Quang deposits $20,000 in a savings account with a discount rate of 4.4% convertible quarterly. He leaves his money in...
Quang deposits $20,000 in a savings account with a discount rate of 4.4% convertible quarterly. He leaves his money in this account to accumulate for twelve years, then moves it to a fund which is accumulating at 5.1% per annum convertible continuously. If, starting at time 12 when he invests in the new fund, money is withdrawn levelly and continuously at a rate of $7,000 per annum, how long will Quang's money last? (Round your answer to two decimal places.)...
Joe Smith makes 5 annual deposits of $5,000 in a savings account with and interest rate of 5% per year. One year after making the last deposit, the interest changes to 6%. If the money is withdrawn five years after the last deposit, how much money is withdrawn? QUESTION 6 Joe Smith makes 5 annual deposits of $5,000 in a savings account with and interest rate of 5% per year. One year after making the last deposit, the interest changes...
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?
Your friend deposits $2,500 into a savings account for 4 years. The account pays 10.2% p.a compounding quarterly. The equivalent simple interest rate expressed on a per annum basis is
Jasmine deposits 1000 into a savings account paying nominal interest rate of 6 percent compounded three times a year. She decides to deposit the same amount at the beginning of each third of the year for 20 years. The interest earned from this account is withdrawn at the end of each year only and reinvested into another account earning AEIR 8%. Find the accumulated value of Jasmine’s money in both accounts at the end of the 20 years.
Jasmine deposits 1000 into a savings account paying nominal interest rate of 6 percent compounded three times a year. She decides to deposit the same amount at the beginning of each third of the year for 20 years. The interest earned from this account is withdrawn at the end of each year only and reinvested into another account earning AEIR 8%. Find the accumulated value of Jasmine’s money in both accounts at the end of the 20 years.
Jackson deposits $160 each month into a savings account earning interest at the rate of 7% per year compounded monthly. How much will he have in this account at the end of 8 years?
Question 2 Ho is now saving his money HK$2000 per month in a regular savings account of HSBC which offers him interest rate of 4%p.a. compound monthly. A bank teller suggest him to setup a monthly saving plan. The details are as follow Maturity of 5 years Fixed interest rate 8%p.a. compound quarterly A handling fee equivalent to 2% of the total investment amount for early withdrawal If he needs to use the money 4 years from now, should he...
Question 2 Robb by grandmother deposited $100 in a savings account bom. The money has been extring an annual rate of quarterly for the last 25 years. He is getting married a new bride on a fabulous honeymoon. How led 100 in a savings account for him when he was ning an annual rate of 12% interest, compounded cars. He is getting married and would like to take his use? us honeymoon. How much does he have in this account...
3(a) Upon the birth of his first child, Dick Adams decided to establish a savings account to partly pay for his son's education. He plans to deposit $20 per month in the account, beginning when the boy is 13 months old. The savings and loan association has a current interest policy of 6% per annum, compounded monthly, paid quarterly. Assuming no change in the interest rate, how much will be in the savings account when Adam's son becomes 16 years...