5-4 TIME FOR A LUMP SUM TO DOUBLE. If you deposit money today in an account that pays 4% annual interest, how long will it take to double your money?
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- 4. Problem 5.04 (Time for a Lump Sum to Double) еВook If you deposit money today in an account that pays 10% annual interest, how long will it take to double your money? Round your answer to two decimal places. years4. You want able to withdraw 15,000 each month for 15 years. your account earns 3 1/4% interest. a. how much do you need in your account at the beginning? b. how much total money will you pull out of the account? c. How much of that money is interest?4. You want to deposit $600 in a savings account. Account A earns 3.5% simple interest per year. Account B earns 3.3% interest compounded annually. a. Which account should you choose if you invest your money for 3 years? 6 years? Explain. b. After how many years is the balance in Account B greater than the balance in Account A? c. After how many years is the difference between the account balances greater than $5?
- S You deposit $1,200 in your bank account. a. If the bank pays 5% simple interest, how much will you accumulate in your account after 8 years? Future value Saved b. How much will you accumulate if the bank pays compound interest? Note: Do not round intermediate calculations. Round your answer to 2 decimal places. Future value M Question 75. You deposit PHPI,500 in your bank account. If the bank pays 4% simple interest, how much interest will you accumulate in your account after 10 years? What if the bank pays compound interest?1. If you deposit OMR 32000 today in to a bank account that pays 4% interest compounded, how much money would you have in the account at the end of 5 years.
- 3. Compound interest Old Time Savings Bank pays 4% interest on its savings account. If you deposit $1,000 in the bank and leave it there: a. How much interest will you earn in the first year? b. How much interest will you earn in the second year? c. How much interest will you earn in the tenth year?Question 8: 1. A woman deposits $26,000 into a savings account with an interest of 8% to be compounded monthly. How much money will she have after 5 years?2.36. Suppose you want to accumulate $10,000 for a down payment for a house. You will deposit $400 at the beginning of every month in an account that credits interest monthly at the rate of 0.6% per month. How long will it take you to achieve your goal?
- Ll. 22. Suppose you have a bank account into which you make $100 deposits each month. You find a bank account paying r 100% (r is a decimal rate) per month. You would like to save up for a $2,000 car down payment, which you would like to have in 15 months. What must the bank account pay in order for this to be accomplished?If you deposit money today in an account that pays 4%annually interest. How long will it take to double your money?