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.General finance
- 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 workSlick 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