Assume that a 24-month CD purchased for $3000 pays an APY of 4.25% (and of course interest is compounded). How much do you have at maturity? (Round your answer to the nearest cent.)

Q: You are going to get %10,000,000 in 45 years' time. What is the value of that money today assuming…

A: Present value can be calculated by using the following formula.

Q: What is the size of the payments that must be deposited at the beginning of each 6-month period in…

A: The compound interest formula for semi annual basis is as follows: A=P(1+rn)nt Where,  A is the…

Q: If you invest $4,000 at 3% interest compounded monthly, how long will it take you to reach $5,000 ?

A: Present value is the value of investment in today's dollar.  Future value is the value of investment…

Q: How much should you invest each month in order to have $700,000 if your rate of return is 3.6%…

A: A higher discount rate indicates a lower present value of the annuity while a lower discount rate…

Q: If $18,000 is invested at 9% for 15 years, find the future value if the interest is compounded…

A: The formula to be used is  At = Ao [1 + r / 2 ]2t Where, At = future valueAo = 18,000r = 9% or 0.09t…

Q: Suppose you owe $1,100 on your credit card. The annual percentage rate (APR) is 18%, compounded…

A: Cash flow:The sum of the total money is represented in the diagram. It represents the magnitude and…

Q: What is the yield to maturity on a simple loan of $35,000 that requires a repayment of $40,000 in 3…

A: Yield to maturity refers to the total interest payment that will have to paid at the time of the…

Q: If you invest $150,000 at an interest rate of 10% compounded annually, what is your total balance…

A: The interest rate is the income earned by the investment in the economy. When the money is invested…

Q: Does the compounding increases the amount of interest paid over a year atthe same nominal interest…

A: The interest rate is the income earned by the investment in the economy. When the money is invested…

Q: Jane deposits $5,000 in a bank account that earns 6% interest compounded semi-annually. How much…

A: The principal amount can be described as the base amount of money that is invested or deposited into…

Q: Melissa agrees to contribute $500 to the alumni fund at the end of each year for the next 4 years.…

A: First we will compute future value of Melissa at end of 4 years at 2.5% We can determine this using…

Q: local

A: An arithmetic gradient refers to a cash flow that either rises or falls by a constant amount. The…

Q: Suppose you borrow $3,000 at 6.75% interest for 8 months.  What is the maturity value?

A: Present value is the value of investment in today's dollar.    Future value/ Maturity value is the…