A person opens up a savings account that pays 4% interest compounded quarterly. The person makes deposits every three months, including the initial deposit, of $200 each. Find the amount in the account at the end of 10 years? (Round your answer to the nearest cent.) $8,000.00 $11,987.72 $9,777.27 $12,209.76

Q: Jack opened an account 15 years ago and deposited $12,000 into it. The account now has $20,000 in…

A: Compound interest formula: A=P×1+rnnt where, A = final amountP = initial principal balancer =…

Q: Deposits are made at the end of years 1 through 7 into an account paying 6% per year interest. The…

A: Future value  is the worth of any asset or any sum of money at a future date when such asset or…

Q: You wish to accumulate $60,000.  You make 14 quarterly deposits into a savings account with an…

A: Amount required (F) = $60,000Number of deposits (n) = 14Quarterly interest rate (r) = 0.12Amount of…

Q: You deposit $7,000 into an account earning interest at a 7% APR.  You keep the money in the account…

A: Initial deposit = $7,000 Interest rate = 0.07 or 7% Period = 5 years Money in account at the end of…

Q: You deposit one dollar into a Chase savings account earning 6% interest. Fifteen years later you…

A: We need to use the concept of time value of money to solve the question. According to the concept of…

Q: A) When you retire, you move $300,000 into an account that pays nominal interest of 4%, compounded…

A: Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: If you wish to accumulate $246,000 in 17 years, how much must you deposit today in an account that…

A: Future Value = fv = $246,000Time = t = 17Interest rate = r = 15%

Q: Suppose that you had deposited $125 in a bank account for each of the last 5 years. What annual…

A: Amount deposited per year is $125 Time period is 5 years Amount in account is $758.92 To Find:…

Q: You deposit $3,500 at the end of the year (k = 0) into an account that pays interest at a rate of 7%…

A: Initial deposit = $3,500Interest rate in 1st year - 7% (Compounded annually)After 1 year, interest…

Q: Your goal is to accumulate $60,000 in seven years' time.  What monthly deposit must you make into a…

A: Interest rate per month = 12%/12 = 1% per month Time period = 7 years * 12 = 84

Q: A monthly deposit of $300 is put into an account earning 5% interest compounded monthly. Round to…

A: Solution:- When an equal amount is depsited each period at end of period, it is called ordinary…

Q: A deposit is made every half-year into a savings account paying 3% interest compounded semiannually.…

A: Annual interest rate (r): 3%, or 0.03 as a decimal.Compounding periods per year (n): 2 (semiannual…

Q: Every six months, an amount of R2 200 is paid into a savings account. The applicable interest rate…

A: The accumulated amount is a crucial concept in finance, representing the total value of an…

Q: A bank features a savings account that has an annual percentage rate of r = 5.8% with interest…

A: (A) n=p/yt Given t=10 years (p/y)=4 (since interest is compounded quarterly)

Q: You invest $8,500 in a savings account that pays interest of 4.8% compounded monthly. To the nearest…

A: The future value function is applied when the investor wants to know how much he/she will get after…

Q: A depositor opens a new savings account with $11,000 at 7% compounded semiannually. At the beginning…

A: While making deposits into savings accounts, an individual might deposit some amount at the…

Q: If you deposit $150 dollars into your savings account at the beginning of each month, and that…

A: Future value is an estimate of the future cash flows ​​that may be received at a future date,…

Q: You have been making quarterly contributions to your savings account for the last your contributions…

A:

Q: You deposit $1,000 at the end of the year (k = 0) into an account that pays interest at a rate of 6%…

A: Compound interest also referred to as interest on interest, reinvests the interest earned in a…

Q: A depositor open a new savings account with $6000 at 5% compounded semiannually. At the end of 4…

A: Information provided: Initial investment "P"= $6000 Investment at the end of 4 years "P1"=$7000…

Q: you deposit $5,000 in a bank t years ago. Your current account balance is $8,200, and the bank…

A: Given: Particulars Amount Present value(PV) $5,000 Future value(FV) $8,200 Interest rate…

Q: How much would you have to deposit into a bank at the beginning of every 6 months to have a total of…

A: We need to use future value of annuity due formula to calculate semi annual payment.whereFVn =future…

Q: Pascal has recently opened an RRSP. He plans to deposit $ 647 at the end of every month for 25…

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

Q: If you deposit $500 every 6 months for 7 years at an interest rate 20% compounded quarterly, how…

A: The amount at the end of 7 years is the future value of the semiannual deposits.

Q: You put $8000 into an account earning 3%. After 2 years, you make another deposit into the same…

A: Deposit now (CF0) = $ 8000 Annual interest rate (r) = 3% Deposit after 2 years = CF2 Future value…

Q: With additional deposits of $800 continually made at the end of the year. If B, is the balance in…

A: Future value of the money is the amount of deposit done and the amount of interest accumulated over…

Q: A depositor opens the account? new savings account with $2000 at 2% compounded semiannually. At the…

A: Future value refers to the value of future cash flow at a future date. It can be determined by…

Q: You plan to withdraw the amounts given below over the next five years from a savings account that…

A: GIVEN, R=9% YEAR CASHFLOW 1 0 2 24000 3 14000 4 26000 5.00 42000