You plan to deposit $5,607 into a savings account paying 6% interest compounded quarterly. How much will be in your account - assuming no withdrawals-after three years?
$6,704 |
$4,187 |
$5,970 |
$7,563 |
A=P(1+r/4)^4n
where
A=future value
P=present value
r=rate of interest
n=time period.
A=$5607*(1+0.06/4)^(4*3)
=$5607*1.195618171
which is equal to
=$6704(Approx).
You plan to deposit $5,607 into a savings account paying 6% interest compounded quarterly. How much...
Problem 1: If you deposit $4000 into an account paying 6% annual interest compounded quarterly, howmuch money will be in the account after 5 years? Problem 2: If you deposit $6500 into an account paying 8% annual interest compounded monthly, how much money will be in the account after 7 years?
Suppose you deposit $24,000 paying 7% annual interest compounded quarterly. a)how much money will be in the account after 10 years? b)how much of that is interest?
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...
1) You plan to deposit $1,000 every month into an account paying 6% compounded monthly for the next 5 years. How much will you accumulate over this five year period? 2) What is the future value interest factor of an annuity for #1? 3) If you plan to make annual payments instead of the monthly payments indicated in #1 above, how much will you have to deposit annually to have the same sum accumulated in five years as in #1...
You deposit $2,500 at the end of the year ( 0) into an account that pays interest at a rate of 7% compounded annually. Two years after your deposit, the savings account interest rate changes to 12% nominal interest compounded monthly. Five years after your deposit, the savings account again changes its interest rate this time the interest rate becomes 8% nominal interest compounded quarterly Nine years after your deposit, the saving account changes its rate once more to 6%...
You make a one-time deposit of $3600 into an account earning 6% interest compounded quarterly. How much will you have in the account in 8 years? Round to the nearest cent.
You deposit $300 in a bank account that pays an interest rate of 6%, compounded quarterly. In excel, compute how much your account balance will be at the end of each year for the next 5 years. Which of the following accurately depicts this calculation?
) Avery deposits a tax refund of $235 in an account paying 2.4% interest compounded quarterly. How much is in the account after 20 years? .) If the refund had been deposited in an account paying 2.3% simple interest, how much would be in the account after 20 years? ) If Avery deposits $200 at the end of each quarter in an account paying 2.4% interest compounded quarterly, how much would be in the account after 20 years?
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...
A certain savings and loan company advertises that is pays 6% nominal interest, compounded quarterly. What is the effective interest rate per annum? If you deposit $6000 now and plan to withdraw it in five years, how much would the account be worth at that time? (Hint: to find the effective interest rate, use the formula: (1 + r/M)M-1.)