At the end of every 6 months, Tomas deposits $20,000 into a savings account, which pays an annual interest rate of 12.3% compounded semiannually. How much will the savings account have in 7 years? (Round your answer to the nearest cent.)

Q: Dylan deposits $10,000 now and makes an additional deposit of $5,000 at the end of Year 3 in the…

A: Interest charged on the principal amount and the interest accrued is known as Compound Interest. It…

Q: Jason makes six EOY deposits of $2,000 each in a savings account paying 5% compounded annually. If…

A: The compound interest is calculated on the principal amount annually. It considers the present value…

Q: Ms. Aay is considering to deposit $500 every six months, and would receive interest at an annual…

A: Semi annual deposit (P) = $ 500 Annual interest rate = 8% Semi annual interest rate (r) = 8%/2 = 4%…

Q: Mr. Santos will deposit P10, 000 at the ABC bank at the end of each quarter for 2 years. If the bank…

A: Future value of an annuity can be computed by compounding each amount by using an appropriate…

Q: Joe plans to deposit $300 at the end of each month into a bank account for a period of 3 yr, after…

A: To solve this question we have to first find the future value of monthly annuity of $ 300 after…

Q: A man deposits ₱2000.00 today at 8% account. He intends to deposit ₱5000.00 at the end of two years.…

A: Future Value is the value of current investments at a certain future date at the assumed…

Q: Calculate the total interest earned on the investment.

A: Information Provided: Quarterly Deposit = $344 1-year rate = 2.05% compounded quarterly Period of…

Q: Aidan deposits $1000 at the end of each quarter in an account that pays 5.25% per year, compounded…

A: Solution: An equal amount invested every period is called annuity. So, future value of annuity = PMT…

Q: John already has $50,429 in his savings account. He plans to make contributions of $1,658 at the end…

A: The banks generally offer compounding interest, The interest is earned on interest and the interest…

Q: jose has determine dhe need to have $800000 for retirment in 30 years. His account earns 6%…

A: Amount need to be deposited in the account each month can be calculated using the formula of future…

Q: how much will Lauren have in her account at the end of 6 years? (Assume she makes no withdrawals…

A: The future value (FV) is a financial concept that represents the worth or value of a sum of money at…

Q: Nick saves $175 per month, deposited directly into his credit union account on payday, the last day…

A: In order to calculate the amount at the end of a specific period of time, the future value of the…

Q: joe decides to invest $610 dollers every month in an account that pays 1.87% monthly how nuch money…

A: Following information are given:   Monthly deposit = $610 Monthly rate = 1.87% No of months = 33…

Q: Derek will deposit $2,713.00 per year for 16.00 years into an account that earns 10.00 %, The first…

A: The concept of time value of money will be used here. As per the concept of time value of money the…

Q: Derek will deposit $1,994.00 per year for 23.00 years into an account that earns 17.00 %, The first…

A: Future Value (FV) is a financial concept representing the projected value of an investment, series…

Q: Pascal has recently opened an RRSP. He plans to deposit $ 965 at the end of every month for 20…

A: Here,Monthly Deposit $         965.00Time Period in Years20Nominal Rate5.90%Compounding Period (Semi…

Q: Julie deposits $600 at the end of each month into her savings account. If the amount earns 5.25%…

A: In finance, the term annuity depicts a sequence of cash flows over a specific time duration. Each…

Q: Kolby has made deposits of $140.00 into his savings account at the end of every three months for 20…

A: Given that,    Interest Rate  per annum = 9%   Number of years             = 20   Number of Payments…

Q: Ms. Montanye plans to make 20 quarterly deposits of $200 into a savings account. The first deposit…

A: Lets understand the basics. For calculating accumulated saving at the end of any period then we need…

Q: Ron has made deposits of $80.00 into his savings account at the end of every three months for 10…

A: The compound interest is when the interest earned in a period is reinvested thereby earning more…

Q: A man deposits her annual bonus into a savings account that pays 8% interest compoundedannually. The…

A: In this question we need to calculate the amount in the saving account immediately after the fifth…

Q: Pascal has recently opened an RRSP. He plans to deposit $ 733 at the end of every month for 20…

A: RRSP is the retirement plan and contribution made are tax free and used to accumulate fund for…

Q: You plan to deposit $200 at the end of every six months for 8 years starting at the end of month 6.…

A: Answer: Calculation of the amount that will be available to withdraw at the end of year 15: The…

Q: David deposits RM60,000 today into his account that pays 8 percent per year. He continues deposit…

A: Deposit now = RM 60,000 Annual growth in deposit amount = 20% Period of deposit = 4 Years Number of…

Q: Derek will deposit $2,713.00 per year for 16.00 years into an account that earns 10.00 %, The first…

A: Annual deposit=PMT=2713NPER=n=16yearsRate=r=10%PV=today value=$14955How much at the end of 50 years.

Q: Caesar is paid monthly and deposits $300 each pay period into a savings account. Money invested in…

A: Variables in the question:PMT=Monthly deposit=$300Rate=4% (compounded monthly)N=7 yearsWorking…

Q: Peter deposits $75 at the end of each quarter for 15 years into an account that pays 3.14%…

A: Given data; payment amount= $75 number of years = 15 annual rate = 3.14% compounding frequency = 4…

Q: A man deposits ​$19,000 at the beginning of each year for 9 years in an account paying 6​%…

A: Future value refers to the method of time-value of money used for calculating the value of the…

Q: Derek currently has $11,753.00 in an account that pays 6.00%. He will withdraw $5,408.00 every other…

A: Savings Accounts is a deposit facility offered by commercial banks. It allows accountholder to…

Q: John deposits $1500 into a savings account earning simple interest at 2.19% annually. How much will…

A: Calculation of actual amount in account in future: Answer: John will have $1,582.13 in his account…

Q: Anthony plans to deposit $500,000 now and $10,000 every 6 months for 5 years into an account.…

A: Deposit now (D) = $500000 Semiannual deposit (A) = $10000 n = 5 years = 10 semiannual deposits…

Q: John contributes $5,000 per month into an account. How much will he have in the account after 25…

A: In the given question we require to calculate the future value of account after 25 years is john…

Q: Ali deposits BD 2,500 in a savings account that pays interest at the rate of 5.5% per year,…

A: Amount is the sum of the initial principal amount and interest accumulated on it during the time…

Q: ry six months into an in 10 years and 6 mon

A: In this sum, the future value of the fund at the end of the given period must the calculated.

Q: Pedro deposits four installments in his savings account as follows: BRL 2500 initial deposit…

A: concept. FV = A (1+r)n FV = future value A= deposit amount r= interest rate n= time period.

Q: Hui deposits $800 at the end of every 3 months in an RRSP that is earning 5.10% compounded…

A: The nominal interest rate when compounded more than once in a year then it needs to be adjusted by…

Q: John already has $19,598 in his savings account. He plans to make contributions of $753.35 at the…

A: The banks generally offer compounding interest, The interest is earned on interest and the interest…

Q: Chris deposits $15,000 at the end of each month in a savings account that grants an annual 14%…

A: It is a case of future value of annuity. Here, future value of the monthly annuity is given, but the…