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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General accounting
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- Please answer this question correctly ASAP. Thank you.Nick invested $2,000 in a bank savings account today and another $2000 a year from now. If the bank pays interest of 10 percent per year, how much money will Nick have at the end of five years? $6,149 $5,221 $4,620 $6,442Scott wants to accumulate $2,500 over a period of 7 years so that a cash payment can be made for roof maintenance on his summer cottage. To have this amount when it is needed, he will make annual deposits at theend of each year into a savings account that earns 8% annual interest per year. How much must each annual deposit be? a. $244 b. $259 c. $280 d. $357.
- Michelle Payne deposited $4,000 in a savings account paying 6.25% simple interest. How long (in years) will it take for her investment to amount to $7,000? 1 X years2. 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 mathematics
- General financeStephen 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