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.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 $6,442
- Scott 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 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. $400Al invested $7,200 in an account that pays 4 percent simple interest. How much money will he have at the end of five years? A. $8,710 B. $8,056 C. $8,640 D. $8,678 E. $8,299 please type to all of your work
- 3. Mr. Rodriguez invests $2,000 in a savings plan. The savings account pays an annual interest rate of 5.75% on the amount he put in at the end of each year. a. How much will r. Rodriguez eam if he leaves his money in the savings plan for 10 years? b. How much money will be in his savings plan at the end of 10 years?Slick Sam has a special relationship with his banker. The nature of the relationship is as follows: • The bank owes Sam $100 per year forever. The 1st payment is due in 1 year. • The bank will borrow or lend money to Sam at a constant effective rate of i per year. Today, Sam calculated the present value of the payments that are due to him as X. Sam can receive his first 16 payments at the end of year 16 in a lump sum. If he does that, then the total value of the lump sum and future payments at the end of the sixteenth year is X + 2,000. Calculate X. A B с D E 3,330 3,350 3,400 3,450 3,500↑ 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.) CUL