18. Adwoa invested $3500 at 4.1% per year, compounded monthly, for 5 years. Determine the final amount of interest that was earned on the investment. a. $750.50 b. $778.80 c. $775.01 d. $794.84

Q: Mike invested $3000 at 12% per annum compounded semi-annually for 8 years. a) How much money does…

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Q: A) Allison wants to save money for a vacation she's planning on taking in 6 years. she deposits $15…

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Q: 1. Rick invested $1500 at 9% per annum for 4 years. a) How much simple interest did he earn on his…

A: Given that  Rick invested 1500 at a rate is 9% for 4 years  To find the simple interest and final…

Q: Suppose you want to have $300,000 for retirement in 25 years. Your account earns 4% interest…

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Q: You would like to have $550,000 when you retire in 40 years. How much should you invest each quarter…

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Q: Eighteen years ago, Mr Chan started a savings account for his daughter so that she would receive $25…

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Q: what lump sum do parents need to deposit in an account earning 7% compound monthly so that it will…

A: Here r=7%=0.07, n=12 ,A=$100000, t=15. Let parents need to deposit the lump sum $P We find P.…

Q: You deposit $400 each month into an account earning 4% interest compounded monthly.a) How much will…

A: The objective of this question is to calculate the future value of a series of monthly deposits in…

Q: You deposit $100 each month into an account earning 2% interest compounded monthly. a) How much will…

A: The details solution is given below

Q: You deposit $400 each month into an account earning 7% interest compounded monthly. a) How much…

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Q: Consider an investment of $1,500 for four years at 3.75% simple interest. a. Find the amount of…

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Q: You want to be able to withdraw $20,000 each year for 20 years. Your account earns 5% interest…

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Q: xander received a $22,950 loan from a bank that was charging interest at 4.25% compounded…

A: The loan amortization formula iswhere A is the period payment, P is the loan amount, i is the…

Q: You deposit $500 each month Into an account earning 5% Interest compounded monthly. a) How much will…

A: a) Obtain the amount in the account after 30 years as follows. Use the formula below.…

Q: Jan Reus sold her home and has $18,000 to invest. She believes she can earn 8% compounded quarterly.…

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Q: Brad invests $8,500 in an account paying 4% compounded monthly. How much is in the account after 7…

A: Given that  Brad invests 8500 Rate of intrest 4%  Compounded Monthly

Q: You want to purchase an RV in 5 years that cost 80,000. You are going to make monthly deposits into…

A: Given Monthly deposit is Yearly deposit is

Q: You deposit $370 each month into an account earning 7.2% interest compounded monthly. a) How much…

A: (a) Let r be the interest rate and P be the amount deposited at each month So initially the account…

Q: You deposit $500 each month into an account earning 6% interest compounded monthly. a) How much will…

A: Let the monthly deposit amount PMT=$500Interest rate (r)= 0.06(Since 6%=0.06)Number of compounds…

Q: You deposit $400 each month into an account earning 7% interest compounded monthly. a) How much will…

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Q: Solve for Compound Interest and Amount.......6 month.....Principal $15,000........Rate…

A: The given principal amount at the rate  for months compounded semi-annually.The objective is to…

Q: Olivia bought a used car for $15,500. She will be making a payment monthly for 4 years. The…

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Q: You deposit $340 each quarter into an account earning 2.4% interest compounded quarterly. a) How…

A: Given that, You deposit $340 each quarter into an account earning 2.4% interest compounded…

Q: 4. A student took out a simple interest loan for $2800 for two years at a rate of 6% to purchase a…

A: The simple interest formula is: A=P(1+rt)

Q: A freelance artist is paid $3,520 for a contracted job. The money is invested in a savings account…

A: Paid amount = $3520Rate = 3.05 %Time = 6 months = 1/2 years Compunded monthly Formula for compounded…