Homework Answers
Answer: 4th option
Since there is compounding, the amount of interest in each year must be added to the invested amount to get the final amount.
Invested amount = $4,000
Interest of first year = Invested amount × Rate of interest
= $4,000 × 2%
= $80
Principal at the beginning of 2nd year = Invested amount + Interest of first year
= $4,000 + $80
= $4,080
Interest of 2nd year = Principal at the beginning of 2nd year × Rate of interest
= $4,080 × 2%
= $81.60
Total interest income = Interest of first year + Interest of 2nd year
= $80 + $81.60
= $161.60
Add Answer to:
Please explain how to find the answer Show all work Or calculator steps on (BAII PLUS)...
Please Use TI BAII Plus Calculator and Show How You Get the Answer with it. The...
Please Use TI BAII Plus Calculator and Show How You Get the Answer with it. The TurtlesandWhales Company wants to calculate how long it will take to recover their initial investment on a project, Project X. It is assumed that the estimated cash flows are received evenly throughout the year. Cost 100,000 Year 1 $53,000 Year 2 $30,000 Year 3 $30,000 Year 4 $100,000 a) What is the payback period? (Give partial year to two decimal places. SHOW ALL WORK). b)...
Show the excel formulas used and answer all questions Ex. 1 You have $5,000 in your...
Show the excel formulas used and answer all questions
Ex. 1 You have $5,000 in your savings account that pays 4% interest. How much will you have in your account after 20 years, a) if your bank pays annually compounded interest? b) if your bank pays monthly compounded interest? c) if your bank pays daily compounded interest? Current balance Interest Years Compounding Annually Monthly Daily a) FV b) FV c) FV Ex. 2 If you need $10,000 in 7 years...
show work on excel show steps on excel Exercise 3.4. How much should you deposit into...
show work on excel
show steps on excel
Exercise 3.4. How much should you deposit into an account that pays 4% interest compounded semi-annually so that you end up with around $30,000 after 10 years?
Ravi invests $10,000 in an investment account that pays 4% compounded semi-annually. Ravi takes each interest...
Ravi invests $10,000 in an investment account that pays 4% compounded semi-annually. Ravi takes each interest payment and invests it in a savings account that pays 1% compounded monthly. a) How much money does Ravi have at the end of 10 years? b) What is the effective annual rate he earned over 10 years? please show full work done with all formulas
Show the excel formulas used Ex. 1 You have $5,000 in your savings account that pays...
Show the excel formulas used
Ex. 1 You have $5,000 in your savings account that pays 4% interest. How much will you have in your account after 20 years, a) if your bank pays annually compounded interest? b) if your bank pays monthly compounded interest? c) if your bank pays daily compounded interest? Current balance Interest Years Compounding Annually Monthly Daily a) FV b) FV c) FV Ex. 2 If you need $10,000 in 7 years and you can earn...
Please give the steps to solve these problems using the Texas Instrument BA II Plus financial...
Please give the steps to solve these problems using
the Texas Instrument BA II Plus financial calculator.
Spiller Corp. plans to issue 10%, 15-year, $500,000 par value bonds payable that pay interest semiannu- ally on June 30 and December 31. The bonds are dated December 31, 2019, and are issued on that date. If the market rate of interest for the bonds is 8% on the date of issue, what will be the total cash proceeds from the bond issue?...
You must show work to receive credit. Cirele or otherwise clearly identify your final answers 1. [1pt] In order to start a small business, Jared takes out a simple interest personal loan for $4,0...
You must show work to receive credit. Cirele or otherwise clearly identify your final answers 1. [1pt] In order to start a small business, Jared takes out a simple interest personal loan for $4,000 in March 2019. He doesn't need to make regular payments, but the loan is due in full, plus interest, in December 2019, The bank charges an 8.25% interest rate. How much must Jared pay back when the loan is due? [Round to the nearest cent.) 2....
show the work on financial calculator On the first day of the month an investor places...
show the work on financial
calculator
On the first day of the month an investor places $300 into a savings account. The investor places $200 into the savings account on the last day of the same month. The investor continues to place $200 into the savings account on the last day of each subsequent month for a period of three years. The savings account offers 6% interest per year, compounded monthly. After three years, how much money will be in...
please show all work and steps thank you :) Starting at age 25, you deposit $2000...
please show all work and steps thank you
:)
Starting at age 25, you deposit $2000 a year into an IRA account for retirement. Treat the yearly deposits into the account as a continuous income stream. If money in the account earns 5%, compounded continuously, how much will be in the account 40 years later, when you retire at age 65? How much of the final amount is interest? What is the value of the IRA when you turn 65?...
please show all work and steps thank you :) Starting at age 25, you deposit $2000...
please show all work and steps thank you
:)
Starting at age 25, you deposit $2000 a year into an IRA account for retirement. Treat the yearly deposits into the account as a continuous income stream. If money in the account earns 5%, compounded continuously, how much will be in the account 40 years later, when you retire at age 65? How much of the final amount is interest? What is the value of the IRA when you turn 65?...
