Aubrey Daniel’s savings account has a principal of $5,725. It earns 4% interest compounded quarterly for 3 years. For the period indicated, calculate a) the amount and b) the compound interest.

Q: Find the compound amount and the amount of interest earned by the following deposit. $4,000 at 7.87%…

A: An interest is referred as an amount from the borrower or the deposit taking banks or the financial…

Q: Joshua borrowed $1,400 for one year and paid $70 in interest. The bank charged him a service charge…

A: Principal Amount = p = $1400Interest = i = $70Service Charges = sc = $12Number of Payment = n = 12

Q: Antonio borrows $4,218 from the bank for 7 years at an annual interest rate of 9.02% compounded…

A: Interest rates are nominal and effective and both are different.Nominal interest rate is the stated…

Q: Jim Jones deposited $19,000 in a savings account at 7% interest compounded daily. At the end of 6…

A: The Future Value is calculated with the help of following formula  A = P (1 + r/n) nt A = Future…

Q: Bruno deposited $500 RIO account that earns Interest at a rate of 4.5% and is compounded annually.…

A: Present value is the estimation of the current value of future cash value which is likely to be…

Q: Laura deposited $700 at the end of every month into an RRSP for 7 years. The interest rate earned…

A: Compound interest is a financial concept in which the interest generated on an initial sum of money,…

Q: Langara Woodcraft borrowed money to purchase equipment. The loan is repaid by making payments of…

A: Yearly Payment = Original loan x i1-(1+I)-n where n = Number of compounding i = Interest rate per…

Q: A depositor opens a new savings account with 8,000 at 8% compounded semiannually. At the beginning…

A: The concept of time value of money will be applied here. We have to find the amount at the end of…

Q: Armita deposits $150 in an account paying a nominal interest rate 9.900% compounded semi- annually.…

A: Interest rate refers to the rate which is charged by the lender from the borrower on the loan amount…

Q: Casey deposits $465 into a savings account earning s 3.05% simple interest. How much interest will…

A: The question is based on the concept of Simple interest

Q: Mark Welsch deposits $7,000 in an account that earns interest at an annual rate of 12%, compounded…

A: To calculate how much money will be in Mark Welsch's account at the end of 1 year with an initial…

Q: An amount of $1800 is deposited for 7 years in an account that earns 7% interest. (Round your…

A: simple interest formula: I = P×r×t100where,p = principalr = rate of interestt = no of years

Q: A woman deposited $ 10,000 into her bank account. The money remained in the account for 10 years.…

A: Compound interest is referred as the interest which is calculated on principal amount which involves…

Q: A friend of yours borrows $19,500 from the bank at 8% annually to be repaid in 10 equal annual…

A: Accumulated interest paid:Accumulated interest paid is the comprehensive sum of interest accrued and…

Q: Vincent deposited $1,650 in a savings account that earns 3.5%interest compounded daily for 90 days.…

A: Maturity value refers to the total value that will be paid to the investor or depositor at the end…

Q: Beginning in​ January, a person plans to deposit ​$1000 at the end of each month into an account…

A: We need to use future value of ordinary annuity formula to calculate interest amount. Future value…

Q: An individual deposits $1,397 at the end of each year for 8 years in an account that pays 8.2%…

A: When interest is compounded quarterly and deposits are made quarterly, the future value of an…

Q: The maturity value of a savings account that belonged to Peach Company was $47,333.50 The interest…

A: Given that: Future value = $47,333.50 Interest rate (First 4 years) = 4% compounded semi annually…

Q: ted 16,8000 in a new savings account at 7% interest compounded seminannually. At the beginning of…

A: Amount in the saving account increases with time because with time interest goes on increasing.

Q: The amount that accumulates in 3 years if $ 2,500 is deposited at the beginning of each month in a…

A: Monthly payment = $2,500 Interest rate = 6.3% Time period = 3 Years

Q: Joaquin deposits $400 at the end of each month into his bank account. The bank account pays 13.2%…

A: The difference between the future value and present value of money refers to the concept of the time…

Q: How much interest (in dollars) is earned in 7 years on $8,800 deposited in an account paying 7%…

A: To solve this problem, we can use the formula for compound interest: A = P(1 + r/n)^(nt) where: A…

Q: Antonio borrows $2,428 from the bank for 5 years at an annual interest rate of 3.92% compounded…

A: Compound interest is the interest which is interest applicable on interest earned before.

Q: David makes a sequence of 35 monthly deposits of 645 dollars each into an account paying interest…

A: Nominal rate of interest is the rate of interest expressed in percentage is the amount that is paid…

Q: Jennifer deposits $1000 into a bank account. The bank credits interest at a nominal annual rate of i…

A: First we need to calculate interest rate bu using future value formula below.FV = PV*(1 + i)n FV =…

Q: Sam deposited $900 at the end of every month into an RRSP for 7 years. The interest rate earned was…

A: Here, Monthly Deposit is $900 Interest Rate for first 4 years is 4.50% compounding Semi Annually…

Q: Trina Alcala deposited $1,950 in a new credit union savingsaccount on the first of the quarter. The…

A: To calculate the amount in Trina's account at the end of 6 months, we need to use the following…

Q: $30,000 is deposited in an account in which it earns 10% interest compounded annually. No principal…

A: Interest is defined as the payment from the deposit taking or the borrower's financial institution…