit in the amount of $7000. Four years after the $7,000 deposit, half of the accumulated money is transferred to a fund that pays 9% interest compounded quarterly. How much money will be in each account six years after the transfer?
A person deposits $ 1000 in an account that yields 9% interest compounded annually a) Set up a recurrence relation for the amount in the account at the end of in years b) Find an explicit formula for the amount in the account at the end of n years c) How much money will the account contain after 100 years?
Just 57 QUESTION 56 You deposit$ 100 in a savings account that pays 12%interest compounded annually. How much would you have in your account at the end of 5 years? O$160 $166.16 O $168.41 $172.35 O $176.23 QUESTION 57 In the above question, if the bank pays 12% interest compounded qua erly. How much would you have in your account at the end of 5 years? $165.12 $173.16 $180.61 $181.35 $182.45
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 = $_______
A student puts $10,000 in a savings account that pays 16% annual interest, compounded semi-annually and quarterly. Round to the nearest cents. a) How much money will the student have at the end of 5 years? Ending Value: $ b) How much interest will the student have earned in 5 years? Interest Earned: $ c)What is the effective yield (APY)? APY: %, (written as percent, round to the two decimal place as needed)
You deposit $3,000 at the end of the year (k = 0) into an account that pays interest at a rate of 7% compounded annually. A year after your deposit, the savings account interest rate changes to 1 2% nominal interest compounded month y Five years after ur de o the savings account aga changes it interest rate this time e interest rate becomes 8% nominal interest compounded quarterly. Eight years after your deposit, the saving account changes its rate...
Brooke wants to open her first savings account, in order to save money for college tuition. She goes to the bank and opens an account that pays 8% interest compounded annually. She deposits $3,000 initially into the account. How much money will she have in 5 years, when she will be entering college?