Show the excel formulas used and answer all questions
Ex. 1 You have $5,000 in your savings account that pays 4% interest. How much will you have in your account after 20 years, a) if your bank pays annually compounded interest? b) if your bank pays monthly compounded interest? c) if your bank pays daily compounded interest? Current balance Interest Years Compounding Annually Monthly Daily a) FV b) FV c) FV Ex. 2 If you need $10,000 in 7 years...
show work on excel
show steps on excel
Exercise 3.4. How much should you deposit into an account that pays 4% interest compounded semi-annually so that you end up with around $30,000 after 10 years?
Show the excel formulas used
Ex. 1 You have $5,000 in your savings account that pays 4% interest. How much will you have in your account after 20 years, a) if your bank pays annually compounded interest? b) if your bank pays monthly compounded interest? c) if your bank pays daily compounded interest? Current balance Interest Years Compounding Annually Monthly Daily a) FV b) FV c) FV Ex. 2 If you need $10,000 in 7 years and you can earn...
Please give the steps to solve these problems using
the Texas Instrument BA II Plus financial calculator.
Spiller Corp. plans to issue 10%, 15-year, $500,000 par value bonds payable that pay interest semiannu- ally on June 30 and December 31. The bonds are dated December 31, 2019, and are issued on that date. If the market rate of interest for the bonds is 8% on the date of issue, what will be the total cash proceeds from the bond issue?...
You must show work to receive credit. Cirele or otherwise clearly identify your final answers 1. [1pt] In order to start a small business, Jared takes out a simple interest personal loan for $4,000 in March 2019. He doesn't need to make regular payments, but the loan is due in full, plus interest, in December 2019, The bank charges an 8.25% interest rate. How much must Jared pay back when the loan is due? [Round to the nearest cent.) 2....
show the work on financial
calculator
On the first day of the month an investor places $300 into a savings account. The investor places $200 into the savings account on the last day of the same month. The investor continues to place $200 into the savings account on the last day of each subsequent month for a period of three years. The savings account offers 6% interest per year, compounded monthly. After three years, how much money will be in...
please show all work and steps thank you
:)
Starting at age 25, you deposit $2000 a year into an IRA account for retirement. Treat the yearly deposits into the account as a continuous income stream. If money in the account earns 5%, compounded continuously, how much will be in the account 40 years later, when you retire at age 65? How much of the final amount is interest? What is the value of the IRA when you turn 65?...
please show all work and steps thank you
:)
Starting at age 25, you deposit $2000 a year into an IRA account for retirement. Treat the yearly deposits into the account as a continuous income stream. If money in the account earns 5%, compounded continuously, how much will be in the account 40 years later, when you retire at age 65? How much of the final amount is interest? What is the value of the IRA when you turn 65?...
Most questions answered within 3 hours.
-
What taboo subject did Ida B. Wells suggest was consensual
between black men and white women?...
asked 1 hour ago -
You have just been hired by the EPA to help with the new gas
mileage standards...
asked 1 hour ago -
4) A firm is hit by increases in its wage rate, w.
a) How does this...
asked 2 hours ago -
A square current loop 5.4 cm on each side carries a 510 mA
current. The loop...
asked 4 hours ago -
What are five tips in conducting knowledge assessment/literature
review research? Each of these tips needs to...
asked 4 hours ago -
Antigen presenting cells link innate and adaptive immune
responses. In the theoretical scenario where phagosomes cannot...
asked 5 hours ago -
Dealing with conflict, in my opinion, is a skill and an art. I
believe that those...
asked 5 hours ago -
6. A long straight wire with circular cross section and radius
1.5 cm carries a 1.2...
asked 5 hours ago -
Deacon Corporation has provided the following financial data
from its balance sheet and income statement:
Year...
asked 6 hours ago -
List and discuss at least three variables from everyday life for
which you expect the variable ...
asked 6 hours ago -
A high-pass filter consists of a 1.60 μF capacitor in series
with a 125 Ω resistor....
asked 6 hours ago -
A newly developed artificial intelligence has trouble
distinguishing hand-written numbers from hand-written alphabets.
There are pictures...
asked 6 hours ago