8.A The amount of money earning interest in a savings accountH. withdrawal9. Jessa Walton deposits $275.00 in a savings account. The account pays an annual interest rate of 5%. Shemakes no other deposits and withdrawals. After 3 months, the interest is calculated. How much simple interestdid his money earn?10. Suppose you deposit $5,000 in an account that pays 5.5% compounded daily. According to the table benow much interest will you earn in 25 days?1nterrst = Aman+ heldiaAmount of $1.00Compounded Daily(365-Day Year)*Amount Day1.003161.003315.5%GccanT X interest ratetAmount1.004681.00483DayPeroa 12monthsPincipal cmant =9275312122322324251.00498331.00513341.005281.003471.003621.0037735. Which of the following is the correct way to write the amount $56.67?fifty-Seven CeSix dairs nd

Interest is the amount which the company or the person earns on the balance which is in the bank…

Answered: 9. Jessa Walton deposits $275.00 in a…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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24. Francois DuFresne deposits $350.00 in a savings account. The account pays an annual interest rate of 4%. He makes no other deposits or withdrawals. After 3 months, the interest is calculated. How much simple interest did his money earn? $1.17 $3.50 $6.50 $14.00
Bella deposits $6400 in a savings account at a bank that offers interest of 1.8% on such accounts. What is the value of the money in her savings account in two year's time? Select one: a. $6,630.4 b. $6,632.5 C. $8,911 O d. d. $6,505.2 <
a) You have a bank account that earns 6.8% interest rate. How much must you deposit (prinicipal) in order to have $4279 in your bank in 11 months? b) What is the interest rate?
2. Simple versus compound interest Financial contracts involving investments, mortgages, loans, and so on are based on either a fixed or a variable interest rate. Assume that fixed interest rates are used throughout this question. Addison deposited $1,000 in a savings account at her bank. Her account will earn an annual simple interest rate of 5.8%. If she makes no additional deposits or withdrawals, how much money will she have in her account in 9 years? O $1,061.36 O $1,661.01 O $158.00 O $1,522.00 Now, assume that Addison's savings institution modifies the terms of her account and agrees to pay 5.8% in compound interest on her $1,000 balance. All other things being equal, how much money will Addison have in her account in 9 years? O $1,058.00 O $1,522.00 O $96.34 O $1,661.01
10) the math of interest. please indicate if you are unsure or totally sure about the answer
Suppose Zoe had deposited another $900 into a savings account at a second bank at the same time. The second bank also pays a nominal (or stated) interest rate of 7% but with quarterly compounding. Keeping everything else constant, how much money will Zoe have in her account at this bank in 13 years? O $163.00 O $166.16 O $964.67 O $2,218.36
C. Solve ASAP
did his money earn? 10. Suppose you deposit $5,000 in an account that pays 5.5% compounded daily. According to the table below, how much interest will you earn in 25 days? Amount of $1.00 at 5.5% Compounded Daily (365-Day Year)* Amount Day 21 22 Day Amount 1.00316 1.00331 1.00468 1.00483 31 32 1.00347 1.00362 1.00377 23 33 1.00498 34 35 1.00513 1.00528 24 25 11. Which of the following is the correct way to write the amount $56.67?
1. You deposited PHP1, 500 in a bank with an interest rate of 5% for 1 year. What is the future value of your deposit? 2. FNB pays 6% interest compounded semi-annually. SNB pays 6% compounded monthly. Which bank offers the higher effective annual rate? 3. You deposit PHP1, 000 in your bank account. If the bank pays 4% simple interest, how much interest will you accumulate in your account after 10 years?. a. What if the bank pays compound interest? 4. Mr. Sotto won PHP10 million in the lottery. He was very excited to collect his winnings and had several plans for his PHP10 million. He would buy his dream house, car, and a lot more. However, he was very disappointed when the officers from PCSO said that he will not get his PHP10 million pesos upfront. He, however, has the following options: Get 8.1 million upfront Receive 1 million every year for 10 years Receive 1.8 million every year for 5 years a. The current government bonds have a yield of 5% per annum. Which is the best option?…
Old Time Savings Bank pays 6.50% interest on Its savings account. If you deposit $1,000 In the bank and leave it there: a. How much interest wil you earn in the first year? (Round your answer to 2 decimal places.) Finst year interest b. How much interest will you earn in the second year? (Do not round intermediate calculations. Round your answer to 2 decimal places.) Second year interest c. How much interest will you earn in the tenth year? (Do not round intermediate calculations. Round your answer to 2 decimal places.) Tenth year 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?
If you deposit OMR 27177 in your account in a bank. Suppose the bank pays 12% compound interest quarterly. Calculate value of your money in 4 years Select one: a. 166607.80 b. 43611.11 c. 16935.81 d. 42749.42 e. All the given choices in this question are not correct

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