11. How much would you need to deposit into a savings account now, one deposit, in order to have $8,590 in the account in 5 years? Assume the account earns 3.2% interest, compounded monthly. Round to two decimal places. a. Write down the formula used below. Write the variables and what they are equal to. b. Solve the problem. Round to the nearest hundredth.

Q: Sam invests $4,000 in an account that compounds interest continuously and earns 5.5%. How long will…

A: formula for compound interest is  A=Pertwhere A is final amountP is initial amount r is rate t is…

Q: How much would you need to deposit in an account now in order to have $5000 in the account in 5…

A: P=Principle=?t=time=5 yearsr=interest rate=6%=0.06A=final amount=$5000n=number of times compounded…

Q: At age 30, Julio starts a retirement account. He deposits $145 at the end of each month in an…

A: The deposit monthly  $145  APR=3%=0.03 a) A=Pmt x 1+APRnnT-1APRn................equation 1 Here,…

Q: Use the formula for simple interest, I= Prt, to find the indicated quantity. Assume a 360 day year.…

A: Given,

Q: Express 5 3/4 % in decimal. Show the steps.

A:

Q: Dylan takes out a bank loan of $11,500 at 3.8% interest compounded annually. How much interest, in…

A: Given data is : Loan P=$11500 Interest rate r=3.8%, compounded annually. Time t=3 years To find the…

Q: accumulate enough money for a down payment on a house, a couple deposits $597 per month into an…

A: We will find out the required value.

Q: $4,000 is invested at 3% for 7 years. Find the amount of interest earned if interest is compounded…

A:

Q: Hayley invested $18,500.00 into an account paying a ridiculous 10% compounded quarterly. How much…

A:

Q: Find the amount of compound interest earned. 5) $5000 at 6% compounded annually for 3 years

A: Recall the following fact.

Q: The principal represents an amount of money deposited in a savings account subject to compound…

A:

Q: 6. The value of a new speed boat depreciates at a rate of 7% per year. If the boat was bought for…

A:

Q: Don buys a car for $22,500. Don gets a loan for a year with an interest rate of 3% per year. How…

A: Using simple interest formula,

Q: Brad invests $3700 in an account paying 3% compounded monthly. How much is in the account after 8…

A: We know,         For principal amount P and rate of interest r% compounded per unit time, the amount…

Q: You invest $49,010 in an account earning 5.26% APR, compounded daily. How much total interest is…

A:

Q: You deposit $400 each month into an account earning 3% interest compounded monthly. a) How much will…

A: Deposit amount each month Rate of interest  compounded monthlyTime period  years

Q: How much would you need to deposit in an account now in order to have $2000 in the account in 15…

A: P=Principle=?t=time=15 yearsr=interest rate=8%=0.08A=final amount=$2000n=number of times compounded…

Q: Corinne's goal is to have $20,000 to start a new cake decorating business when she retires in 14…

A: