Bob has $2,500 invested in a bank that pays 4% annually. How long will it take for his funds to double? a. 14 years b. 15 years c. 16 years d. 17 years e. 18 years
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- Bob has $2,500 invested in a bank that pays 4% annually. How long will it take for his funds to double? a. 14 years b. 15 years c. 16 years d. 17 years e. 18 yearsPlease answer this question correctly ASAP. Thank you.2. John invests $4000 compounded half - yearly in a bank that pays compound interest at the rate of 5% per year. Find the amount that John has in the bank after 3 years.
- This is for financial mathematicsKelly deposits $1,000 in her savings account earning 4% per year. How much interest would she earn in a year? O A. $44 B. $4 O C. $40 O D. $400Howard is saving for a long holiday. He deposits a fixed amount every month in a bank account with an EAR of 7.9%. If this account pays interest every month then how much should he save from each monthly paycheck in order to have $11,000 in the account in five years' time? O A. $212 O B. $151 O C. $121 O D. $242
- ↑ A woman deposits $8000 at the end of each year for 13 years in an account paying 8% interest compounded annually. (a) Find the final amount she will have on deposit. (b) Her brother-in-law works in a bank that pays 7% compounded annually. If she deposits money in this bank instead of the other one, how much will she have in her account? (c) How much would she lose over 13 years by using her brother-in-law's bank? (a) She will have a total of $on deposit. (Simplify your answer. Round to the nearest cent as needed.) CULStephen has $11,200 in the bank. The account will earn 2.8% in simple interest for the next 5 years. How much interest will Stephen earn? Show your work.Your aunt has $270,000 invested at 5.5%, and she now wants to retire. She wants to withdraw $45,000 at the beginning of each year, beginning immediately. She also wants to have $50,000 left to give you when she ceases to withdraw funds from the account. For how many years can she make the $45,000 withdrawals and still have $50,000 left in the end? a. 6.30 years b. 4.89 years c. 7.01 years d. 5.97 years e. 5.89 years
- Mark deposits $900 at the end of each month in a savings account earning 4.5% quarterly. How soon can he buy his first car assuming that he needs $8 000 for a decent car. Select one: A. 8.52 months B. 9 years OC. 9.06 months D. 8.76 months OE. 8.86 months7. Sam owns the bank some money at 5% per year. After half a year, he paid 15 dollars as interest. HOW much money he owns from the bank?Mr. Nailor invests $21,000 in a money market account at his local bank. He receives annual interest of 7% for 6 years. How much return will his investment earn during this time period? Use Appendix A. (Round "FV Factor" to 3 decimal places.) $10,521 $29,205 $31,521 $13,986