![2. [4 pts] Mr. Clopu buys an 18-month CD that pays 4.75% simple interest for $5,000. Find the value of the CD at the end of i](http://img.homeworklib.com/questions/65617780-055c-11ea-b977-a73a2c63a0cf.png?x-oss-process=image/resize,w_560)
Homework Answers
Value of CD at the end of the term=Price+Price*simple interest rate*t=5000+5000*4.75%*18/12=5356.25
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2. [4 pts] Mr. Clopu buys an 18-month CD that pays 4.75% simple interest for $5,000. Find the value of the CD at the en...
1. [4 pts) Find the present value of an investment that is worth $19,513.75 after earning...
1. [4 pts) Find the present value of an investment that is worth $19,513.75 after earning 3% simple interest for 2. [4 pts] Mr. Clopu buys an 18-month CD that pays 42% simple interest for $5,000. Find the value of the CD at the end of its term. 3. [4 pts) Find the maturation value of $2600 borrowed at 3.9% simple interest for 200 days. 4. The table below shows the activity on the credit card statement of Miss Pepper...
3. [4 pts) Find the maturation value of $2600 borrowed at 3.9% simple interest for 200...
3. [4 pts) Find the maturation value of $2600 borrowed at 3.9% simple interest for 200 days. Show Work: Answer:
questions 4-7 4) You are depositing $2000 in a 36-month CD that pays 3.5% interest each...
questions 4-7
4) You are depositing $2000 in a 36-month CD that pays 3.5% interest each year. How much interest will you accrue if you hold the CD until maturity? Show work 5) You have $12,000 excess cash to invest, after you fully funded your emergency fund. A 9,500 T-bill can be purchased (maturing to value at $12,000 after one year), or you can buy three --$4000 CD that can be purchased with a guaranteed 9% return after 12 months....
Find the present value (in dollars) of an annuity that pays $4,000 at the end of...
Find the present value (in dollars) of an annuity that pays $4,000 at the end of each 6-month period for 8 years if the interest rate is 4% compounded semiannually. (Round your answer to two decimal places.)
You deposit $1,900 in your bank account. If the bank pays 4% simple interest, how much...
You deposit $1,900 in your bank account. If the bank pays 4% simple interest, how much will you accumulate in your account after 10 years? Future value $ b. What if the bank pays compound interest (annually)? (Do not round intermediate calculations. Round your answer to 2 decimal places.) Compound interest $ c. How much of your earnings will be interest on interest? (Round your answer to 2 decimal places.) Interest on interest $
Simple Interest USE A 360 DAY YEAR Calculate the simple interest amount and the future value...
Simple Interest USE A 360 DAY YEAR Calculate the simple interest amount and the future value using the simple interest formula. 365 day year Principal Interest Rate Time Simple Interest Amount Future Value $ 18,000 4.5% 18 months $ 21,000 5% 1.75 Years $ 18,000 7.25% 9 months $ 1,000 8% 93 days $ 585 9% 193 days $ 1,200 12% 187 days 1) Leslie Hart borrowed $15,000 to pay for her child’s education. Leslie must repay the loan...
Future Value of Account A Note: Account A pays simple interest. Future Value Principal + Interest...
Future Value of Account A Note: Account A pays simple interest. Future Value Principal + Interest Principal + [(Principal x Interest Rate) x Investment Period] $2,000 + [($2,000 x 6%) x 3 years] Future Value of Account X Note: Account X pays compound interest. Future Valuex = Present Value x Interest Rate Factor Present Value x (1 + Interest Rate)N $2,000 (1 + 0.06)3 $ To find the interest rate factor, you can use four different ways, including multiplying it...
4) interest questions: (10 pts total) How much will be in your bank account at the...
4) interest questions: (10 pts total) How much will be in your bank account at the end of five years if you invest $5,000 now at 12% per annum, compounded annually? (1 pts) And what if the interest rate is 12% per annum, but compounded monthly? (1 pts) If you invest your $5,000 and want to have $10,000 in five years' time, what is the minimum yearly interest rate that will ensure that you have at least this much when...
Future Value of Account A Note: Account A pays simple interest. Future ValueA = Principal +...
Future Value of Account A Note: Account A pays simple interest. Future ValueA = Principal + Interest Principal + [(Principal x Interest Rate) x Investment Period] $2,000 + [($2,000 x 996) x 3 years] = Round your answer to two decimal places. Future Value of Account X Note: Account X pays compound interest. Future Valuex = Present Value x Interest Rate Factor Present Valuex(1 +Interest Rate)n years $2,000 x (1 + 0.09)3 = - Round your answer to two decimal...
Check my work View previous attempt First City Bank pays 9 percent simple interest on its...
Check my work View previous attempt First City Bank pays 9 percent simple interest on its savings account balances, whereas Second City Bank pays 9 percent interest compounded annually If you made a deposit of $7,500 in each bank, how much more money would you earn from your Second City Bank account at the end of eight years? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) Difference in accounts This is a numeric...
1. [4 pts) Find the present value of an investment that is worth $19,513.75 after earning 3% simple interest for 2. [4 pts] Mr. Clopu buys an 18-month CD that pays 42% simple interest for $5,000. Find the value of the CD at the end of its term. 3. [4 pts) Find the maturation value of $2600 borrowed at 3.9% simple interest for 200 days. 4. The table below shows the activity on the credit card statement of Miss Pepper...
3. [4 pts) Find the maturation value of $2600 borrowed at 3.9% simple interest for 200 days. Show Work: Answer:
questions 4-7
4) You are depositing $2000 in a 36-month CD that pays 3.5% interest each year. How much interest will you accrue if you hold the CD until maturity? Show work 5) You have $12,000 excess cash to invest, after you fully funded your emergency fund. A 9,500 T-bill can be purchased (maturing to value at $12,000 after one year), or you can buy three --$4000 CD that can be purchased with a guaranteed 9% return after 12 months....
Future Value of Account A Note: Account A pays simple interest. Future Value Principal + Interest Principal + [(Principal x Interest Rate) x Investment Period] $2,000 + [($2,000 x 6%) x 3 years] Future Value of Account X Note: Account X pays compound interest. Future Valuex = Present Value x Interest Rate Factor Present Value x (1 + Interest Rate)N $2,000 (1 + 0.06)3 $ To find the interest rate factor, you can use four different ways, including multiplying it...
4) interest questions: (10 pts total) How much will be in your bank account at the end of five years if you invest $5,000 now at 12% per annum, compounded annually? (1 pts) And what if the interest rate is 12% per annum, but compounded monthly? (1 pts) If you invest your $5,000 and want to have $10,000 in five years' time, what is the minimum yearly interest rate that will ensure that you have at least this much when...
Future Value of Account A Note: Account A pays simple interest. Future ValueA = Principal + Interest Principal + [(Principal x Interest Rate) x Investment Period] $2,000 + [($2,000 x 996) x 3 years] = Round your answer to two decimal places. Future Value of Account X Note: Account X pays compound interest. Future Valuex = Present Value x Interest Rate Factor Present Valuex(1 +Interest Rate)n years $2,000 x (1 + 0.09)3 = - Round your answer to two decimal...
Check my work View previous attempt First City Bank pays 9 percent simple interest on its savings account balances, whereas Second City Bank pays 9 percent interest compounded annually If you made a deposit of $7,500 in each bank, how much more money would you earn from your Second City Bank account at the end of eight years? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) Difference in accounts This is a numeric...
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