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- At what simple interest rate:a) Will $20,000.00 rise to $21,100.00 in one year?b) Will $720,000.00 rise to $744,000.00 in 10 months?Bus Econ 3.2.71 Question Help An investment of $10,000 earns interest at an annual rate of 8% compounded continuously. Complete parts (A) and (B) below. Click the icon to view the derivatives of exponential and logarithmic functions. (A) Find the instantaneous rate of change of the amount in the account after 3 year(s). (Round to two decimal places as needed). (1,1) More Enter your answer in the answer box and then click Check Answer. 1 part remaining Clear All Check AnswerHow much interest is payable each year on a loan of $3,000 if the interest rate is 12% (simple interest) per year when half of the loan principal will be repaid as a lump sum at the end of five years and the other half will be repaid in one lump-sum amount at the end of eight years? How much interest will be paid over the eight-year period? The interest amount is paid at the end of each year. Year. Interest Accrued for Year 1 ? 2 ? 3 ? 4 ? 5 ? 6 ? 7 ? 8 ? Total Interest ?
- A bank features a savings account that has an annual percentage rate of r = 2.9% with interest compounded semi-annually. Chris deposits $4,000 into the account. The account balance can be modeled by the exponential formula S(t) P = n future value, P is the present value, r is the annual percentage rate, n is the number of times each year that the interest is compounded, and t is the time in years. (A) What values should be used for P, r, and n? r = n = nt r = P(1 + where S is the (B) How much money will Chris have in the account in 9 years? Answer = $ Round answer to the nearest penny. " (C) What is the annual percentage yield (APY) for the savings account? (The APY is the actual or effective annual percentage rate which includes all compounding in the year). APY = Round answer to 3 decimal places.You invest $10,000 in a fund that pays 7% per year for 5 years. How much is in the fund at the end of 5 years if (forgetting leap years and making “convenient” assumptions): a. Compounding is annual? b. Compounding is quarterly? c. Compounding is monthly? d. Compounding is daily?How long will it take any sum to double itself with an 11% interest rate compounded continuously? a) 4.8 years b) 6.3 years c) 5.2 years d) 3.4 years
- Consider a year has 360 days. Determine the effective rate at 18% interest compounded daily. a) 18.61% b) 19.72% c) 18.34% d) 16.31% wwwSimple vs. compounded interest. Show your complete solution and box your answers. To make CDs look more attractive than they really are, some banks advertise that their rates are higher than their competitors' rates; however, the fine print says that the rate is a simple interest rate. If a person deposits $10,000 at 10% per year simple interest, what compound interest rate would yield the same amount of money in 3 years?Consider the cash flow transactions depicted in the accompanying cash flow diagram, with the changing interest rates specified. (a) What is the equivalent present worth? (In other words, how much do you have to deposit now so that you can withdraw $300 at the end of year 1, $300 at the end of year 2, $500 at the end of year 3, and $500 at the end of year 4?) (b) What is the single effective annual interest rate over four years?
- Joel borrows $60,000 at 7% interest per year for a 10-year period. He can make payments of $450 at the beginning of each month until the loan is closed. He plans on making a balloon payment at the end of the period. What is the expected size of the balloon payment?QUESTION 2 a) Assume that you borrow $30,000 to purchase a new automobile and that you finance it for a four-year loan at the interest rate of 4% per year. If you make one payment per year for four years, what will the yearly payment be? What is the total amount that will be paid out on the loan?•If you deposit $100 now (n = 0) || and $200 two years from now (n = 2) in || a savings account that pays 10% interest, how much would you have at the end of year 10?