We see that the account balance is given as equal
to=9821*(1+6.189%/12)^(12*8)
=16092.77692
You deposit $9,821 in a CD with First Bank of Terlingua. The bank promises a fixed...
A bank CD would give you 4.02% APR with quarterly compounding. What’s the quarterly interest rate for this CD? (Keep percentages with two decimals)
Your grandmother asks for your help in choosing a certificate of deposit (CD) from a bank with a one-year maturity and a fixed interest rate. The first certificate of deposit, CD #1, pays 5.95 percent APR compounded quarterly, while the second certificate of deposit, CD #2, pays 6.00 percent APR compounded annually. What is the effective annual rate (the EAR) of each CD, and which CD do you recommend to your grandmother? If the first certificate of deposit, CD #1,...
Your grandmother asks for your help in choosing a certificate of deposit (CD) from a bank with a one-year maturity and a fixed interest rate. The first certificate of deposit, CD #1, pays 5.95 percent APR compounded quarterly, while the second certificate of deposit, CD #2, pays 6.00 percent APR compounded weekly. ****What is the effective annual rate (the EAR) of each CD, If the first certificate of deposit, CD #1, pays 5.95 percent APR compounded , the EAR for...
A bank CD would give you 3.19% APR with monthly compounding what’s the interest rate compounding period for this CD
A downtown bank is advertising that if you deposit $1,000 with them, and leave it there for 65 months, you can get $2,000 back at the end of this period. Assuming monthly compounding, what is the approximate monthly rate of interest paid by the bank?
A bank CD would give you 3.68 APR with semi-annual compounding what’s the interest rate per compounding period for this CD?
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...
Page 4 of 10 Question 4 (1 poirtb) A bank CD would give you 3.55% APR with rate per compounding period for this CD (assuming 365 days per year)? daily compounding. What's the interest Note: keep only the percentage points with decimals. For example, if you answer is 9.95%, type"9.95" into the answer box, and the "%" into the unit box (not necessary) Your Answer: Answer units D View hint for Question 4 Page 4 of 10
1. Allen Paige is planning to invest $10,000 in a bank certificate of deposit (CD) for five years. The CD will pay interest of 9 percent compounded annually. What is the future value of Allen’s investment? How much would that investment be if Allen received simple interest only instead of compounded interest? 2. Mary Grace expects to need $50,000 for a down payment on a house in six years. How much would she have to invest today in an account...
Three years ago, you made a deposit in a savings account with a 4% APR. The bank pays interest monthly with no compounding. Today you have $1680 in the bank. What was your original deposit?