Week 3 Practice

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QUESTION 3 Suppose you deposit $2.500 in a CD paying 8% interest, compounded every other month. How much will you have in the account after 15 years? Round your answer to the nearest cent. below is an example how to do problem mple 4 A certificate of deposit (CD) is a savings instrument that many banks offer. It usually gives a higher interest rate, but you cannot access your investment for a specified length of ime. Suppose you deposit $3000 in a CD paying 6% interest, compounded monthly. How much will you have in the accbunt after 20 years? In this example, Pa-$3000 1=0.06 -12 the initial deposit 6% annual rate 12 months in 1 year since we're looking for how much well have after 20 N=20 years 0.06 So P 3000 1+ 12 3D%2993061(round your answer to the nearest penny) %3D Let us compare the amount of money earned from compounding against the amount you would carn from simple interest Yars Simple Interest 6% compounded (S15 per month)monthly 0.5% each month 33900 $4800 $5700 $4046 55…

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uestion 5 When you start your career, you decide to set aside $600 every month to deposit into an investment account. The investment firm daims that historically their accounts have earned an annual interest rate of 11.0% compounded monthly. Assuming this to be true, how much money will your account be worth after 25 years of depositing and investing? Round your answer to the nearest cent. Do not include labels or units. Just eriter the numerical value

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ofiles Tab Window Help (78117/quizzes/195667/take Question 2 The bank is paying 9% interest compounded quarterly. If you deposit P5,000 at the beginning of each 3-month into a savings account. How much will it be worth in 10 years? Question 3 Vilma wants to have P350,000 at the end of 5 years by making a regular deposit at the end of each quarter in an account that pays 9.6% interest, compounded every 3 months. a. Find the amount of quarterly deposit. P b. Find the accumulated amount in the account after the 15th.P DO FS F6 F7 F9 &

How much more will account X be worth than account Y after 25 years? Account X • $9000 initial deposit • 1.6% annual simple interest Account X will be worth $ 2606 Blank 1 Account Y $10,000 initial deposit . 0.3% annual simple interest more than account Y after 25 years.

QUESTION 4 An individual wants to have 1,000,000 AED in 10 years, Suppose she will pay no taxes at the end of the 10 years' investment period. During this time span, she plans on making no withdrawals or deposits. The following are the choices in which she can invest: a savings account earning 3.5% compounded quarterly, a checking account carning 2.5% compounded monthly, or a money market account earning 5.5% compounded semiannually. (i) (i) (ii) (a) Determine how much the person must save today to reach her goal.

Give me right solution according to the question options also given A person deposits $150 per month into a savings account for 2 years. if $75 is withdrawn in months 5,7 and 8 (in addition to the deposits), construct the cash flow diagram to determine how much will be in the account after 2 years at i=8% per year, compound quarterly. Assume there is no interperiod interest. A. $ 2,045 B. $3609 C. $3090 D. $4050

Suppose I want to be able to withdraw $5,000 at the end of five years and withdraw $6,000 at the end of six years, leaving a zero balance in the account after the last withdrawal. If I can earn 5% on my balances, how much must I deposit today to satisfy my withdrawal needs? A. $8,394.92 B. $9,141.37 C. $8,402.55 D. $8,724.74 E. $7,568.94

If you wish to withdraw $200 at the end of EACH of the next 3 years earning 3.5% per year, what one-time deposit would you need to make today to be able to make your planned withdrawals? O A. $593 O B. $560 O c. $1000 O D. $22

REVIEW AND SELF-TEST PROBLEMS Calculating Future Values Assume you deposit $1,000 today in an account that pays 8 percent interest. How much will you have in four years? (See Problem 2.) 4.1 10+h hieth dou

● Question 1 John is 25 years old and wants to have 1 million dollars in savings by the time he retires at 65. He plans to open a savings account that pays 4% Interest compounded quarterly and he will be making quarterly deposits of $250 Into the account. John will need to make an initial deposit of s Time Value of Money Solver Enter the given values. N:= 0 Number of Payment Periods 0 1:% Annual Interest Rate as a Percent PV: Present Value PMT: Payment 0 0 FV: Future Value P/Y: 12 Payments per Year 0 OM Solve Solve Solve Solve Solve to reach his goal of 1 million hp

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Economics Testron A person deposits $150 per month into a savings account for 2 years. If 575 is withdrawn in months 47 and 8 (in addition to the deposits) construct the cash flow dugram to determine how much will be in the account after 2 years at i-6% per year, compounded quarterly. Assume there is no interperiod interest. O $3.549 $2.245 O $3,090 $4,050

Siyles Assume twwo banks have different offers to take a lone. Where the amount will be compound monthly. How much money you must pay on 10 years. Bank A Bank B Loan 75,000 5.25% 25,000 Interest Rate 5% 1. Calculate the monthly compounded amount for Bank A and B algebraically. 2. Calculate the monthly compounded amount for Bank A and B using MS excel 3.Decide which bank you will select and why. 4. find the annual rate of interest, compounded quartile will money double in 4 years?

14: Answer both questions

Imagine you have a credit card balance of $1,000 that you would like to pay off within one year. The annual interest rate on that credit card is 16%, but interest compounds monthly, and you are required to make a payment each month. What amount would you have to pay monthly to pay off this balance within one year? Question options: a $90.71 b $80.66 c $83.33 d $99.12

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6: Answer both questions

Paying off credit card debt: 0.0122 What will be your monthly payment if you have $10,000 in credit card debt at 18% interest and you want to pay it off in 3 years. Assume that you no longer use your credit card. em vino

How much do you have to deposit now in your savings account that earns a 6% compound annual interest if you want to withdraw the annual payment series in the figure below? 1,250 Please note that if your ID number is 11632375 Then X=3+7=10,000 Y=7+5=12,000 P-? od luck