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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- 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
- Kelly 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 work3. 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?