Jennifer invested $3,000 in her savings account for 5 years. When she withdrew it, she had...
Homework Answers
The continuously compounded formula is Amount= Principal*exp(rt). Hence, we put the above numbers in this equation and get 3701.03= 3000*exp(5*r). Hence r = 4.1999% or 4.2%.
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Jennifer invested $3,000 in her savings account for 5 years. When
she withdrew it, she had...
nual interest rate or $23,543 what 51) or as a ally to have $8,500 to buy...
nual interest rate or $23,543 what 51) or as a ally to have $8,500 to buy 53) Solve the problem. 54) Jennifer invested $3000 in her savings account for 7 years. When she withdrew it, she had $4862.79. Interest was compounded continuously. What was the interest rate on the account? Round to the nearest tenth of a percent 55) The State Employees' Credit Union offers a 1-year certificate of deposit with an APY (or effective rate) of 5.59 If interest...
TOPC. X51) If an investor buys a 39-week T-bill with a maturity value of $25,000 for...
TOPC. X51) If an investor buys a 39-week T-bill with a maturity value of $25,000 for $23,543 what annual interest rate (annual yield) will the investor earn? (Express your answer as a percentage, correct to one decimal place.) *52) An investment company pays 7% compounded quarterly. What is the effective rate? (Compute the answer to two decimal places). 53) How much should you invest now at 6% compounded semiannually to have $8,500 to bu a car in 2.5 years? ve...
3. a) b) Victoria invested her savings in a bank at 2.75% compounded monthly. How much...
3.
a)
b)
Victoria invested her savings in a bank at 2.75% compounded monthly. How much money did she invest to enable withdrawals of $3,000 at the beginning of every 6 months from the investment for 8 years, if the first withdrawal is to be made in 12 years? Round to the nearest cent How much would a business have to invest in a fund to receive $13,000 at the end of every month for 5 years? The fund has...
Yumi's grandparents presented her with a gift of $22,000 when she was 9 years old to...
Yumi's grandparents presented her with a gift of $22,000 when she was 9 years old to be used for her college education. Over the next 8 years, until she turned 17, Yumi's parents had invested her money in a tax-free account that had yielded interest at the rate of 3.5%/year compounded monthly. Upon turning 17, Yumi now plans to withdraw her funds in equal annual installments over the next 4 years, starting at age 18. If the college fund is...
o05 AC)= 1,000e0 4. Ellen put $1,000 into a new savings account that paid 5% interest...
o05 AC)= 1,000e0 4. Ellen put $1,000 into a new savings account that paid 5% interest per year, compounded continuously. She made no deposits to or withdrawals from the account, and the amount, A(), in dollars, in the account t years from the time she opened the account is given by the function above. At this rate, how many years from the time she opened the account did the value of the account increase by 50 percent? (Round your answer...
please help, show work. 5.) Jennifer has been given money for her birthday. She puts her...
please help, show work. 5.) Jennifer has been given money for her birthday. She puts her money in a savings account offers an annual interest rate of 4.50%, compounded monthly. What is the effective annual rate (EAR) on the saving account? 6.) An individual invests $10,000 today in an investment that is expected to be worth $20,000 in 6 years. What annualized rate of return is the investor expecting to receive on the investment? 7.) A college graduate just bought...
Brooke wants to open her first savings account, in order to save money for college tuition....
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?
Jennifer is the owner of a video game and entertainment software retail store. She is currently...
Jennifer is the owner of a video game and entertainment software retail store. She is currently planning to retire in 30 years and wishes to withdraw $14,000/month for 20 years from her retirement account starting at that time. How much must she contribute each month for 30 years into a retirement account earning interest at the rate of 2%/year compounded monthly to meet her retirement goal? (Round your answer to the nearest cent.)
Jennifer is the owner of a video game and entertainment software retail store. She is currently...
Jennifer is the owner of a video game and entertainment software retail store. She is currently planning to retire in 30 years and wishes to withdraw $13,000/month for 20 years from her retirement account starting at that time. How much must she contribute each month for 30 years into a retirement account earning interest at the rate of 3%/year compounded monthly to meet her retirement goal? (Round your answer to the nearest cent.)
Marsha and Jan both invested money on March 1, 2007. Marsha invested $6,000 at Bank Bank...
Marsha and Jan both invested money on March 1, 2007. Marsha invested $6,000 at Bank Bank B where the interest was compounded continuously. On March 1, 2012, Marsha had interest rate at each bank? (Round to the nearest tenth of a percent.) where the interest was compounded quarterly. Jan invested $3,000 at balance of $7.938.78 while Jan had a balance of $3.922.80. What was the
nual interest rate or $23,543 what 51) or as a ally to have $8,500 to buy 53) Solve the problem. 54) Jennifer invested $3000 in her savings account for 7 years. When she withdrew it, she had $4862.79. Interest was compounded continuously. What was the interest rate on the account? Round to the nearest tenth of a percent 55) The State Employees' Credit Union offers a 1-year certificate of deposit with an APY (or effective rate) of 5.59 If interest...
TOPC. X51) If an investor buys a 39-week T-bill with a maturity value of $25,000 for $23,543 what annual interest rate (annual yield) will the investor earn? (Express your answer as a percentage, correct to one decimal place.) *52) An investment company pays 7% compounded quarterly. What is the effective rate? (Compute the answer to two decimal places). 53) How much should you invest now at 6% compounded semiannually to have $8,500 to bu a car in 2.5 years? ve...
3.
a)
b)
Victoria invested her savings in a bank at 2.75% compounded monthly. How much money did she invest to enable withdrawals of $3,000 at the beginning of every 6 months from the investment for 8 years, if the first withdrawal is to be made in 12 years? Round to the nearest cent How much would a business have to invest in a fund to receive $13,000 at the end of every month for 5 years? The fund has...
o05 AC)= 1,000e0 4. Ellen put $1,000 into a new savings account that paid 5% interest per year, compounded continuously. She made no deposits to or withdrawals from the account, and the amount, A(), in dollars, in the account t years from the time she opened the account is given by the function above. At this rate, how many years from the time she opened the account did the value of the account increase by 50 percent? (Round your answer...
Marsha and Jan both invested money on March 1, 2007. Marsha invested $6,000 at Bank Bank B where the interest was compounded continuously. On March 1, 2012, Marsha had interest rate at each bank? (Round to the nearest tenth of a percent.) where the interest was compounded quarterly. Jan invested $3,000 at balance of $7.938.78 while Jan had a balance of $3.922.80. What was the
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