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(11) An account with an annual interest rate of 3% is opened and some amount of money is deposite...
Find the final amount of money in an account if $1,400 is deposited at 2 %...
Find the final amount of money in an account if $1,400 is deposited at 2 % interest compounded quarterly (every 3 months) and the money is left for 5 years. The final amount is $ Round answer to 2 decimal places Submit Question You deposit $4000 in an account earning 5% interest compounded continuously. How much will you have in the account in 10 years? Use this formula and round to the nearest cent. A Pem 5
Your local bank is offering a new type of retirement savings account. An initial deposit is...
Your local bank is offering a new type of retirement savings account. An initial deposit is made to the account when it is opened. This money and any accumulated interest must be left in the account for 29 years. No additional deposits can be made. On the day the account is opened and on each annual anniversary of the initial deposit, the account balance is reviewed and the following terms apply: 1. If the account balance is less than or...
Assume you opened and deposited $1000.00 into a savings account that pays 4% per annum. If the bank compounds interest...
Assume you opened and deposited $1000.00 into a savings account that pays 4% per annum. If the bank compounds interest annually, how much will you have in your account at the end of 3 years (assuming no deposits or withdrawals are made for 3 years)? Find the balance if the bank compounds interest quarterly under the same conditions. Find the balance if the bank compounds interest continuously under the same conditions.
1. Calculate the compound amount when S1500 is deposited in an account earning an annual interest...
1. Calculate the compound amount when S1500 is deposited in an account earning an annual interest rate of 5%, compounded monthly, for 18 months. 2, How much money should be invested in an account that earns 6% annual interest, com- pounded monthly, in order to have $15, 000 in 5 years? 3. How much interest is earned on a $2000 deposit for 2 years at a 0.12% monthly interest rate. compounded daily?
How much money should be deposited today in an account that earns 5% compounded semiannually so...
How much money should be deposited today in an account that earns 5% compounded semiannually so that it will accumulate to $8000 in three years? The amount of money that should be deposited is $ (Round up to the nearest cent.) You deposit $14,000 in an account that pays 5% interest compounded quarterly A. Find the future value after one year B. Use the future value formula for simple interest to determine the effective annual yield. A. The future value...
Pei's savings account balance is $12,000 today. Pei opened the account exactly 7 years ago with...
Pei's savings account balance is $12,000 today. Pei opened the account exactly 7 years ago with a $10,000 deposit. Pei has made no other deposits or withdrawals. What annual interest rate (compounded annually) has the account earned? (Enter your answers as a decimal rounded to 4 decimal places, not a percentage. For example, enter 0.0843 instead of 8.43%)
Assume that you deposit $10,000 today into an account paying 6% annual interest and leave it...
Assume that you deposit $10,000 today into an account paying 6% annual interest and leave it on deposit for exactly 8 years. a. How much will be in the account at the end of 8 years in interest is compounded: 1. annually? 2. semiannually? 3. monthly? 4. continuously? b. Calculate the effective annual rate (EAR) for a (1) through a (4) above. c. Based on your findings in parts a and b, what is the general...
$2,000 is deposited today into a bank account. The account earns 4.3% per annum compounded quarterly...
$2,000 is deposited today into a bank account. The account earns 4.3% per annum compounded quarterly for the first 4 years, then 6.3% per annum compounded monthly thereafter. Assuming no further deposits or withdrawals are made, (a) Calculate the account balance six months from today. (b) Calculate the account balance 4 years from today. (c) Calculate the account balance 4.25 years from today. (d) Calculate the account balance 13 years from today.
16. Suppose $15,000 is invested at an annual rate of 5% for 12 years. Find the...
16. Suppose $15,000 is invested at an annual rate of 5% for 12 years. Find the compounded amount interest is compounded as follows. a.) Annually b.) Semiannually c.) Quarterly d.) Monthly 17. Find the present value of each compounded amount: a.) $42000 in 7 years, 6% compounded monthly. b) $17,650 in 4 years, 4% compounded quarterly. c.) S 1347.89 in 3 years, 5.5% compounded semiannually. 18. Find the future value of each annuity. a.) S 1288 deposited at the end...
1. Suppose you accumulated $500,000, perhaps from many years of saving. You put the money in...
1. Suppose you accumulated $500,000, perhaps from many years of saving. You put the money in a savings plan earning 6% compounded monthly. If you want to withdraw $4,000 at the beginning of each month, how long before the savings plan is exhausted? 2. Suppose you accumulated $500,000, perhaps from many years of saving. You put the money in a savings plan earning 6% compounded monthly. If you want the plan to last 40 years, how much can you withdraw...
Find the final amount of money in an account if $1,400 is deposited at 2 % interest compounded quarterly (every 3 months) and the money is left for 5 years. The final amount is $ Round answer to 2 decimal places Submit Question You deposit $4000 in an account earning 5% interest compounded continuously. How much will you have in the account in 10 years? Use this formula and round to the nearest cent. A Pem 5
Your local bank is offering a new type of retirement savings account. An initial deposit is made to the account when it is opened. This money and any accumulated interest must be left in the account for 29 years. No additional deposits can be made. On the day the account is opened and on each annual anniversary of the initial deposit, the account balance is reviewed and the following terms apply: 1. If the account balance is less than or...
1. Calculate the compound amount when S1500 is deposited in an account earning an annual interest rate of 5%, compounded monthly, for 18 months. 2, How much money should be invested in an account that earns 6% annual interest, com- pounded monthly, in order to have $15, 000 in 5 years? 3. How much interest is earned on a $2000 deposit for 2 years at a 0.12% monthly interest rate. compounded daily?
How much money should be deposited today in an account that earns 5% compounded semiannually so that it will accumulate to $8000 in three years? The amount of money that should be deposited is $ (Round up to the nearest cent.) You deposit $14,000 in an account that pays 5% interest compounded quarterly A. Find the future value after one year B. Use the future value formula for simple interest to determine the effective annual yield. A. The future value...
16. Suppose $15,000 is invested at an annual rate of 5% for 12 years. Find the compounded amount interest is compounded as follows. a.) Annually b.) Semiannually c.) Quarterly d.) Monthly 17. Find the present value of each compounded amount: a.) $42000 in 7 years, 6% compounded monthly. b) $17,650 in 4 years, 4% compounded quarterly. c.) S 1347.89 in 3 years, 5.5% compounded semiannually. 18. Find the future value of each annuity. a.) S 1288 deposited at the end...
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