If you open a savings account that earns 6.5% simple interest per year, what is the...
If you open a savings account that earns 6.5% simple interest per year, what is the minimum number of years you must wait to double your balance? Suppose you open another account that earns 5% interest compounded yearly. How many years will it take now to double your balance?
The minimum number of years you must wait to double your balance is__________for the simple interest of 6.5%. (Round up to the nearest whole number.)
The minimum number of years you must wait to double your balance is__________for the 5% interest compounded yearly. (Round up to the nearest whole number.)
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If you open a savings account that earns 6.5% simple interest per year, what is the...
You deposit 1,074 SAR in a savings account that earns 10% simple interest per year. What...
You deposit 1,074 SAR in a savings account that earns 10% simple interest per year. What is the minimum number of years you must wait to double your balance
3. Suppose Tyrone wants to open a savings account that earns 3,5% simple interest per year....
3. Suppose Tyrone wants to open a savings account that earns 3,5% simple interest per year. He wants it to be worth S1500 in 4 years. How much does he need to deposit in the account today to make that happen? Round to the nearest whole dollar,
Suppose that $3659 is deposited in a savings account which earns 6.5% simple interest. -What is...
Suppose that $3659 is deposited in a savings account which earns 6.5% simple interest. -What is the amount due after 5 years? -What is the amount due after 2 years if the interest is compounded? -What is the equivalent six month interest rate?
Suppose you want to have $700,000 for retirement in 35 years. Your account earns 5% interest....
Suppose you want to have $700,000 for retirement in 35 years. Your account earns 5% interest. How much would you need to deposit in the account each month? Jenelle wants to invest $1600 in a savings account. Determine the interest rate (simple interest) required for Jenelle 's investment to double in value in 10 years. Round your answer to the nearest tenth of a percent. Answer:
1) If $4000 is deposited in a savings account that earns interest at an annual rate...
1) If $4000 is deposited in a savings account that earns interest at an annual rate of 2.5% interest compounded continuously, what is the value of the account at the end of two years? 2) A trust fund for a 11-year-old child is being set up by a single payment so that at age 21 the child will receive $37,000. Find how much the payment is if an interest rate of 9% compounded semiannually is assumed. 3) A bank account...
You have a savings account that earns 5% Interest, compounded annually. A friend has offered you...
You have a savings account that earns 5% Interest, compounded annually. A friend has offered you an investment opportunity, he says that if you invest In his new business, he will pay you $34,000 a year for the next five years. What is the maximum amount you would be willing to invest in your friend's business? (Future Value of $1. Present Value of $1. Future Value Annuity of $1. Present Value Annuity of $1.) (Use appropriate factor from the PV...
David has a savings account with a 8,000 balance today. The account earns an annual percentage...
David has a savings account with a 8,000 balance today. The account earns an annual percentage rate of interest of 1.75%, compounded monthly. David plans to make no other deposits or withdrawals. How many years will it take David's account balance to double? Your Answer: Answer
You placed $6,011 in a savings account today that earns an annual interest rate of 12.46...
You placed $6,011 in a savings account today that earns an annual interest rate of 12.46 percent, compounded semiannually. How much will you have in this account at the end of 11 years? Assume that all interest received at the end of the period is reinvested the next period. Round the answer to two decimal places. nal places. Your Answer:
Amanda invests $7000 in a new savings account which earns 5.0% annual interest, compounded quarterly. What...
Amanda invests $7000 in a new savings account which earns 5.0% annual interest, compounded quarterly. What will be the value of her investment after 4 years? Round to the nearest cent.
You placed $9,331 in a savings account today that earns an annual interest rate of 8.69...
You placed $9,331 in a savings account today that earns an annual interest rate of 8.69 percent, compounded semiannually. How much will you have in this account at the end of 19 years? Assume that all interest received at the end of the period is reinvested the next period. Round the answer to two decimal places.
You deposit 1,074 SAR in a savings account that earns 10% simple interest per year. What is the minimum number of years you must wait to double your balance
3. Suppose Tyrone wants to open a savings account that earns 3,5% simple interest per year. He wants it to be worth S1500 in 4 years. How much does he need to deposit in the account today to make that happen? Round to the nearest whole dollar,
You have a savings account that earns 5% Interest, compounded annually. A friend has offered you an investment opportunity, he says that if you invest In his new business, he will pay you $34,000 a year for the next five years. What is the maximum amount you would be willing to invest in your friend's business? (Future Value of $1. Present Value of $1. Future Value Annuity of $1. Present Value Annuity of $1.) (Use appropriate factor from the PV...
David has a savings account with a 8,000 balance today. The account earns an annual percentage rate of interest of 1.75%, compounded monthly. David plans to make no other deposits or withdrawals. How many years will it take David's account balance to double? Your Answer: Answer
You placed $6,011 in a savings account today that earns an annual interest rate of 12.46 percent, compounded semiannually. How much will you have in this account at the end of 11 years? Assume that all interest received at the end of the period is reinvested the next period. Round the answer to two decimal places. nal places. Your Answer:
Amanda invests $7000 in a new savings account which earns 5.0% annual interest, compounded quarterly. What will be the value of her investment after 4 years? Round to the nearest cent.
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