1. What is the formula to calculate how much a savings account would be worth if...
1. What is the formula to calculate how much a savings account would be worth if the initial balance is $1000 with monthly deposits of $75 for 10 years at 4.3 percent annual interest compounded monthly? What is the formula result?
2. You want a savings account to grow from $1,000 to $5,000 within two years. Assume the bank provides a 3.2 percent annual interest rate compounded monthly. What is the formula to calculate how much you must deposit each month to meet your savings goal? What is the formula result?
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1. What is the formula to calculate how much a savings account
would be worth if...
-27 How much invested now at an interest rate of 9% compounded annually would be just...
-27 How much invested now at an interest rate of 9% compounded annually would be just sufficient to provide three payments as follows: the first payment in the amount of $3,000 occurring two years from now, the second payment in the amount of $4,000 five years thereafter, and the third payment in the amount of $5,000 seven years thereafter? 62.34 What is the future worth of a series of equal yearly deposits of $5,000 for 7 years in a savings...
3.26 Georgi Rostov deposits $4,000 in a savings account that pays 8% interest com- pounded monthly....
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?
8-One year from now, you deposit $300 in a savings account. You deposit $1,800 the next...
8-One year from now, you deposit $300 in a savings account. You deposit $1,800 the next year. Then you wait two more years (until 4 years from now) and deposit $1,000. If your account always earns 6% annual interest and you make no withdrawals, how much will be in the account 11 years from now? 9-You deposit $5000 for 5 years at 4% annual interest. In 5 years, you add $15,000 to your account, but the rate on your account...
Daniel plans to deposit $450 into a savings account at regular intervals of 3 months. He continues this for 5 years and...
Daniel plans to deposit $450 into a savings account at regular intervals of 3 months. He continues this for 5 years and then stops with the deposits. What is the value of the account after 10 years if the savings account earns interest at an annual interest rate of 5.5% compounded monthly
Daniel plans to deposit $450 into a savings account at regular intervals of 3 months. He continues this for 5 years and then stops with the deposits. What...
how much will $1000 deposited in a single savings account coming in a compound annual interest...
how much will $1000 deposited in a single savings account coming in a compound annual interest rate of 6 percent be worth at the end of the following number of years? 3 years
4) Townville Bank offers a savings account that pays 3.25% annual interest compounded monthly. a) What...
4) Townville Bank offers a savings account that pays 3.25% annual interest compounded monthly. a) What is the yield (APY) on this account? Round to the nearest hundredth of a percent. [5 pt] b) If Amy makes a deposit of $15,000 into this account, how much will be in her account after 8 years? [8 pt]
The good news - saving $10 per month We continue with the same example: you deposit $10 per month into a savings account with an annual interest rate of 30%, compounded monthly. Use your formula f(r)...
The good news - saving $10 per month We continue with the same example: you deposit $10 per month into a savings account with an annual interest rate of 30%, compounded monthly. Use your formula f(r) to answer the following questions. (a) Determine the amount in the account after 1 year. How much is interest? (b) Determine the amount in the account after 10 years. How much is interest? (c) Determine the amount in the account after 45 years. How...
A) How much money will be in your savings account on January 1, 2023 if you...
A) How much money will be in your savings account on January 1, 2023 if you deposit $5,000 on January 1, 2020 and you earn 3.1% per year in interest? Interest is compounded annually on December 31 B) How much money would you have to deposit on January 1, 2020 to have $5,000 in your bank account on January 1, 2027 if the savings account paid 1.25% interest, compounded annually on December 31 of each year? C) Suppose your discount...
Problem 1: What will a deposit of $500 at 7% annual interest be worth if left...
Problem 1: What will a deposit of $500 at 7% annual interest be worth if left in the bank for ten years? Problem 2: How much must you deposit at the end of each year in an account that pays an annual interest rate of 20 percent, if at the end of 5 years you want S10,000 in the account? Problem 3: If you invest $2,500 in a bank account that pays 6% interest compounded monthly, how much will you...
Proud parents wish to establish a college savings fund for their newly born child. Monthly deposits...
Proud parents wish to establish a college savings fund for their newly born child. Monthly deposits will be made into an investment account that provides an annual rate of return of 4.5% compounded monthly. Four withdrawals from the savings fund will be made to help pay for college expenses. The estimated need is $28,000 when the child turns 18 years old, $30,000 at 19 years, $34,000 at 20 years, and $38,000 at age 21. The last monthly payment to the...
-27 How much invested now at an interest rate of 9% compounded annually would be just sufficient to provide three payments as follows: the first payment in the amount of $3,000 occurring two years from now, the second payment in the amount of $4,000 five years thereafter, and the third payment in the amount of $5,000 seven years thereafter? 62.34 What is the future worth of a series of equal yearly deposits of $5,000 for 7 years in a savings...
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?
8-One year from now, you deposit $300 in a savings account. You deposit $1,800 the next year. Then you wait two more years (until 4 years from now) and deposit $1,000. If your account always earns 6% annual interest and you make no withdrawals, how much will be in the account 11 years from now? 9-You deposit $5000 for 5 years at 4% annual interest. In 5 years, you add $15,000 to your account, but the rate on your account...
Daniel plans to deposit $450 into a savings account at regular intervals of 3 months. He continues this for 5 years and then stops with the deposits. What is the value of the account after 10 years if the savings account earns interest at an annual interest rate of 5.5% compounded monthly
Daniel plans to deposit $450 into a savings account at regular intervals of 3 months. He continues this for 5 years and then stops with the deposits. What...
The good news - saving $10 per month We continue with the same example: you deposit $10 per month into a savings account with an annual interest rate of 30%, compounded monthly. Use your formula f(r) to answer the following questions. (a) Determine the amount in the account after 1 year. How much is interest? (b) Determine the amount in the account after 10 years. How much is interest? (c) Determine the amount in the account after 45 years. How...
Problem 1: What will a deposit of $500 at 7% annual interest be worth if left in the bank for ten years? Problem 2: How much must you deposit at the end of each year in an account that pays an annual interest rate of 20 percent, if at the end of 5 years you want S10,000 in the account? Problem 3: If you invest $2,500 in a bank account that pays 6% interest compounded monthly, how much will you...
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