Number of months = 175.63 months
Keys to use in a financial calculator:
PV -1800
FV 3100
I/Y 0.31
CPT N
You can earn .31 percent per month at your bank. If you deposit $1,800, how long must you wait until your account has g...
Calculating the Number of Periods. You can earn .43 percent per month at your bank. If you deposit $1,800, how long must you wait until your account has grown to $3,100?
You need $85,000 in 10 years. If you can earn .78 percent per month, how much will you have to deposit today? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) Amount to deposit
If you deposit $500 in a bank account that earns 6 percent per year, how much total interest will you have earned after the third year? (Do not round intermediate calculations. Round your answer to 2 decimal places. (e.g., 32.16))
First City Bank pays 8 percent simple interest on its savings account balances, whereas Second City Bank pays 8 percent interest compounded annually. If you made a $65,000 deposit in each bank, how much more money would you earn from your Second City Bank account at the end of 8 years? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) Your coin collection contains 45 1952 silver dollars. If your grandparents purchased them...
a. You deposit $1,800 in your bank account. If the bank pays 5% simple Interest, how much will you accumulate in your account after 8 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
You have just made your first $5,500 contribution to your retirement account. Assume you earn a return of 10 percent per year and make no additional contributions. a. What will your account be worth when you retire in 45 years? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) b. What if you wait 10 years before contributing? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)
You have just made your first $5,000 contribution to your individual retirement account. Assume you earn an annual return 10.8 percent and make no additional contributions. What will your account be worth when you retire in 44 years? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) Account value $ What if you wait 10 years before contributing? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) Account...
You have just made your first $4,500 contribution to your individual retirement account. Assume you earn an annual return of 11.15 percent and make no additional contributions. a. What will your account be worth when you retire in 42 years? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) b. What if you wait 10 years before contributing? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) Account...
You have $5,800 to deposit Regency Bank offers 12 percent per year compounded monthiy (1 percent per month), while King Bank offers 12 percent but will only compound annually. How much will your investment be worth in 20 years at each bank? (Do not round Intermediate calculations and round your answer to 2 decimal places, e.g.. 32.16.) points eBook Regency Bank King Bank
You have $5,100 to deposit. Regency Bank offers 12 percent per year compounded monthly (1.0 percent per month), while King Bank offers 12 percent but will only compound annually.How much will your investment be worth in 18 years at each Bank? (Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16.) Investment value Regency Bank $ King Bank $