A principal of $3300 is invested at 4.5% interest, compounded annually. How many years will it take to accumulate $6000 or more in the account? (Use the calculator provided if necessary.) Write the smallest possible whole number answer.

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Q: Lance Lopes went to his bank to find out how long it will take for $1,000 to amount to $1,700 at 12%…

A: Principal Amount = p = $1000 Future value = fv = $1700 Interest rate = r = 12%

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A: Present value = $1,300 Future value = $1,720 Interest rate = 0.12

Q: Suppose you decide to deposit $24,000 in a savings account that pays a nominal rate of 12%, but…

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A: Future value is computed by following formula-FV = A × (1+r)nwhere,FV = Future value A = Amount…

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Q: 1. Explain why A₁ = 2,030. 2. Calculate A2 and A3. Round to the nearest penny if necessary.

A: To solve this question, we need to use a variation of future value of annuity due formula. An…

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A: Compound = Monthly = 12Present Value = pv = $30,000Monthly Interest Rate = rate = 0.75%Future Value…

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A: The formula used as follows: FV=PV1+rnnt

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A: Time value of money (TVM) refers to the method used to measure the amount of money at different…

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A: When the borrower borrows a loan from the lender, he has to a rate of interest on the borrowed…

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A: An amount is the total payments received after a period of time for which it is borrowed.

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

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A: Future value of continuous compounding = Present Value *e^(rate*Term)

Q: Suppose that $850,000 is invested in a savings account paying 5.25% interest per year. (Round…

A: the given information  amount = $850,000 interest rate = 5.25%

Q: Use the formule for continuous compounding to compute the balance in the account after 1, 5, and 20…

A: Given, P = $17,000 APR = 4.5% =4.5/100 = 0.045 For continuous compounding, The amount will be, A =…

Q: Suppose that $1,000 is deposited into an account paying simple interest of 8% annually. At the end…

A: Principal Amount = p = $1000Interest Rate = r = 8%Time = t = 5 YearsExpected Future Value = $1400

Q: uppose you deposit $1,681.00 into an account today that earns 11.00% p.a. It will take years for the…

A: Future value of the money is the amount deposited and the amount of compounding interest accumulated…

Q: For the following exercise, use the compound interest formula, A(t) = = P(1 + 1)^², Submit Answer ,…

A: Future value refers to the worth of amount in an account after years of compounding of interest.…

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Effective Interest Rate

The term interest rate can be defined as the amount that is charged by the lender as a percentage on the principal amount. Interest rate which is charged annually is known as annual percentage rate.